The Rising Use Of Evs To Boost The Lithium Hydroxide Market Growth

Lithium Hydroxide Market
Lithium Hydroxide Market

Lithium Hydroxide Market segmented by Application (Batteries, Lubricating Grease, Purification, and Other Applications) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 – 2030

The global Lithium Hydroxide Market is estimated to be valued at US$ 1,389.6 million in 2022 and is expected to exhibit a CAGR of 6.7 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Lithium hydroxide, usually derived from lithium carbonate with lime, is employed in preparing soaps of stearic and additional fatty acids; these soaps are vastly utilized as adhesives in lubricating greases. Lithium hydroxide is an element attained from the retort of lithium carbonate with CaOH.

Competitive Landscapes:

Key players involved in the growth of the global Lithium Hydroxide for market are Albemarle Corporation, HELM AG, and Ganfeng Lithium Co., Ltd., SQM S.A., and Leverton-Clarke Speciality Chemicals.

Market Key Drivers:

The rising use of EVs that use lithium ions is expected to augment the growth of the global Lithium Hydroxide Market. For instance, as per IEA, over 17 million EVs were sold across the globe.

The huge reserves of lithium ion and minerals projected to propel the growth of global Lithium Hydroxide for market. For instance, as per the USGS, in 2020 lithium assets from brines and minerals hold for 7.9 million tons in the U.S.

Covid-19 Impact Analysis:

The Covid-19 impact analysis has adversely affected the growth of global Lithium Hydroxide for market due to the strict imposition of lockdown and shutdown policies by the regulatory. The disruption in supply chain and the closure of manufacturing and production units led to the delay in making of the product. The restriction on transportation of things from one place to another has impeded the market growth.

High insolubility, colour strength, heat stability, solvent fastness, light fastness, and minimal migration are all characteristics of High Performance Pigments which include both inorganic and organic pigments.

Key Takeaways:

The global Lithium Hydroxide Market is anticipated to exhibit a CAGR of 6.7 % during the forecast period owing to the rising approvals and launches. For instance, in January 2021, the Bureau of Land Management accepted the Thacker Pass Mine projected by Lithium Nevada Corporation.

Among regions, North America, Europe and Asia Pacific are expected to witness robust growth in global Lithium Hydroxide for market due to rise in use of lithium ion, increasing industrialization and rising mergers and collaborations. For instance, China holds 10% of the global lithium production capacity for 8 kt, in 2018.

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