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.

Comments

Post a Comment

Popular posts from this blog

Nonylphenol Ethoxylate Market Size 2023 | Key Growth Drivers and Latest Opportunities

Image
Nonylphenol Ethoxylate  Nonylphenol ethoxylate (NPE) is a group of nonionic surfactants that are commonly used in a variety of industrial and household applications. They are produced by reacting nonylphenol with ethylene oxide, resulting in a range of products with varying degrees of ethoxylation. NPEs have been used in detergents, cleaning products, and personal care products as a surfactant, emulsifier, and wetting agent. They are also used in industrial applications, such as in the production of textiles, paper, and leather. However, NPEs have been found to be persistent in the environment, and are known to be toxic to aquatic life. They are also known to disrupt the endocrine system of animals, including humans, by mimicking the effects of estrogen. For these reasons, the use of NPEs has been restricted or banned in some countries, including the European Union and Canada. Many manufacturers have switched to using alternative surfactants, such as alcohol ethoxylates, which are cons
Read more

Hydrogen Peroxide Market Unveiled: Exploring Global Trends, Growth Drivers, and Future Prospects

Image
  Hydrogen Peroxide Market Overview Hydrogen peroxide (H₂O₂) is a chemical compound with a variety of industrial and consumer applications. It is a pale blue liquid, commonly used as a disinfectant, bleaching agent, and oxidizer. The hydrogen peroxide market is driven by its extensive use across various sectors, including healthcare, paper and pulp, textiles, food processing, electronics, and water treatment. Market Drivers Healthcare Industry:  Hydrogen peroxide is widely used as a disinfectant and antiseptic in the healthcare sector. It is employed for cleaning wounds, sterilizing medical equipment, and as a mouthwash. The ongoing emphasis on healthcare and hygiene has contributed to the  hydrogen peroxide market growth . Paper and Pulp Industry:  Hydrogen peroxide is utilized as a bleaching agent in the paper and pulp industry. It helps to whiten paper products and remove impurities, contributing to the production of high-quality paper. Textile Industry:  In the textile sector, hydr
Read more

Polyferric Sulfate Market Analysis: Growth, Trends, and Opportunities

Image
Polyferric sulfate, also known as PFS, is a chemical compound that finds widespread application in various industries. This inorganic coagulant is primarily utilized for water treatment and purification processes. It is an iron-based coagulant that is highly effective in removing impurities, such as suspended solids, organic matter, and contaminants, from water sources. Polyferric sulfate is known for its superior coagulation and flocculation properties, making it a preferred choice for treating both industrial and municipal water supplies. The market for polyferric sulfate has witnessed significant growth over the years due to increasing concerns about water quality and the need for efficient water treatment solutions. As populations grow, industrial activities expand, and environmental regulations become more stringent, the demand for reliable water treatment chemicals like polyferric sulfate has surged. This has led to a robust market expansion, driven by the critical role that PFS
Read more