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
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
