New York, USA, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Lithium Hydroxide Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Lithium Hydroxide Market Information by Application, End-Use & Forecast - Forecast till 2027”, the market is estimated to grow at a 10.6% CAGR to reach USD 967.4 Million by 2027.
Market Scope:
White, crystalline, and hygroscopic, lithium hydroxide is an organic chemical. It is typically obtained as a monohydrate, which is another name for strong bases that have lost their water of hydration. It dissolves easily in water but not in ethanol. Its high energy density, thermal resistance, long lifespan, and low maintenance requirements are all advantages. It can be synthesized from a variety of materials, including brines and petroleum hard rocks. Manufacturers in several nations have perfected their production methods in response to its low cost. The production of lubricants, greases, batteries, and energy storage all rely on lithium hydroxide. Additionally, it finds application in ceramics production and air filtration technology.
Get Free Sample PDF Brochure @ https://www.marketresearchfuture.com/sample_request/988
Report Scope:
| Report Attribute | Details |
| Market Size in 2027 | USD 967.4 Million |
| CAGR | 10.6% (2021–2027) |
| Base Year | 2020 |
| Forecast Period | 2021–2027 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Application, by End-Use & Forecast |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising demand for electrical batteries in automobile and electronic applications |
| The constant support from the government by way favorable policies are giving a boost |
Competitive Dynamics:
In addition, participants are concentrating on R&D projects to better position themselves in the market. In order to stay competitive in the worldwide markets, all market participants employ a wide range of tactics, including new product releases and upgrades, mergers and acquisitions, alliances, and so on. These companies are working to expand output to keep up with the rising demand for lithium hydroxide.
The prime players of this market include -
- Albemarle Corporation (U.S.)
- Sqm (Chile)
- Fmc Lithium (U.S.)
- Tianqi Lithium Corporation (China)
- Jiangxi Ganfeng Lithium Co., Ltd. (China)
- Lithium Americas (Canada.)
- Mgx Minerals Inc (Canada)
- Nemaska Lithium (Canada)
- Galaxy Resources Limited (Australia)
- Wealth Minerals Ltd (Canada)
Market USP:
Market Drivers
Lithium hydroxide is also a useful carbon dioxide absorber for use in the air purification systems used in spaceships and submarines. Due to its decreased bulk and ability to produce water, anhydrous LIOH is employed in spacecraft respirator systems. If this is the case, it might significantly stimulate market expansion. Increasing demand for electric vehicles and power tools that use lithium hydroxide NCA cathode are two major forces propelling the industry. Lithium hydroxide is also frequently used in the production of batteries, which may be found in anything from small consumer electronics and cars to massive factories and the machinery they power. Therefore, the increasing need for electrical batteries in automotive and electronic applications is a potential game-changer for the development of this industry. Demand for lithium-ion batteries is being bolstered by the government's consistent support in the form of favorable regulations, and these policies are attracting significant investments in the field of clean fuel technology, another element responsible for the expansion of the lithium hydroxide market.
Market Constraints
Lithium hydroxide is the primary component of lithium-ion batteries, and while they are commonly used, they must be handled with care because they are not as powerful as other rechargeable technologies. Overcharging and discharging for extended periods of time must be avoided. Therefore, this may be a significant issue that slows the development of this sector. Second, the electrolysis process of lithium hydroxide is undertaken on a very large scale for the production of lithium batteries, and it necessitates the use of trained laborers. As a result, the extremely high price of this procedure is another reason that may slow the expansion of the lithium hydroxide industry.
Browse In-depth Market Research Report (138 Pages) on Lithium Hydroxide: https://www.marketresearchfuture.com/reports/lithium-hydroxide-market-988
COVID-19 Analysis:
Companies in the fields of production, development, and logistics have had it rough as the coronavirus pandemic spreads. The governments of numerous nations placed curbs in response to the outbreak. On the other side, the suspension of production of electric vehicles and other sectors' works that rely on high-powered batteries has had a devastating effect on the market for lithium hydroxide. However, the demand for lithium-ion batteries, which are used in smartphones, tablets, computers, etc., has helped to counteract this effect, since everyone now uses such devices for work. The industry may have suffered a minor setback due to the pandemic, but if constraints are released, it will see rapid growth that will result in ten times the pre-pandemic profit level.
Market Segmentation:
By Application
The batteries segment is expected to record substantial growth over the review period.
By End-Use
The electrical and electronics segment is expected to gain momentum over the review period.
Buy Now: https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=988
Regional Analysis:
Growing demand for lightweight metal from industries such as batteries, glass, grease, air conditioning equipment, and others is driving this market's growth in Asia and the Pacific. India, China, Japan, and South Korea will drive market expansion in this area. NCA cathode, which is manufactured from lithium hydroxide, is projected to be in high demand because of rising industry in the area.
Due to increased production of lithium-ion batteries in the electronic and electrical industries, the North American area will experience enormous growth throughout the projection period.
As governments across Europe impose mandates for the widespread use of lightweight items in final-user sectors, the European market stands to expand at a rapid clip.
Rising demand for low-density materials in portable electronic devices like smartphones and tablets is expected to drive significant market growth in the Middle East and Africa.
Share your Queries @ https://www.marketresearchfuture.com/enquiry/988
Discover more research reports on Chemical Industry, by Market Research Future:
Ethylene Market Research Report: Information by Feedstock (Naphtha, Ethane, Propane, Butane, and Others), Application (Polyethylene, Ethylene Oxide, Ethylene Benzene, Ethylene Dichloride, Ethylene Glycol, Vinyl Acetate, Alpha Olefins, and Others), End-Use Industry (Packaging, Automotive, Construction, Agrochemical, Textile, Chemicals, Rubber & Plastics, Soaps & Detergents, and Others), and Region (Asia-Pacific, North America, Europe, Latin America, and Middle East & Africa)—Forecast till 2030
Polyethylene Terephthalate Market Research Report: Information by Processing Technology (Blow Molding, Injection Molding, Extrusion, 3D Printing), Grade (Textile Grade, Bottle Grade, Film Grade), End-Use Industry (Textile, Packaging, Automotive, Electrical & Electronics, Medical), and Region (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa)—Forecast till 2030
Electronic Adhesive Market Research Report, by Form (Liquid, Paste, and Solid), Resin Type (Epoxy, Acrylics, Silicones, Polyurethane, and Others), Type (Non-Conductive, Electrically Conductive, Thermally Conductive, and Ultra-Violet Curing), Application (Printing Circuit Board, Semiconductor & IC, Potting and Encapsulation, Conformal Coatings, and Others), and Region (Asia-Pacific, North America, Europe, Latin America, and Middle East & Africa) - Forecast till 2030
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
