Albemarle Corporation: Albemarle announced plans to expand its lithium hydroxide production capacity at its Silver Peak facility in Nevada, United States. The company aims to increase its annual production capacity to meet the growing demand for lithium hydroxide in electric vehicle batteries and other applications. The expansion is part of Albemarle's strategy to strengthen its position as a leading global lithium producer.
Ganfeng Lithium Co., Ltd.: Ganfeng Lithium signed a long-term supply agreement with BMW Group. Under the agreement, Ganfeng will supply lithium hydroxide to BMW for use in its electric vehicle batteries. The partnership aims to ensure a stable supply of lithium hydroxide and support BMW's plans to further expand its electric vehicle lineup.
Author Credits: Smruti Ranjan, Rajrani Baghel
Report ID: 4972
Published Date: Jun 02, 2023
Report Format: PDF, PPT
Frequently Asked Questions (FAQ)
Increasing demand for lithium-ion batteries across the globe is the major factor driving the market growth.
The market size of lithium hydroxide is anticipated to attain a CAGR of ~15% over the forecast period, i.e., 2023 â€“ 2035.
The major players in the market are Albemarle Corporation, SQM (Sociedad QuÃmica y Minera de Chile), Livent Corporation, Ganfeng Lithium Co., Ltd., Tianqi Lithium Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, end use industry, and by region.
The lithium-ion batteries segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
The limited lithium reserves is estimated to be the growth hindering factor for the market expansion.
The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.