Global Lithium Hexafluorophosphate Market Poised for Growth Amidst EV Boom


Dublin, Nov. 08, 2023 (GLOBE NEWSWIRE) -- The "Global Lithium Hexafluorophosphate Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Company Share, 2015-2035" report has been added to ResearchAndMarkets.com's offering.

The report details the market's robust expansion from a 2021 benchmark of 50 thousand tonnes. Forecasted to grow at a CAGR of 9.58% until 2035, this market is riding the wave of escalating demand for Lithium-ion batteries, integral to numerous industries.

Production Increases

  • New Projects: Yongtai Technology's expansion to increase production capacity to 67 thousand tonnes per annum is a response to the surging market demand, reflecting confidence in long-term growth.
  • Lithium Hexafluorophosphate Role: It's a key electrolyte in Li-ion batteries, pivotal for devices and electric vehicles, underpinning its market importance.

Market Trends

  • Energy Efficiency: Lithium-ion batteries' superior performance is expanding its footprint in energy grids, vehicles, and portable electronics.
  • Automotive Market Surge: With a paradigm shift towards EVs and HEVs, the automotive sector's reliance on Lithium Hexafluorophosphate is expected to intensify.
  • Industrial Energy Storage: This sector's growth is attributed to the long lifespan and high capacity of Lithium Hexafluorophosphate-based batteries.

Regional Insights

  • North America's Lead: The region's robust automotive industry and focus on pollution control are driving demand, with a significant share consumed by the USA and Canada.
  • China's Production Dominance: Hosting over 14 production plants, China's significant output caters to both domestic and global markets.

End-Use Applications

  • Automotive Industry Primacy: Dominating the market in 2021, the automotive sector's continued expansion is likely to boost Lithium Hexafluorophosphate consumption further.
  • Electronics and Energy Storage: These sectors remain key consumers, reflecting widespread reliance on advanced battery technology.

Key Players

  • Market Leaders: A roster of significant producers including Do-Fluoride Chemicals, Morita New Energy Materials, and Foosung Co Ltd underscores the market's competitive nature.

Anticipating a near quadrupling of demand by 2035, the global Lithium Hexafluorophosphate market is a critical one for stakeholders in the battery supply chain, particularly within the automotive and energy sectors. The report is a valuable tool for aligning business strategies with market trends to capitalize on emerging opportunities.

For more information about this report visit https://www.researchandmarkets.com/r/iqg9u5

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