Lithium Hydroxide Market 2019 Opportunity, Growth Analysis Forecast 2023

Market Synopsis:

According to Market Research Future (MRFR)’s assessment report offered, the Global Lithium Hydroxide Market is expected to grow steadily but constantly over the forecast period 2017 to 2023. The growth of the battery market is likely to augment the demand for lithium in the upcoming years. Lithium Hydroxide is excessively used in the battery industry to support the production & sales of consumer electronics as well as automobiles. The growth of the end-user industries is expected to drive the expansion of the market over the next few years.

Rapid industrialization is poised to unleash growth opportunities for the players of the Lithium Hydroxide Market. The growing demand for Industrial Lubricant is anticipated to revolutionize the growth trajectory of the market in the years to come.

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The rising inclination towards electric cars is likely to multiply the consumption of Lithium Hydroxide over the assessment period. Additionally, the increasing solar PV installations have also intensified expansion of the battery market. It is expected to catapult the Lithium Hydroxide Market on an upward trajectory. On the flip side, price volatility of raw materials is poised to restrict the growth of the global market over the next few years.

Market Segmentation:

On the Basis of the Application, the Global Lithium Hydroxide Market has been into batteries, ceramic glass, lubricant grease, and air-conditioning segments.

On the Basis of End-Use, the Lithium Hydroxide Market has been segmented into automotive, electrical & electronics, marine, aerospace, and others.

Regional Analysis:

The Global Lithium Hydroxide Market, by region, has been segmented into Asia Pacific (APAC), North America, Europe, Latin America, and the Middle East & Africa. Asia Pacific is expected to retain its command over the maximum share of the market in the upcoming years. The exponential growth of the battery industry is poised to dictate the acceleration in revenue creation across the review period. Major country-level markets that are expected to flourish in the region are China, Japan, South Korea, and India.

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The report indicates that North America is anticipated to proliferate significantly over the assessment period. Investments are likely to flow towards the market in the upcoming years. In addition, the substantial increase in demand for lithium-ion batteries is prognosticated to boost the future trajectory of the Lithium Hydroxide Market in the region.

Europe is forecasted to thrive significantly owing to the supportive laws and regulations. The enforcement supporting the adoption of light-weight components in the end-user industries are expected to propel the expansion of the Lithium Hydroxide Market in the region.

Industry News:

In February 2019, Albemarle Lithium, an industry leader in lithium and lithium derivatives, has awarded a contract to engineering company Civmec for the development of lithium hydroxide plant Kemerton Strategic Industrial Area, Australia. The construction cost will be around USD 1.3 Bn.

In February 2019, Quebec-focused Nemaska Lithium has ratified its multi-year lithium supply deal with a producer Livent.

In December 2018, Kidman Resources, Melbourne, Australia, has announced the signing of a memorandum of understanding (MoU) for the supply of lithium hydroxide to South Korea’s LG Chem from the Mt Holland lithium project in Western Australia.

In October 2018, Canada-based Critical Elements Corporation, has announced the successful conversion of spodumene concentrate from the Rose Project into battery grade lithium hydroxide at the Outotec Research Center using a thermal leaching process.

In September 2018, Ganfeng Lithium, China’s No.1 producer of lithium, has announced the signing of a deal with Tesla, which is an American automotive and Energy Company, for the supply of 20 percent of its total production.

In February 2018, Nemaska Lithium Inc., a lithium hydroxide supplier and lithium carbonate supplier, has sent lithium hydroxide monohydrate samples to potential customers as a part of its marketing strategy.

Competitive Dashboard:

The major players operating in the Global Lithium Hydroxide Market are SQM (Chile), Albemarle Corporation (U.S.), FMC Lithium (U.S.), Jiangxi Ganfeng Lithium Co., Ltd. (China), Tianqi Lithium Corporation (China), LITHIUM AMERICAS (Canada.), Nemaska Lithium (Canada), MGX Minerals Inc (Canada), Galaxy Resources Limited (Australia), and Wealth Minerals Ltd (Canada).

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Lithium Hydroxide Market 2019 Size, Trends, Growth, Outlook and Forecast to 2023

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.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

Contact: Market Research Future
+1 646 845 9312
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Lithium Hydroxide Market 2018 | Trends, Drivers, Strategies, Applications and Competitive Landscape 2023

Market Overview: 

Lithium Hydroxide is used in a wide variety of applications, as it is capable of offers thermal resistance, durability, and minimal maintenance to the product. Thus, they are used in various applications such as batteries, glass, grease, air conditioning equipment, and others. The Global Lithium Hydroxide Market is spanned across five regions of the world namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds the major share of the global market and is projected to continue leading owing to the increasing consumption of metal in batteries, glass, grease, air conditioning equipment, and others. It is estimated that the batteries segment is set to observe the highest CAGR in the market due to the growing use of metal in order to improve the performance and increase the life cycle of the product. Moreover, increasing demand for lightweight materials in glass and ceramics sectors is likely to witness a rapid growth during the forecast period. These factors have led China, India, and Japan to be the major players of this region.

The North American market is expected to grow at a higher CAGR due to extensive consumption of metal in lithium-ion batteries, glass, grease, and others. The U.S., Canada, and Mexico have achieved a significant place in the market due to the growing investments in the end-use industries. Therefore, the growing demand for air-conditioning and energy storage systems made from lithium are estimated to drive the market during the forecast period. 

A notable development is achieved in Europe due to the growing demand for the use of light weight metal in batteries, glass, grease, air conditioning equipment segments, and others. The rapid urbanization coupled with technology have propelled the market to witness a higher growth. Thus, countries such as Germany, the U.K, and Italy are the major contributors to this market.

A considerable development is predicted in the Latin American region such as in Brazil, Uruguay, and Argentina due to the growing consumption of lithium in major industries. Moreover, a rapid development is estimated in the Middle East & African region such as Qatar, the U.A.E, and others due to increasing demand for lithium hydroxide in smartphones, tablets, iPods and other gadgets. 

Segmentation

The Global Lithium Hydroxide Market is segmented into application and end-use. On the basis of the application, the market is sub-divided into batteries, ceramic glass, lubricant grease, and air-conditioning segments. On the basis of the end-use, the market is further segregated automotive, electrical & electronics, marine, aerospace, and others. 

Competitive Analysis 

Some of the well-known players operating in the Global Lithium Hydroxide Market are Albemarle Corporation (U.S.), SQM (Chile), FMC Lithium (U.S.), Tianqi Lithium Corporation (China), Jiangxi Ganfeng Lithium Co., Ltd. (China), LITHIUM AMERICAS (Canada.), MGX Minerals Inc (Canada), Nemaska Lithium (Canada), Galaxy Resources Limited (Australia), and Wealth Minerals Ltd (Canada), among others. 

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