Press release
Lithium Hydroxide Market Revenue Opportunies By Key Vendors FMC Corporation, Sociedad Quimica Minera (SQM), Jiangxi Ganfeng Lithium, Albemarle Lithium, Shandong Ruifu Lithium
Lithium Hydroxide
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In recent years, demand for lithium hydroxide has been dominated by its use in lubricant grease application and the trend is expected to continue over the next few years. However, the emergence of nickel cobalt aluminum oxide (NCA) cathode use for power tool batteries and later transportation is expected to surpass the growth of lubricant grease application segment in the latter half of the forecast period. Rapidly growing power generation industry in Asia Pacific region, together with increasing establishment of manufacturing facilities are expected to drive demand for lithium hydroxide in the region. Furthermore, setting up of Tesla Gigafactory in the U.S. is another major factor that is expected to drive demand in the North American market.
Lithium Hydroxide Market Outlook – Rapid industrialization coupled with growing battery storage market to fuel demand for lithium hydroxide in emerging economies
Rapid economic development in countries such as China and India is expected to drive demand for multi-purpose grease, which in turn, is expected to fuel revenue growth in the global lithium hydroxide market. Also, growing industrialization across the world is expected to evoke demand for power tools, which requires NCA cathode, made from lithium hydroxide.
Some of the companies operating in the global lithium hydroxide market are FMC Corporation, Sociedad Quimica Minera (SQM), Jiangxi Ganfeng Lithium, Albemarle Lithium, Shandong Ruifu Lithium, Jiangxi Dongpeng New Materials Co. ltd., Sichuan Brivo lithium Materials Co. ltd., Leverton Lithium, Rockwood, Tianqi Lithium, etc. These players are currently focused on increasing their production capacity to meet the growing demand for lithium hydroxide. As an instance, in May 2016, FMC Corporation announced plans of tripling its existing lithium hydroxide production capacity. Furthermore, players are focused on research and development activities to gain a competitive advantage, for example, in July 2016, Neometals Ltd. progressed the commercialization of ELi Process that converts spodumene concentrate into high value battery grade lithium hydroxide.
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