Lithium Hydroxide Market Demand | New Trends, Growth, Outlook and Forecast to 2027
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 Lithium
Hydroxide Market Demand 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 light
weight 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 Electro 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 Demand 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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