LONDON--(BUSINESS WIRE)--Technavio has announced the release of their research report on the global lithium hydroxide market for the forecast period 2019-2023. This global lithium hydroxide market analysis report segments the market by application (battery, lubricating greases, ceramics and glass, and others) and geography (APAC, Europe, MEA, North America, and South America).
Global lithium hydroxide market size will grow by almost 41.48 thousand tons during 2019-2023, at a CAGR of more than 13%. Lithium hydroxide-based greases are waterproof, maintain viscosity for a longer period, and have low melting points. They also exhibit high mechanical strength and good thermal resistance. These factors have increased the demand for lithium-based greases which are developed from the new lithium hydroxide dispersion technology. This method of producing grease help manufacturers save energy, water, and time. Compared to the conventional process, this is a single-step process for producing lithium and lithium-complex greases. Hence, the increase in the use of lithium-based greases will have a positive impact on the global lithium hydroxide market during the forecast period.
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Increase in use of lithium-ion batteries in portable devices
Miniaturization of electronic devices is leading to an increase in the adoption of lithium-ion batteries in portable devices. Lithium-ion batteries are widely used in smartphones, medical devices, power tools, and other portable devices. These batteries have higher energy density and discharge slowly. Therefore, the increasing demand for portable devices will drive the growth of the global lithium hydroxide market over the forecast period.
“The APAC region will witness a faster growth in the lithium hydroxide market. Countries such as China, Japan, India, and Indonesia are shifting their focus toward adopting EVs that run on lithium-ion batteries. The high rate of industrialization in the US and Mexico has fuelled the consumption of lithium hydroxide in the North American region. Factors such as the thriving automobile industry and the rising demand for EVs will drive the lithium hydroxide market globally,” says an analyst at Technavio.
Many OEMs are launching EVs to strengthen their market position. Recently, BMW AG announced they they’re adding the BMW X3 to their EV portfolio. This is expected to increase the sales of EVs offered by the company. Furthermore, countries such as the US are encouraging the sales of EVs by offering federal Internal Revenue Service (IRS) tax credit to buyers. The rise in the sales of EVs will increase the demand for lithium hydroxide to produce lithium-ion batteries. Therefore, the increased demand for EVs globally will fuel the growth of the lithium hydroxide market.
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This global lithium hydroxide market industry research report provides an in-depth analysis of the major drivers, upcoming trends, and challenges that will impact market growth over the forecast period. The report analyzes the competitive landscape and offers details on several lithium hydroxide manufacturers including -
- Albemarle Corporation
- International Lithium Corp.
- Orocobre Limited Pty Ltd
- SQM S.A.
- Tianqi Lithium Corporation
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. Technavio’s report library consists of more than 10,000 reports covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies.
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