Lithium Hydroxide (LiOH), a white hygroscopic crystalline inorganic compound is mainly used in the manufacturing of high water resistant lithium greases like lithium stearate. LiOH are extensively absorbed in many industrial usages such as Intermediates, adsorbents & Ion exchange agents, Lubricants & lubricant additives, and Oxidizing/reducing agents among other. Moreover, owing to some of the special properties like high energy density, thermal resistance, durability, and minimal maintenance, LiOH, are widely used in various end-use industries such as automotive, electrical & electronics, marine, and aerospace, others. The augmented uptake in these burgeoning industries consecutively helps the market of LiOH to grow further to reach to heights of the global platform.
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Top 10 Key Players in Lithium Hydroxide
SQM (Chile), Albemarle Corporation (US), FMC Lithium (US), Jiangxi Ganfeng Lithium Co., Ltd. (China), Tianqi Lithium Corporation (China), Lithium Americas (Canada), Nemaska Lithium (Canada), MGX Minerals Inc (Canada), Wealth Minerals Ltd (Canada), and Galaxy Resources Limited (Australia) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Lithium Hydroxide Market.
Recognizing the potential of the market to grow further in the years to come, Market Research Future (MRFR) has published a detailed study report giving out the market forecast for the period 2017 – 2023. In its analysis, MRFR asserts that the global Lithium Hydroxide market is expected to garner exponential growth by 2023, growing at a substantial CAGR during review period of 2017-2023.
Furthermore, contribution from the burgeoning consumer electronics industry owing to the consumer preference &adoption of portable devices coupled with the expanding uptake of electric vehicles fosters the market growth extensively. Growing population and urbanization worldwide are propelling the market growth. Improving economic conditions worldwide enable access to the quality life, improving the consumers’ affordability provides impetus to the market growth. Investments Stringent rules and regulations implemented by the governments globally are encouraging the uptake of lightweight vehicles & portable products, this in turn, play. On the other hand, factors such as high initial investment cost& lack of expertise in the extraction of LiOH are expected to restrict the market growth during the assessment period.
Industry/ Innovation/ Related News:
March 9, 2018 – FMC Corp. (US) a leading global player for the lithium and associated technologies & major supplier of the lithium hydroxide for the electric vehicle applications announced its future expansion plans based on the growth in lithium that is expected to drive margins for FMC at an outperform rating.
Global Lithium Hydroxide Market – Segments
Global Lithium Hydroxide Market is segmented in to 3 Key dynamics for an easy grasp and enhanced understanding.
By Applications : Comprises – Batteries, Ceramic, Automotive, Chemical Industries, Lubricant & Grease, Glass, and Air-Conditioning among others.
By End-Use Industries: Automotive, Marine, Aerospace and Electrical & Electronics, among others.
By Regions : North America, Europe, APAC and Rest of the World.
Segment Batteries by Applications is estimated to witness significant growth rate owing to the augmenting consumption of the compound in the production of lithium-ion batteries, H/EVs (hybrid and electric vehicles), and energy storage systems, among others.
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Global Lithium Hydroxide Market – Regional Analysis
Asia Pacific region accounted for the largest market share in 2016, and is estimated to grow at the highest CAGR during the forecast period. The dominance of Asia Pacific region is mainly due to the growing markets of India, China & Korea backed by the increasing demand for lightweight metal for manufacturing of batteries, glass, grease, and air conditioning equipment, among others.
While North America region accounted for the second largest market share followed by Europe. This growth is driven by the growing production of lithium-ion batteries in electrical & electronics industries. Furthermore, attributing to the growing markets of the US, Canada, and Mexico fostered by the growing investments in the end-use industries such as automotive, aerospace, and others for the lightweight, thermal resistance, and high standard performance to the product, the market will register a spectacular growth rate.
Europe accounted for a considerable market share in 2016. Growing markets in the UK, France & Germany among other European countries due to the stringent rules and regulations implemented by the regional governments pertaining to the uptake of lightweight products in end-use industries provide impetus to the regional market growth. Further the growing innovation and technological advancement in lithium-ion batteries and other products in countries such as the U.K, Italy, Germany, and France is expected to contribute the regional market growth.
Global Lithium Hydroxide Market – Competitive Analysis
Vendors operating in the Lithium Hydroxide Market strive to deliver the best quality products based on innovative technologies, and best practices. Lithium Hydroxide market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in to intensified competition further.
On the other hand, the MEA (Middle East & Africa) Market has projected significant growth prospects owing to the growing consumption of low-density materials in Smartphone, tablets, and other electronic gadgets. Latin America is expected to perceive substantial growth in the market due to increasing demand for lithium hydroxide in the end-use industries.
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