(MENAFN- Ameliorate Digital Consultancy)
The market for lithium aluminium hydrides is projected to be worth US$ 171.7 million in 2023 and to reach US$ 285.5 million by the end of 2033, growing at a CAGR of 5.2%.
The rise in LAH utilisation in the automotive sector and the rising demand for fuel cells are credited with the expansion.
Additionally, the increasing usage of lithium aluminum hydride in battery production and the growing demand for fuel cells are expected to further fuel the growth of the market. The growing preference for green energy sources is driving the demand for lithium aluminum hydride–based energy storage systems. Furthermore, the increasing demand for lithium aluminum hydride in manufacturing batteries is expected to drive the growth of the market. Additionally, technological advancements in the production of lithium aluminum hydride are expected to create lucrative opportunities for the market players.
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The rising demand for organic synthesis products and the growing adoption of lithium aluminum hydride in fuel cell production are the major drivers of the market. Additionally, the increasing demand for green energy sources and the growing preference for lithium aluminum hydride–based energy storage systems are expected to further fuel the growth of the market.
Market Trends
Increasing Demand: The increasing demand for lithium aluminum hydride in a wide range of applications such as organic synthesis, chemical synthesis, drug synthesis, and others is expected to drive the growth of the global lithium aluminum hydride market over the forecast period. Rising Adoption of Renewable Energy: The rising adoption of renewable energy sources to reduce carbon emission is expected to fuel the growth of the global lithium aluminum hydride market. Technological Advancements: The development of technologically advanced lithium aluminum hydride products is expected to drive the growth of the global market. Increasing Use of Lithium Aluminum Hydride in Pharmaceuticals: The increasing use of lithium aluminum hydride in various pharmaceutical formulations is expected to boost the growth of the global lithium aluminum hydride market. Stringent Environmental Regulations: Stringent environmental regulations and policies to reduce the emission of greenhouse gases are expected to drive the growth of the global lithium aluminum hydride market. Key Market Imperative
Key companies are concentrating on implementing a variety of inorganic development methods, such as mergers and acquisitions, partnerships, joint ventures, and product launches to enhance their position in the worldwide lithium aluminum hydride market.
Fact.MR has provided detailed information about the price points of key manufacturers of lithium aluminum hydride positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Market Participants
Albemarle Corporation American Elements Cymit Química S.L. Merck KGaA Mitsubishi Chemicals SRL Pvt. Ltd. Thermo Fisher Scientific Tokyo Chemical Industry Co., Ltd.
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Industry Research
· By Purity:
· By Preparation Method:
Schlesinger Method High-pressure Synthesis Method
· By End-Use Industry:
Electronics Chemical Energy & Power Pharmaceutical Others
· By Region:
North America Latin America Europe East Asia South Asia & Oceania MEA
The global lithium aluminum hydride report answers numerous pertinent questions, some of which are:
What are some of the latent areas of investments in the market? Which region is expected to emerge as showing the most attractive growth rate during the forecast period and which factors will be crucial to its growth? What trends are likely to change the status quo of the positions held by leading players of the market in the not-so-distant future? Which product/service/technology segments holds game-changing potential to dramatically shape the competitive dynamic in the market? What are the strategies adopted by top players to retain their stronghold in the market? Which strategic moves will new entrants adopt to gain a strong foothold in the market? What are COVID-19 implications on the market and learn how businesses can respond, manage, and mitigate the risks?
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