Published by Uma Rajagopal
Posted on February 16, 2022
Lithium hydroxide (LiOH) is extensively utilized in multiple industrial applications. With properties such as varying soluble tendencies, low density, and ability to withstand a wide range of temperatures, lithium hydroxide has become an essential agent in modern heavy industries. Due to its versatile nature, the global market for lithium hydroxide is set to witness significant growth in the years to follow. Applications of LiOH include precursor compounds, energy and battery storage, greases and lubricants, air purification, cements, and ceramics. Among these, LiOH use in most pronounced in the electric vehicles (EV) industry due to the consistent rise in the adoption of EVs. In the forecast period, lithium hydroxide market is also expected to attain rapid maturity due to its increased usage in the aviation and automotive industry.
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Electric Vehicles Create New Growth Prospects Across Global Lithium Hydroxide Market
The global call to harness renewable energy resources has paved the way for robust innovation in the EV industry. In the coming years, this is set to translate into profitable outcomes for the lithium hydroxide market. Lithium hydroxide has high petrochemical potential and low density. This makes it the most suitable compound among all other lithium compounds to manufacture lithium-ion batteries for EVs. Additionally, decrease in the cost of lithium-ion batteries further facilitates growth across the lithium hydroxide market. Given the high potential of EVs to reshape the future of mobility, governments and automotive industries are also partnering to promote robust R&D initiatives in this sector. In the coming years, the cumulative forces of these collaborations and innovations is projected to garner substantial growth across the global lithium hydroxide market.
Chemical Composition of Lithium Hydroxide Fosters its Use Across Diverse Industries
The chemical properties of lithium hydroxide enable it to absorb carbon dioxide, convert carbon dioxide into water and lithium, and to effectively transfer heat. Consequently, other key areas where LiOH is expected to record high usage include breathing gas purification system, ceramic and cement production, and corrosion control in water reactors. In the near future, the aforementioned use cases are poised to draw positive returns to the global lithium hydroxide market. However, despite the promising future of the lithium hydroxide market, concerns over its toxic nature and adverse impact on environment can restrict market expansion.
North America, Europe, and Asia Pacific Lead Lithium Hydroxide Market to Maturity
North America, followed by Europe and Asia Pacific, is the most favorable market for lithium hydroxide. Government support, positive outlook towards electric mobility, and a resounding call to adopt clean energy sources are the key drivers of growth in North America’s lithium hydroxide market. During the forecast period, the lithium hydroxide markets of Europe and Asia Pacific are poised to achieve significant expansion owing to increased demand for lithium-ion batteries. In Asia Pacific, China in particular, has emerged as a major force in the regional lithium hydroxide market due to its strong commitment to electric mobility.
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Major Players Across Global Lithium Hydroxide Market
The foremost contenders in the global lithium hydroxide market include Albermarle Corporation, The Lubrizol Corporation, FMC Lithium (FMC Corporation), SQM S.A., HELM AG, Sichuan Brivo Lithium Materials Co. Ltd., Leverton-Clarke Speciality Chemicals, and Gangfeng Lithium Co. Ltd. Over the forecast period, these companies are expected to open fresh revenue streams across the global lithium hydroxide market.
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