Market Scenario
The Global Lithium Hydroxide Market is presumed to experience a striking CAGR during the assessment period (2017-2023) owing to its increasing use in the gas purification systems, asserts Market Research Future (MRFR). A white hygroscopic crystalline organic compound, Lithium Hydroxide is obtained as a monohydrate, in anhydrous form. Lithium hydroxide possesses high energy density, long durability, thermal resistance, and minimal maintenance. Such factors are highly influencing the market growth. They are used in several end-use industries such as electrical and electronics, automotive, aerospace, marine, and others.
Industry Updates
November 01, 2018: Kidman Resources has recently signed a binding head of agreement to supply lithium hydroxide to Mitsui & Co, for an initial term of two years. The head of agreement can be extended twice for two-year periods. The agreed-upon volumes supplied by Kidman will gradually increase to equate to less than 15% of the company’s share of nameplate production capacity from its planned refinery.
Competitive Dashboard
The major players operating the global market are Jiangxi Ganfeng Lithium Co. Ltd. (China), Tianqi Lithium Corporation (China), Nemaska Lithium (Canada), SQM (Chile), MGX Minerals Inc (Canada), Galaxy Resources Limited (Australia), FMC Lithium (U.S.), Albemarle Corporation (U.S.), Wealth Minerals Ltd (Canada), and LITHIUM AMERICAS (Canada).
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Drivers and Restraints Impacting the Market
Lithium Hydroxide is manufactured from different sources such as petroleum hard rocks and brines, where brines are the most common source. Manufacturers in various countries have started producing their Lithium Hydroxide due to their economic nature. Lithium Hydroxide is extensively used in ceramic glasses, greases, and air conditioning equipment. This is further considered to drive the global market owing to the enhanced strength and reduced weight offered by the product. With the growing use of Lithium Hydroxide in gas purification systems in sectors such as aerospace, marine, and others are presumed to propel the market growth during the estimated period. Additionally, the rise of electric vehicles is fueling the consumption of Lithium Hydroxide. Also, with the growing PV installations across the globe, the battery storage market is fueling, thereby driving revenues to the stakeholders of lithium hydroxide.
On the flip side, Lithium Hydroxide is available at high prices due to its indispensable use in the industries coupled with difficulty in manufacturing and sourcing. Also, the supply-demand gap prevalent in the industry owing to the lack of supply and growing demand is considered to push the prices upwards. Moreover, lithium hydroxide produces toxic fumes on being heated. Such factors are considered to retard the market growth across the globe during the assessment period.
Global Lithium Hydroxide Market: Segmental Analysis
The Global Lithium Hydroxide Market has been segmented on the basis of Application, End-Use, and Region.
By mode of Application, the Global Lithium Hydroxide Market has been segmented into batteries, ceramic glass, air-conditioning segments, and lubricant grease. Among all the segments, batteries are presumed to register a significant growth rate owing to the extensive use of Lithium Hydroxide in the production of lithium-ion batteries, energy storage systems, hybrid and electric vehicles, and others.
By mode of End-Use, the Global Lithium Hydroxide Market has been segmented into marine, automotive, electrical & electronics, aerospace, and others. Among all these, the segment for electrical and electronics are likely to hold the major share in the global market owing to the extensive use of the product in the industry.
Regional Insights
Geographically, the Lithium Hydroxide Market span across regions namely North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa.
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Among all the Regions, the Asia Pacific region is considered to hold the major market share owing to the increasing adoption of lightweight metal in glass, batteries, air conditioning equipment, grease, and others. With the rapid growth in the power industry along with growing penetration of manufacturing companies are some of the prime factors fueling the market in this region. Also, economies such as Japan, China, India, and South Korea are some of the major players propelling the market growth in this region.
North America is considered to expand at a significant rate owing to the rising production of lithium-ion batteries in the electrical and electronic industry. With the increasing investment in the end-use industries such as aerospace, automotive, and others, the market is likely to propel in the coming years. Moreover, the increased consumption of Lithium Hydroxide in grease, glass, and air conditioning equipment segment has further stimulated the growth in economies such as Mexico, the U.S., and Canada.
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