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The lithium hydroxide market was valued at US$5.111 billion in 2021.
The lithium hydroxide market was valued at US$5.111 billion in 2021.” - Knowledge Sourcing IntelligenceNOIDA, UTTAR PARDESH, INDIA, February 2, 2024 /EINPresswire / -- According to a new report published by Knowledge Sourcing Intelligence, forecasted between 2021 and 2028, the lithium hydroxide market was valued at US$5.111 billion in 2021 and is anticipated to propel significantly over the coming years.
Lithium hydroxide is a key component of electric vehicles due to its high energy density and ability to store electrical energy efficiently. Booming electric vehicles demand has bolstered the growth of the lithium hydroxide market. According to the International Energy Agency, electric vehicle sales are growing at an exponential rate, with sales exceeding 10 million in 2022. The share of electric vehicles in total sales has more than tripled in the past three years, rising from around 4% in 2020 to 14% in 2022 and over 2.3 million electric vehicles were sold in the first quarter of 2023, up about 25% from the same period last year.
Lithium hydroxide is an inorganic compound that forms a white crystalline solid that is soluble in water and slightly soluble in ethanol. It is widely used in various applications such as grease , batteries, and purification. Additionally, the rising demand for power tools using lithium hydroxide is driving the growth of the lithium hydroxide market.
Numerous product launches and collaborations are taking place in the market, propelling the growth of the lithium hydroxide market. For instance, in June 2023, Imerys created the first lab samples of lithium hydroxide and a series of laboratory tests enabled the production of battery-grade lithium hydroxide using granite from the Beauvoir Quarry. Additionally, in May 2022, Tianqi Lithium Energy Australia Pty Ltd (TLEA) announced the first production of battery-grade lithium from its production facility in Kwinana, Western Australia with a capacity of 24,000 tonnes of battery-grade lithium hydroxide per year.
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The lithium hydroxide market, based on application is segmented into five main categories namely lubricating greases, purification, batteries, glass & ceramics, and others. Lithium hydroxide is widely used to produce lubricating greases. Lubricating greases are widely utilized as they have excellent lubrication properties and are resistant to water and chemicals, making them a popular choice for a variety of applications including automotive, industrial machinery, and equipment. Hence, lubricating grease applications account for a major share of the lithium hydroxide market.
The lithium hydroxide market, based on end-user is segmented into six main categories namely transportation, automotive, marine, aerospace, electrical & electronics, and others. Lithium hydroxide is commonly utilized in transportation, particularly in electric vehicles (EVs) and hybrid vehicles, as a key component in lithium-ion batteries that power the vehicle. It improves the efficiency with which electrical energy is stored and delivered, allowing for longer driving ranges and improved performance. Additionally, it is used as a lubricant for vehicle brakes due to its anti-wear properties and accounts for a significant share of the lithium hydroxide market.
Asia Pacific is projected to account for a significant share of the lithium hydroxide market due to the increasing demand for electric vehicles and favorable government schemes in the region. For instance, according to the International Energy Agency, China is the market leader, contributing to 60% of global electric vehicle sales in 2022, and electric vehicle sales rose to 1.5% in India and Indonesia. Additionally, according to the Press Information Bureau, the central government of India implemented various measures to boost domestic production of electric vehicles under the FAME India Scheme Phase-II.
The research includes coverage of Albemarle Corporation, Honeywell, AG Chemi Group, Sigma Aldrich, Merck KGaA, Pq Corporation, Carl Roth, Leverton Lithium, Ennore India Chemicals International, and Ganfeng Lithium are significant market players in the lithium hydroxide market.
The market analytics report segments the lithium hydroxide market using the following criteria:
.By Application
oLubricating Greases
oPurification
oBatteries
oGlass & Ceramics
oOthers
.By End-User Industry
oTransportation
oAutomotive
oMarine
oAerospace
oElectrical & Electronics
oOthers
.By Geography
oNorth America
.USA
.Canada
.Mexico
oSouth America
.Brazil
.Argentina
.Others
oEurope
.Germany
.France
.United Kingdom
.Spain
.Others
oMiddle East And Africa
.Saudi Arabia
.UAE
.Israel
.Others
oAsia Pacific
.China
.India
.South Korea
.Indonesia
.Thailand
.Taiwan
.Others
Companies Profiled:
.Albemarle Corporation
.Honeywell
.AG Chemi Group
.Sigma Aldrich
.Merck KGaA
.Pq Corporation
.Carl Roth
.Leverton lithium
.Ennore India Chemicals International
.Ganfeng Lithium
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Ankit Mishra
Knowledge Sourcing Intelligence LLP
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