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 elect...