Lithium Hydroxide Market size has seen an exponential growth due to increasing demand of rechargeable batteries used in various application including remote controllers, cell phones, laptops and other electronic components will drive the lithium hydroxide market.
Rising industrializations has increased the demand for power tools which requires lithium hydroxide NCA cathode, thus propelling the industry size. Moreover, increased usage of electric vehicles is fueling consumption of lithium hydroxide. LiOH is extensively used in battery manufacturing and as an industrial lubricant. It is used as an energy storage and as a heat transfer medium in batteries. Lithium hydroxide market is also expected to rise with increasing use of LiOH in producing lubricants or greases which include lithium stearate. Upsurge in demand for grease in CV joints, household products and automotive applications will have a positive impact on the product demand.
Huge investment done in research and development activities will drive lithium hydroxide market. Rising consumption of mobiles, notebooks, laptops, hybrid and electrical vehicle in consumers globally will foster industry growth. Improving business and economic conditions will enhance the product demand. However, limited supplier of raw materials and fluctuations in the price of LiOH may act as a restraint for lithium hydroxide market.
LiOH is also used for removing impurities in metallurgical industries. Additionally, it is widely used in both non-rechargeable and rechargeable batteries which will boost lithium hydroxide market. Further applications include pharmaceuticals, aluminum production, air-conditioning units, polymers and cement.
Lithium hydroxide is a white crystalline compound. It is an inorganic amalgam having formula LiOH. The product is slightly soluble in ethanol and easily soluble in water. LiOH is generally available in anhydrous form having powerful base. It is widely used in absorbing carbon di oxide gas especially used in spacesuits. Increasing consumption of LiOH in producing Portland cement and ceramics will impel the market size.
The product is used in various industries including, grid & power storage, battery electric vehicle, hybrids, portable electronic devices, chemical synthesis, lubricants / greases and glass & ceramics. Amongst, batteries hold a major market share in application segment with surging use of cell phones and laptops. Glass & ceramics is the fastest growing application sector with huge investments done in renovation and new infrastructure projects.
Based on the end user industry, lithium hydroxide market is divided into consumer devices, energy storage, transportation and consumer electronics. Among these, transportation industry is likely to drive the market with new innovations done in electric cars and bikes. Also, consumer electronic & devices is anticipated to drive the product market over the forecasted years with rising applications in personal care, power tools, wearable devices, toys and cordless phones.
North America is the largest developed lithium hydroxide market and is expected to witness the same during the forecasted years. Rising industrial and construction sector has boosted the product market in the region. Upsurge in consumption of energy storage systems and increasing awareness regarding using rechargeable batteries in various electronic devices will push the market. Also, setting up Tesla Gigafactory in the region is another key driving factor for lithium hydroxide market.
Europe is another developed market for lithium hydroxide market. Rise in consumption of lubricants in manufacturing sector and glass ceramics owing to the presence of large construction industry in the region has boosted the market growth. Moreover, with the presence of large automotive industry in the region many leaders are engaged in developing new hybrid and electronic vehicles which will have made a positive impact on LiOH market.
Asia Pacific is the fastest growing lithium hydroxide market and is predicted to evolve significantly over the forecasted years. Rapid industrialization in the region has expanded the LiOH requirement with increase in use of power tools and ceramics. Soaring solar industry is another prime reason for stimulating the LiOH industry. Improving economic conditions and spending capacity has raised the need for mobile phones and laptops, which will further impel market size.
Global lithium hydroxide market is moderately consolidated owing to the presence of several multinational players globally. Several prominent leaders present in this industry are Tiangi, SQM, Albemarle, Leverton Clarke, Rockwood, FMC, Shangdong Ruifui, Haoxin Liyan, Brivo, Sichuan Yahua and Jiangxi Gangfeng.
Companies are adopting new strategies to capture this emerging market including, mergers, acquisitions and agreements. In January 2016, Albemarle Corporation, a leading manufacturer of the product, acquired Jiangxi Jiangli for approximately USD 145 million. The acquisition would help Albemarle to expand their product line and customer service geographically. Also, the company would be able to make new products discovering new end user applications.