Lithium Hydroxide Market Explores New Growth Opportunities By 2026
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Global Lithium Hydroxide Market: Drivers and Restraints
Rapid economic development across prominent Asian Countries is driving more demand for multi-purpose grease, hence in turn fuelling more revenues in the global lithium hydroxide market. Rising industrializations is another prominent factor evoking demand for power tools, which requires NCA cathode, made from lithium hydroxide. Moreover, the rise of electric vehicles is undoubtedly fuelling big numbers to the consumption of lithium hydroxide, and is anticipated to continuously drive more demand for lithium hydroxide. Rapidly growing automotive industry coupled with the advent of electric vehicles can be considered as the prime factor disrupting the price dynamics in the global lithium hydroxide market. Moreover, rising solar PV installations across the globe and the need to store more and more power, is fuelling the battery storage market, simultaneously driving revenues to the lithium hydroxide stakeholders.
Global Lithium Hydroxide Market: Segmentation
On the basis of application
Glass and Ceramics
On the basis of end use industry,
Global Lithium Hydroxide Market: Region Wise Outlook
The global Lithium Hydroxide market is segmented into the seven key regions: North America, Latin America, Western Europe, and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). The APEJ region is projected to be the largest market for lithium hydroxide consumption, followed by North America, Western Europe and Japan. Rapidly growing power industry of Asia Pacific and increasing penetration of more and more manufacturing companies in the region, are the prime factor driving more demand for lithium hydroxide in the region. The setting up of Tesla Gigafactory in the US is another prime factor driving demand in the North American market. The Latin America and MEA are at a nascent considering the demand for lithium hydroxide, however the regions are projected to pose significant growth rate over the forecast period. Japan on the other hand is anticipated to continue driving more demand for lithium hydroxide, amid rising solar industry in the region.
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Global Lithium Hydroxide Market: Key Players
Jiangxi Ganfeng Lithium
Shandong Ruifu Lithium
Sichuan Brivo lithium Materials Co. ltd.
Jiangxi Dongpeng New Materials Co. ltd
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