Lithium hydroxide is used in a wide variety of applications, as it is capable of offers thermal resistance, durability, and minimal maintenance to the product. Thus, they are used in various applications such as batteries, glass, grease, air conditioning equipment, and others. The global lithium hydroxide market is spanned across five regions of the world namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds the major share of the global market and is projected to continue leading owing to the increasing consumption of metal in batteries, glass, grease, air conditioning equipment, and others. It is estimated that the batteries segment is set to observe the highest CAGR in the market due to the growing use of metal in order to improve the performance and increase the life cycle of the product. Moreover, increasing demand for light weight materials in glass and ceramics sectors is likely to witness a rapid growth during the forecast period. These factors have led China, India, and Japan to be the major players of this region.
The North American market is expected to grow at a higher CAGR due to extensive consumption of metal in lithium-ion batteries, glass, grease, and others. The U.S., Canada, and Mexico have achieved a significant place in the market due to the growing investments in the end-use industries. Therefore, the growing demand for air-conditioning and energy storage systems made from lithium are estimated to drive the market during the forecast period.
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A notable development is achieved in Europe due to the growing demand for the use of light weight metal in batteries, glass, grease, air conditioning equipment segments, and others. The rapid urbanization coupled with technology have propelled the market to witness a higher growth. Thus, countries such as Germany, the U.K, and Italy are the major contributors to this market.
A considerable development is predicted in the Latin American region such as in Brazil, Uruguay, and Argentina due to the growing consumption of lithium in major industries. Moreover, a rapid development is estimated in the Middle East & African region such as Qatar, the U.A.E, and others due to increasing demand for lithium hydroxide in smartphones, tablets, iPods and other gadgets.
The global lithium hydroxide market is segmented into application and end-use. On the basis of the application, the market is sub-divided into batteries, ceramic glass, lubricant grease, and air-conditioning segments. On the basis of the end-use, the market is further segregated automotive, electrical & electronics, marine, aerospace, and others.
Some of the well-known players operating in the global lithium hydroxide market are Albemarle Corporation (U.S.), SQM (Chile), FMC Lithium (U.S.), Tianqi Lithium Corporation (China), Jiangxi Ganfeng Lithium Co., Ltd. (China), LITHIUM AMERICAS (Canada.), MGX Minerals Inc (Canada), Nemaska Lithium (Canada), Galaxy Resources Limited (Australia), and Wealth Minerals Ltd (Canada), among others
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