Lithium Hydroxide Market Analysis

Lithium Hydroxide Segmentation

Application (Lithium-ion Batteries, Lubricants)

The lithium-ion batteries segment is predicted to gain the largest market share in the year 2035. The segmental growth is owing to technological advancements and cost reduction. Continuous technological advancements and economies of scale are driving down the costs of lithium-ion batteries, making them more affordable and competitive. The average lithium-ion battery pack prices have decreased by 89% from 2010 to 2021, reaching around USD 137 per kilowatt-hour. Further cost reductions are expected with ongoing research and development, advancements in battery chemistry, and improved manufacturing processes.

End Use Industry (Automotive, Electronics, Energy Storage)

The automotive segment is poised to gain a major share by the year 2035. The growth of the segment is augmented by government regulations and incentives. Governments worldwide are implementing regulations and offering incentives to promote the adoption of electric vehicles (EVs) as a means to reduce greenhouse gas emissions and combat climate change. Various countries have set targets and timelines to phase out internal combustion engine vehicles, creating a favorable regulatory environment for electric vehicles. Growing concerns about climate change and the environmental impact of traditional combustion engine vehicles has led to an increased focus on sustainable transportation alternatives.

Our in-depth analysis of the lithium hydroxide market includes the following segments:

Application	Lithium-ion Batteries Lubricants
End Use Industry	Automotive Electronics Energy Storage

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.

Lithium Hydroxide Market Analysis