Press release
Lithium Hydride Market Analysis and Outlook to 2026: Top Players Merck KGaA., Albemarle Corporation, Ganfeng Lithium Co., Ltd, Santa Cruz Biotechnology, Inc., Tianjin Daofu Chemical New Technology Development Co., Ltd., American Elements, and Parad Corpor
Lithium Hydride Market
Market players
Some of the leading players operating in the global lithium hydride market are Merck KGaA., Albemarle Corporation, Ganfeng Lithium Co., Ltd, Santa Cruz Biotechnology, Inc., Tianjin Daofu Chemical New Technology Development Co., Ltd., American Elements, and Parad Corporation Pvt Ltd.
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Drivers
Increasing demand for hydrogen storage and fuel cells in various applications such as portable power, stationary power, and transportation, is expected to fuel lithium hydride market growth. Lithium hydride is used in these applications as it has a high hydrogen content of any hydride.
Market Trends
Among end-use industries, the chemicals segment is expected to gain significant traction and is expected to retain its dominance over the forecast period. This growth is attributed to increasing adoption of lithium hydride in the production of various reagents such as lithium borohydride and lithium aluminum hydride, for organic synthesis.
Market Outlook
According to global lithium hydride market analysis, North America is projected to exhibit significant growth in the market in 2017. Owing to growing battery storage sector in the region, it is expected to retain its position over the forecast period. According to U.S. Energy Information Administration (EIA), in the U.S., lithium ion accounted for around 80% of the installed power and energy capacity of large-scale battery storage in operation, in 2016.
Asia Pacific is fastest growing region in the global lithium hydride market over the forecast period. This is attributed to the growing demand for lithium hydride in the emerging economies of the region for advanced energy storage (AES). For instance, The International Energy Agency (IEA) estimates that Energy storage deployments in emerging markets worldwide is expected to grow by over 40% annually in the following decade, adding around 80 GW of new storage capacity to the estimated 2 GW existing today.
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Additionally, lithium hydride is used in the manufacturing of electronic tubes and ceramics. Growing electronics industry in turn, is expected to propel growth of the market in Asia Pacific. For instance, according to India Brand Equity Foundation (IBEF), electronics is one of the fastest-growing markets in the world. The electronics market in India was valued at US$ 100 billion in 2016 and is expected to reach US$ 400 billion by 2020, exhibiting a CAGR of 41.4% over the forecast period.
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