LONDON--(BUSINESS WIRE)--The global lithium hydroxide market is expected to post a CAGR of more than 13% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Lithium-ion batteries are widely used in portable devices due to their high energy-to-weight ratios. The growing adoption of mobile electronics such as smartphones, laptops, and tablets is increasing the demand for lithium-ion batteries. Lithium-ion batteries also offer better energy density than nickel-cadmium (NiCd) and nickel-metal hydride (NiMH) batteries. They are also used in various medical devices such as automatic external defibrillators, surgical saws, drills, robotic inspection systems, infusion pumps, and others. The increasing use of lithium-ion batteries in such devices is expected to fuel the growth of the market during the forecast period.
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As per Technavio, adoption of Lithium Hydroxide in the grease manufacturing process will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Lithium Hydroxide Market: Adoption of Lithium Hydroxide In Grease Manufacturing
Grease manufacturers are increasing the use of lithium hydroxide as it helps them reduce the consumption of energy, water, and time. They are adopting lithium hydroxide dispersion technology to produce lithium and lithium complex greases based on a variety of base oils. The adoption of this technology is revolutionizing the grease manufacturing process and offering several benefits to end-users.
“Capacity expansions and increasing preference for renewable energy are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Lithium Hydroxide Market: Segmentation Analysis
This market report segments the global lithium hydroxide market by application (battery, lubricating greases, ceramics and glass, and others) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to the growing adoption of EVs in China, India, and Indonesia.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
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
- Geographic comparison
- Key leading countries
- Market Opportunity
- Landscape disruption
- Competitive Scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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