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Lithium Hydroxide Market valuation to hit the coveted billion-dollar mark by 2024

Author : Ronak Bora | Published Date : 2019-04-02 

Huge investment done in research and development activities will drive lithium hydroxide market. Rising consumption of mobiles, notebooks, laptops, hybrid and electrical vehicle in consumers globally will foster industry growth. Improving business and economic conditions will enhance the product demand. However, limited supplier of raw materials and fluctuations in the price of LiOH may act as a restraint for lithium hydroxide market.

Lithium Hydroxide Market has seen an exponential growth due to increasing demand of rechargeable batteries used in various application including remote controllers, cell phones, laptops and other electronic components will drive the lithium hydroxide market.

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Rising industrializations has increased the demand for power tools which requires lithium hydroxide NCA cathode, thus propelling the industry size. Moreover, increased usage of electric vehicles is fueling consumption of lithium hydroxide. LiOH is extensively used in battery manufacturing and as an industrial lubricant. It is used as an energy storage and as a heat transfer medium in batteries. Lithium hydroxide market is also expected to rise with increasing use of LiOH in producing lubricants or greases which include lithium stearate. Upsurge in demand for grease in CV joints, household products and automotive applications will have a positive impact on the product demand.

LiOH is also used for removing impurities in metallurgical industries. Additionally, it is widely used in both non-rechargeable and rechargeable batteries which will boost lithium hydroxide market. Further applications include pharmaceuticals, aluminum production, air-conditioning units, polymers and cement.

Based on the end user industry, lithium hydroxide market is divided into consumer devices, energy storage, transportation and consumer electronics. Among these, transportation industry is likely to drive the market with new innovations done in electric cars and bikes. Also, consumer electronic & devices is anticipated to drive the product market over the forecasted years with rising applications in personal care, power tools, wearable devices, toys and cordless phones.

North America is the largest developed lithium hydroxide market and is expected to witness the same during the forecasted years. Rising industrial and construction sector has boosted the product market in the region. Upsurge in consumption of energy storage systems and increasing awareness regarding using rechargeable batteries in various electronic devices will push the market. Also, setting up Tesla Gigafactory in the region is another key driving factor for lithium hydroxide market.

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Asia Pacific is the fastest growing lithium hydroxide market and is predicted to evolve significantly over the forecasted years. Rapid industrialization in the region has expanded the LiOH requirement with increase in use of power tools and ceramics. Soaring solar industry is another prime reason for stimulating the LiOH industry. Improving economic conditions and spending capacity has raised the need for mobile phones and laptops, which will further impel market size.

Global lithium hydroxide market is moderately consolidated owing to the presence of several multinational players globally. Several prominent leaders present in this industry are Tiangi, SQM, Albemarle, Leverton Clarke, Rockwood, FMC, Shangdong Ruifui, Haoxin Liyan, Brivo, Sichuan Yahua and Jiangxi Gangfeng.

Companies are adopting new strategies to capture this emerging market including, mergers, acquisitions and agreements. In January 2016, Albemarle Corporation, a leading manufacturer of the product, acquired Jiangxi Jiangli for approximately USD 145 million. The acquisition would help Albemarle to expand their product line and customer service geographically. Also, the company would be able to make new products discovering new end user applications.
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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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