Lithium Hydroxide Market Size

Lithium Hydroxide Market size is slated to cross USD 36 billion by 2035. witnessing around CAGR of 15% from 2023 to 2035. In the year 2022, the industry size of lithium hydroxide was USD 19 Billion. The market growth is attributed to the increasing demand for lithium-ion batteries across the globe. The primary driver of the lithium hydroxide market is the increasing demand for lithium-ion batteries. These batteries are used in electric vehicles (EVs), consumer electronics, renewable energy storage systems, and other applications.

In addition to this, the lithium hydroxide market includes the global industry involved in the production, distribution, and consumption of lithium hydroxide. Lithium hydroxide (LiOH) is an inorganic compound used primarily in the manufacturing of lithium-ion batteries, which are widely used in various industries such as automotive, electronics, energy storage, and portable devices. As the electric vehicle market continues to expand and renewable energy installations increase, the demand for lithium hydroxide is slated to grow significantly.

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 Size