Lithium Hydroxide Market By Key Players, Deployment Type, Applications

The market for lithium hydroxide is expected to grow at a CAGR of over 10% during the forecast period. Major factors driving the market studied are the growing demand for electric vehicles that use lithium batteries and increasing demand for power tools that use lithium hydroxide NCA cathode. However, rising concern regarding the toxicity of lithium hydroxide is expected to restrain the growth of the market.

– The application of batteries dominated the market globally, and it is expected to grow during the forecast period owing to the increasing demand for EVs.
– The growing industrialization in Asia-Pacific is expected to drive the demand for power tools, which, in turn, is expected to increase the demand for lithium hydroxide as the power tools use lithium hydroxide NCA cathode.
– North America dominated the market across the world with the largest consumption from the countries followed by Europe and Asia-pacific.

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Key Market Trends

Battery Application Segment to Dominate the Market

– One of the major applications of lithium hydroxide is in making cathodes for rechargeable batteries, which are used in electric vehicles. Lithium hydroxide is the most preferred among all the lithium compounds, as they have extreme electrochemical potential and low density.
– The generous subsidies for electric vehicles and stringent regulations regarding the usage of conventional vehicles by the government are some of the key factors that are driving the growth of electric vehicle production in countries, like China, that occupies the majority share of the global electric vehicle market.
– The battery application segment of the global lithium hydroxide market is the key application segment. It is widely used in the manufacture of cathode materials for lithium-ion batteries.
– Lithium batteries can be categorized into two segments, namely, disposable and rechargeable. Disposable lithium batteries use lithium in the metallic form, as an anode. These batteries have a long life (high charge density) compared to other standard batteries. These batteries find applications in critical devices with long life, such as pacemakers and other electronic medical devices, which are implanted for many years.
– Battery applications are moving toward larger power requirements and lesser costs, which mean that advancements in lithium-ion battery technology will be essential to meet consumer demand. As the industry pursues more powerful and inexpensive batteries, step changes in technology are still being pursued. Researchers are investigating substitutes for the anode material, to increase the charge capacity. Few of the latest battery technologies are: lithium-sulfur, lithium-air, and lithium oxygen.

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