Lithium Hydroxide (LiOH) is widely used as an industrial lubricant, and in battery manufacturing. The compound is mainly consumed for production of lithium greases such as lithium stearate, which is very popular lubricating grease and offers high thermal resistance. In battery industry, it is incorporated as a heat transfer medium and for the purpose of storage battery electrolyte. Due to indispensable usage of lithium hydroxide in these industries, and difficulty in manufacturing and sourcing, the products commands significantly high prices and is sold at prices between US$ 6000 – US$ 8000 per ton. The lack of supply and booming demand is expected to continue push prices towards higher end. Moreover, many new capacity additions from prominent suppliers is also anticipated over the forecast period. The global demand for lithium hydroxide is expected to expand with a decent CAGR over the forecast period.
Global Lithium Hydroxide Market: Drivers and Restraints
Rapid economic development across prominent Asian Countries is driving more demand for multi-purpose grease, hence in turn fuelling more revenues in the global lithium hydroxide market. Rising industrializations is another prominent factor evoking demand for power tools, which requires NCA cathode, made from lithium hydroxide. Moreover, the rise of electric vehicles is undoubtedly fuelling big numbers to the consumption of lithium hydroxide, and is anticipated to continuously drive more demand for lithium hydroxide. Rapidly growing automotive industry coupled with the advent of electric vehicles can be considered as the prime factor disrupting the price dynamics in the global lithium hydroxide market. Moreover, rising solar PV installations across the globe and the need to store more and more power, is fuelling the battery storage market, simultaneously driving revenues to the lithium hydroxide stakeholders.
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Global Lithium Hydroxide Market: Segmentation
On the basis of application
- Lubricant Greases
- Glass and Ceramics
- Chemical Synthesis
On the basis of end use industry,
- Energy Storage
- Consumer Electronics
Global Lithium Hydroxide Market: Region Wise Outlook
The global Lithium Hydroxide market is segmented into the seven key regions: North America, Latin America, Western Europe, and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). The APEJ region is projected to be the largest market for lithium hydroxide consumption, followed by North America, Western Europe and Japan. Rapidly growing power industry of Asia Pacific and increasing penetration of more and more manufacturing companies in the region, are the prime factor driving more demand for lithium hydroxide in the region. The setting up of Tesla Gigafactory in the US is another prime factor driving demand in the North American market. The Latin America and MEA are at a nascent considering the demand for lithium hydroxide, however the regions are projected to pose significant growth rate over the forecast period. Japan on the other hand is anticipated to continue driving more demand for lithium hydroxide, amid rising solar industry in the region.
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Global Lithium Hydroxide Market: Key Players
- FMC Corporation
- Albemarle Lithium
- Jiangxi Ganfeng Lithium
- Shandong Ruifu Lithium
- Leverton Lithium
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