Lithium Hydroxide Market Will Generate Massive Growth at a significant CAGR of 10.6% along with the market size of USD 967.4 million during the forecast period.

April 21 00:00 2022
Lithium Hydroxide Market in North America driven by the rising production of lithium-ion batteries. Lithium Hydroxide Market in the in European market can also expect significant growth in coming year.

As per the latest report, the global lithium hydroxide market size is valued at USD 528.5 million in 2020 and is expected to grow at a significant CAGR of 10.6% along with the market size of USD 967.4 million during the forecast period 2021-2027.

Lithium Hydroxide (LiOH) is a white hygroscopic crystalline inorganic compound obtained in anhydrous form as a monohydrate which is a strong base. This product is easily soluble in water and partially soluble in ethanol. It has various beneficial properties like thermal resistance, high energy density, high durability, and less maintenance which makes them ideal to use in various applications like rechargeable and non-rechargeable batteries, pharmaceuticals, aluminum production, polymers, and cement. The rising demand for rechargeable batteries is used in several applications like cell phones, remote controllers, laptops, and other electronic components.

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Lithium Hydroxide is composed of several sources like brines, petroleum hard rocks, etc. Several countries’ manufacturers are developing their production processes for their economic nature. This product is used to remove impurities in metallurgical industries, the production of lubricants & ceramics, greases, energy storage, and air purification devices. This is also used in absorbing carbon dioxide gas and in spacesuits. Meanwhile, the rising consumption of LiOH in manufacturing Portland cement and ceramics will foster the market size. Moreover, it is used in various industries like grid & power storage, hybrids, battery electric vehicle, portable electronic devices, chemical synthesis, glass & ceramics.

The lithium hydroxide market opportunities are growing demand for electrical batteries in automobiles and electronic applications are boosting the market growth.

Market Segmentation

The Lithium Hydroxide market is partitioned into two types which are application and end-users.

Application Segmentation: The Lithium Hydroxide market by application has been segmented into batteries, lubricant grease, ceramic glass, and air conditioning.

End-Users Segmentation: The lithium Hydroxide global market based on the End-Users has been segregated into automotive, marine, electrical & electronics, and others.

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Regional Analysis

Based on the latest research, the global lithium hydroxide market based on region is sectioned into five major regions such as North America, South America, Europe, Asia-Pacific, and the Middle East & Africa. Among them, Asia-Pacific is dominating the largest market share due to the growing adoption of lightweight metal in glass, batteries, grease, air conditioning equipment, and others. India, China, Japan, and South Korea are leading the market growth in this region. Moreover, North America is accounting for tremendous growth owing to the growing production of lithium-ion batteries in the electrical and electronic industry. Due to the implementation of stringent rules and regulations to use lightweight products in end-use industries by various countries’ governments, Europe is holding significant growth in the market.

The Lithium Hydroxide market’s key competitors are FMC Lithium (U.S), SQM (Chile), Tianqi Lithium Corporation (China), MGX Minerals Inc. (Canada), Galaxy Resources Limited (Australia), and others.

Industry News

According to a recent study, the lithium hydroxide market forecast states that this product is going to reach an immense growth in the forecast period due to growing urbanization, the demand for electronic devices is rising day by day leading to expansion the growth of the enterprises of production of lithium-ion batteries which further enhances the lithium hydroxide market growth.

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