Lithium Hydroxide Market Overview | Upcoming Trends, Segmented by Type, Application, End-User and Region
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 Overview 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 market 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 Overview 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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