Market Overview:
Lithium hydroxide is used as an electrolyte in lithium ion batteries used in various applications like consumer electronics, electric vehicles, grid storage and industrial uses. It offers advantages like higher energy density, longer lifespan and greater storage capacity.
The global Lithium Hydroxide Market is estimated to be valued at US$ 0.61 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the lithium hydroxide market is increasing focus on grid-level battery storage solutions for renewable energy integration. Battery energy storage systems are playing a crucial role in stabilizing power grids with greater integration of intermittent renewable power like solar and wind. This is expected to significantly drive the demand for lithium hydroxide which is a key material in lithium ion batteries used in such large-scale energy storage applications over the forecast period.
Segment Analysis
The global lithium hydroxide market is segmented based on application, grade, and region. By application, the battery-grade segment dominates the market accounting for around 80% share in 2023. Lithium hydroxide is majorly used in lithium-ion batteries used in electric vehicles and energy storage systems, driving the dominance of the battery-grade segment.
Key Takeaways
Market size
The Global Lithium Hydroxide Market Size is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period 2023 to 2030, due to increasing demand for electric vehicles and renewable energy storage solutions.
Regional analysis
The Asia Pacific region is expected to dominate the global lithium hydroxide market during the forecast period. This is attributed to the high production of lithium-ion batteries in China, Japan, and South Korea. China accounted for over 60% share of the global lithium hydroxide consumption in 2023.
Key players
Key players operating in the lithium hydroxide market are SQM S.A., Albemarle Corporation, Leverton-Clarke Speciality Chemicals., HELM AG, and Ganfeng Lithium Co., Ltd. SQM S.A. and Albemarle Corporation are the largest producers of lithium hydroxide globally.
For More Insights, Read: https://www.newsstatix.com/lithium-hydroxide-market-size-share-and-growth-forecast-2023-2030/
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