ID: MRFR/CnM/0482-HCR | February 2021 | Region: Global | 138 pages
Lithium hydroxide is a white hygroscopic crystalline organic compound. It is obtained in anhydrous form as a monohydrate which is another name for strong bases. it is not soluble in ethanol and is soluble in water. Its properties like high energy density, thermal resistance, long durability, and minimum maintenance. It is manufactured from various sources like brines, and petroleum hard rocks. Due to its economic nature, manufacturers in various countries have developed their production processes. Lithium hydroxide is used to manufacture lubricants, greases, batteries & energy storage. It is also used in air purification devices and also in the making of ceramics.
The coronavirus pandemic has given a very hard time to most of the manufacturing, developing, production, and logistic units of the market. Due to this pandemic situation, restrictions were imposed by the government of different countries. The lithium hydroxide market, on one’s side, has been drastically affected due to the stoppage of electrical automobiles and different industries works that require high-powered batteries for running their regular daily operations. But this effect has been balanced by the manufacturing of lithium-ion batteries used in electronic devices such as mobile phones, tablets, etc. as every person was using these electronic devices for work, and demand for electronic items increased which in turn increased the demand for lithium-ion batteries. So it can be said that this industry has faced very moderate loss during the pandemic but will bounce back with 10x profits in very little time after the restrictions are lifted.
To get a detailed and profound idea about the Lithium hydroxide market insights, it is very important to create a competitive environment amongst the different key players at different market locations all around the country. . All the market players are competing with each other globally in the international markets by implementing various types of strategies such as product launches and upgradations, mergers and acquisitions, partnerships, etc. The prime players of this market include:-‘
Source: MRFR analysis
Lithium hydroxide can also be used as a carbon dioxide absorbent in breathing gas purification systems and such systems are used in space crafts and submarines. The anhydrous form of LIOH is used in spacecraft respirator systems due to its lower mass and production of water. So it may drive the market growth to a large extent. Also, lithium hydroxide is commonly used in making batteries whether they are used in electronic gadgets or automobiles, or big industries for powering machines. So this rising demand for electrical batteries in automobile and electronic applications is another major factor that can enhance the growth of this market. Lastly, the constant support from the government by way favorable policies are giving a boost to demand for lithium-ion batteries, and these policies are attracting massive investments in the field of clean fuel technology which is another factor responsible for lithium hydroxide industry growth.
No doubt the lithium-ion batteries are very widely used and lithium hydroxide is the main element present in such batteries but they require proper protection while making use of them as lithium-ion cells and batteries are not as powerful as other rechargeable technologies. They are to be prevented from being overcharged and discharged for so long. So this factor can be a major factor that can hamper the growth of this market. Secondly, for the making of lithium batteries, the electrolysis process of lithium hydroxide is performed at a very large scale and it requires skilled labor to perform this process. So the massive cost of this process can be another factor that can hinder the lithium hydroxide market growth.
The major use of lithium hydroxide is in making cathodes for rechargeable batteries that are to be used in electrical vehicles. And due to its low density and extreme electrochemical potential, it is the most preferred among lithium compounds. There are two types of lithium batteries that are rechargeable or disposable. Disposable batteries use lithium as an anode in its metallic form. And such batteries are developed on a high scale as they have a long life that is a high charge density as compared to other standard batteries. Many technological advancements are looked upon to meet the customer’s demand of large power requirements with less cost. To increase the charge capacity, many substitutes are being tested to be used as anode in such batteries. Lithium-air, lithium-oxygen, and lithium-sulfur are considered to be the best alternatives till now.
Lithium hydroxide market share is anticipated to witness significant growth owing to the performance of different market segments. Among these segments, the batteries segment will be the fastest-growing and also contribute towards this market growth more than any other segment. As in the battery grade, the purity rate of LIOH is almost 99% and has low mineral impurities. And every size of batteries whether they are to be used for mobile phones or electronic devices or industrial purposes is made up of lithium hydroxide. LIOH is also preferred over other compounds as its water and HCL solubility is very low. For an amplifying use the market has been segmented into the following on different bases:
The Lithium hydroxide industry movements are remarkably working in 5 major regions of the world that is North America, Asia Pacific, Africa, South America, and the Middle East. Among all these regions, the Asia Pacific region will dominate this market, and the reason attributed to it is the rising adoption of lightweight metal in batteries, glass, grease, air conditioning equipment, and others. The growth of the market in this region will be led by India, China, Japan, and South Korea. The North American region will witness tremendous growth during the forecast period due to the rising production of lithium-ion batteries in the electronic and electrical industry. The European market can also expect significant growth due to strict rules and regulations implemented by the government of different countries to use lightweight products in end-user industries. The Middle East and African region are anticipated to experience a notable development in the market due to the rising consumption of low-density materials in smartphones, tablets, and other electronic gadgets.
The Lithium hydroxide industry report presents a shift analysis that includes market drivers, opportunities, and restraints that are available in the global market. The report discusses the impact of covid-19 on the key players of this market. The report also tells about the market segmentation on a different basis and how a competitive environment is developed among the key players around the globe. At last, the report presents some recent developments in this industry.
|Market Size||2030: Significant value|
|CAGR||2022–2030: Substantial CAGR|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Application, End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||
|Key Market Drivers||The growing demand for electrical batteries in automotive and electronics applications.|
Frequently Asked Questions (FAQ) :
Major applications of lithium hydroxide include batteries, glass, grease, air-conditioning equipment, and others.
Lithium hydroxide is soluble in ionic solvents such as water, but not in organic solvents such as ethanol.
The growing demand for electrical batteries in automotive and electronics applications is likely to be the major driver for the global lithium hydroxide market over the forecast period.
The electrical and electronics industry is likely to remain the major end user of lithium hydroxide over the forecast period.
Asia Pacific holds the largest share in the global lithium hydroxide market due to the growing electronics industry in the region.