Lithium Hydroxide Market Size to Grow USD 1078.6 Million by 2029, at a CAGR Of 10.6% | Valuates Reports
BANGALORE, India, Oct. 16, 2023 /PRNewswire/ -- Lithium Hydroxide Market is segmented by Type (Industrial Grade, Battery Grade), by Application (Consumer Batteries, Power Batteries, Lubricating Greases): Global Opportunity Analysis and Industry Forecast, 2023-2029. It is published in Valuates Reports Under the Category of Chemicals Industry.
The global Lithium Hydroxide market was valued at USD 528.5 million in 2022 and is anticipated to reach USD 1078.6 million by 2029, witnessing a CAGR of 10.6% during the forecast period 2023-2029.
Major Factors Driving the Growth of Lithium Hydroxide Market
The global increase in demand for lithium-ion batteries is blamed for the market expansion. The market for lithium hydroxide is primarily being driven by the rising demand for lithium-ion batteries. Electric vehicles (EVs), consumer electronics, renewable energy storage systems, and other applications all make use of these batteries.
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TRENDS INFLUENCING THE GROWTH OF LITHIUM HYDROXIDE MARKET
Because it has a high electrochemical potential and can generate a sizable quantity of electrical energy, lithium oxide is a desirable substance for manufacturing cathodes in rechargeable batteries. Its portability, such as that of electric cars, depends on its lightweight. Manufacturers frequently use lithium hydroxide because it has strong thermal stability and can increase the battery's overall performance. Governments all around the globe are encouraging the expansion of the market for electric vehicles by providing large subsidies and incentives to consumers who buy electric cars and by enforcing harsher laws on conventional automobiles. This factor is expected to drive the growth of the Lithium Hydroxide Market.
Lithium hydroxide batteries have been chosen for use in automobiles by industry leaders like Tesla. The designs used by other automakers allow for an easy transition from lithium carbonate to lithium hydroxide in the future. Given that lithium hydroxide can offer superior power density and hence range, this is a realistic outcome. This factor is expected to drive the growth of the Lithium Hydroxide Market.
The demand for the Lithium Hydroxide Market is expanding at a rapid rate in tandem with the world's unquenchable need for energy and ever-increasing desire for mobility. Demand for lithium batteries is increasing at an incredible rate across all sectors, including mobile devices like smartphones and tablets, e-bikes, hybrid and electric cars, and large-scale energy storage.
There is a growing market for energy storage devices, such as grid-scale and home batteries. Effective energy storage technologies are needed because renewable energy sources like solar and wind are being deployed more often. The use of lithium hydroxide in lithium-ion batteries makes them a crucial component of the integration of renewable energy sources. This factor is expected to drive the growth of the Lithium Hydroxide Market.
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LITHIUM HYDROXIDE MARKET SHARE ANALYSIS
FMC, SQM, Rockwood, and other prominent international players are covered in the lithium hydride industry. The top 3 global corporations own roughly 50% of the market. The greatest consumption area, with about 45% of the global share, is North America. China comes in second and accounts for more than 35% of the total. Additionally, other regions such as Europe, Japan, and others are crucial to the consuming market.
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Key Companies:
- SQM
- Tianqi Lithium
- Jiangxi Ganfeng Lithium
- General Lithium
- Livent
- Albemarle
- Yahua Group
- Weihua Group
- Yibin Tianyi Lithium Industry
- Shenzhen Chengxin Lithium Group
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- The global Lithium Battery Charger ICs market is projected to grow from USD 16750 million in 2023 to USD 33060 million by 2029, at a Compound Annual Growth Rate (CAGR) of 12.0% during the forecast period.
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- The global Lithium-ion Battery Recycling market size is projected to reach USD 24930 million by 2028, from USD 2543 million in 2021, at a CAGR of 38.1% during 2022-2028.
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- The global Lithium-Ion Battery Separator market size is estimated to be worth USD 3808.9 million in 2022 and is forecast to be a readjusted size of USD 6565.8 million by 2028 with a CAGR of 9.5% during the review period.
- The global lithium-ion battery market size was valued at USD 46.2 billion in 2022, and the lithium-ion battery industry is projected to reach USD 189.4 billion by 2032, growing at a CAGR of 15.2% from 2023 to 2032.
- The global Alkaline Battery market is projected to grow from USD 5288.5 million in 2023 to USD 5816.9 million by 2029, at a Compound Annual Growth Rate (CAGR) of 1.6% during the forecast period.
- Lithium Cobalt Oxide Battery Recycling Market
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