The global lithium hydroxide Market Growth Accelerated by Rising Adoption of Electric vehicles.

 

Lithium hydroxide is a key material used in lithium-ion batteries commonly used in electric vehicles and for energy storage applications. It provides higher energy density and longer battery life compared to other battery materials. The global lithium hydroxide market is driven by the increasing adoption of electric vehicles worldwide due to strict emission norms and need for sustainable transportation.

The global lithium hydroxide Market is estimated to be valued at US$ 2.13 Billion in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends driving the lithium hydroxide market is rising adoption of electric vehicles. The number of electric vehicles on road is increasing significantly owing to support from government in the form of subsidies and tax exemptions. For instance, according to International Energy Agency, the global stock of electric passenger cars passed 5 million in 2018 and is expected reach 125 million by 2030. The growing electric fleet will augment the demand for lithium hydroxide which is a major battery material. The electric vehicle sales are projected to stimulate the demand for lithium hydroxide at an accelerated rate during the forecast period.

Segment Analysis

The global lithium hydroxide market can be segmented into battery-grade lithium hydroxide and industrial-grade lithium hydroxide. The battery-grade lithium hydroxide segment is expected to dominate the market during the forecast period. This is mainly due to increasing demand for lithium hydroxide from the lithium-ion battery industry. Lithium hydroxide is a key component used in the manufacture of cathode materials for lithium-ion batteries. Thus, growing lithium-ion battery market for applications like electric vehicles and energy storage is supporting growth of the battery-grade lithium hydroxide segment.

Key Takeaways

The global lithium hydroxide market is expected to witness high growth. The global lithium hydroxide Market is estimated to be valued at US$ 2.13 Billion in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period 2024 to 2031.

The Asia Pacific region currently dominates the global lithium hydroxide market and is expected to maintain its leading position during the forecast period. This is attributed to presence of emerging economies like China, Japan, and South Korea where demand for lithium hydroxide is high from end-use industries like consumer electronics and electric vehicles.

Key players related content comprises Key players related content: Key players operating in the lithium hydroxide market are FMC, SQM, Albemarle, Tianqi Lithium, and Ganfeng Lithium. Lithium hydroxide is a key material for production of cathode materials used in lithium-ion batteries. Thus, lithium hydroxide manufacturers are focusing on expanding their production capacities to cater to increasing demand from the fast growing lithium-ion battery industry.

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