H1 2023: In H1 2023, the price of Lithium Hydroxide fluctuated in the Asia Pacific region. Throughout the first half of 2023, the Chinese lithium hydroxide market continued to see mixed trends. The downstream participants didn’t made much new product purchases and potential transit disruptions. The market prices of lithium hydroxide fell precipitously in February and March due to a decrease in the cost support provided by the region's upstream lithium carbonate. Production rates decreased in March due to the region's abundant product stockpiles and the region's minimal market activity, which kept demand expectations muted in Asia. Ultimately, the market for lithium hydroxide was experienced a price increase in May 2023. The market for lithium hydroxide was supported during this month primarily by an increase in the price of upstream lithium carbonate. There was also increase in the buying activity of the downstream sectors. The cost support persisted till June, which kept the price of lithium hydroxide constant. The downstream mostly followed up as necessary, while the manufacturer mostly carried out long-term procurements. On the other hand, in the first half of 2023, the lithium hydroxide market in the United States displayed adverse market sentiments. The first month saw a steady decline in prices due to constrained market activity in the Asian area. There was less regional competition among producers of lithium-ion batteries. Prices fell in February as a result of little market activity. The region's poor upstream lithium carbonate provided little cost support, which reduced production costs. March saw a sharp decline in the market price of lithium hydroxide due to concerns about slow economy. Lithium hydroxide prices from April to June showed a minor decrease, thus pessimistic conditions prevailed in the US.
The global Lithium Hydroxide market stood at approximately 180 thousand tonnes in 2022 and is anticipated to grow at a CAGR of 10.20% during the forecast period until 2032.
Formulated as LiOH, lithium hydroxide is an inorganic substance. Lithium hydroxide (H2O) is produced in two grades: hydrated and anhydrous. In both forms, it is a white, hygroscopic solid that dissolves in water. It is produced when calcium hydroxide and lithium carbonate undergo a metathesis process. Lithium salts of stearic and other fatty acids are produced using lithium hydroxide. These salts are added to lubricating grease as a thickening agent. Lithium grease serves a variety of purposes. It is employed in a variety of sectors because of its high temperature and water resistance as well as its ability to withstand tremendous pressures. It is most frequently employed in the automotive sector. Although it is less common than lithium carbonate, lithium hydroxide is nonetheless a necessary cathode raw ingredient. Nevertheless, manufacturers of batteries are still thinking about substituting this substance for lithium carbonate since lithium hydroxide has additional advantages over other materials. For example, it has a higher power density, which results in larger batteries, greater safety features, and longer life cycles. Lithium hydroxide is already used by Tesla for their batteries, and other EV makers will undoubtedly follow suit. Additionally, they are added to the electrolyte in alkaline batteries. Another name for it is a carbon dioxide scrubber.
Metallic lithium is used as the anode in disposable lithium batteries. These batteries are appropriate for devices like pacemakers and other electronic medical equipment that require long-lasting power sources because of their long lifespan and high charge density. The need for higher power requirements in battery applications is propelling the advancement of lithium-ion battery technology. In order to satisfy consumer demand for portable gadgets and electric cars with longer battery lives and quicker charging periods, battery technology advancements are needed. The usage of lithium hydroxide in the production of cathode materials for lithium-ion batteries is referred to as the battery application section of the global lithium hydroxide market. Electric cars, fixed energy storage systems, and portable devices are just a few of the many uses for lithium-ion batteries. Lithium hydroxide is an essential part of the lithium-ion battery supply chain since it is used to make the cathodes for these batteries. The growing sales of Electric Vehicles (EVSs) are likely to propel the Lithium Hydroxide market expansion. Effective energy storage solutions are needed when renewable energy sources like solar and wind power. Using lithium hydroxide, lithium-ion batteries are a crucial component of renewable energy integration technology. Owing to these reasons, the global Lithium Hydroxide market is likely to reach approximately 475 thousand tonnes in 2032.
In terms of consumption, the Asia Pacific region leads the world market for Lithium Hydroxide. The global market share was led by the Asia-Pacific region. China has dominated the Li-ion battery market and production. Li-ion battery demand is also very high in South Korea and Japan. Because of the advantages that these technologically advanced devices offer, it is anticipated that the increase in urbanization would increase demand for them. As a result, it's anticipated that the region's need for lithium-ion batteries would increase. It is anticipated that the need for lithium-ion battery-powered power tools will rise along with the development of nations like China and India. It is anticipated that this will increase the market's demand for lithium hydroxide. Also, developments in energy storage technology can be credited with the market's expansion in this area. The goal of research and development in North America is to improve energy storage technologies—such as lithium-ion batteries—in order to lower costs, boost energy density, and improve performance. Innovation in battery chemistry, manufacturing techniques, and materials is being fuelled by partnerships between industry participants, academic institutions, and governmental organizations. This has a favourable effect on the segment's growth in the worldwide lithium hydroxide market.
Based on the end-user industry, the global Lithium Hydroxide market is divided into Batteries, Grease and Lubricants, Glass & Ceramics, and Others. Among these sectors Batteries, Grease and Lubricants are the leading segments and held about 65% of the global Lithium Hydroxide market in 2022 and is anticipated to prevail the similar trend in the upcoming years.
Major players in the Global Lithium Hydroxide market are Albemarle Corporation, Sociedad Química y Minera de Chile (SQM), Tianqi Lithium Corporation, Ganfeng Lithium Co., Ltd., Livent Corporation, Jiangxi Ganfeng Lithium Co., Ltd., FMC Corporation, Galaxy Resources Limited, Nemaska Lithium Inc., and Altura Mining Limited.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Lithium Hydroxide which covers production, demand and supply of Lithium Hydroxide market in the globe.
• To analyse and forecast the market size of Lithium Hydroxide
• To classify and forecast Global Lithium Hydroxide market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Lithium Hydroxide market in the globe.
To extract data for Global Lithium Hydroxide market, primary research surveys were conducted with Lithium Hydroxide manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Lithium Hydroxide market over the coming years.
ChemAnalyst calculated Lithium Hydroxide demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Lithium Hydroxide. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Lithium Hydroxide manufacturers and other stakeholders
• Organizations, forums and alliances related to Lithium Hydroxide distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Lithium Hydroxide manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Lithium Hydroxide market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
180 thousand tonnes
Market size Volume in 2032
475 thousand tonnes
Growth Rate
CAGR of 10.20% from 2023 to 2032
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2032
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Batteries, Grease and Lubricants, Glass & Ceramics, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Member - Board of Directors
Osaka Gas Co. Ltd
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What was the net market size of Lithium Hydroxide in terms of volume in 2022?
Ans:
The global market size of Lithium Hydroxide has reached approximately 180 thousand tonnes in 2022.
Q2.
Which industry is the leading consumer of Lithium Hydroxide?
Ans:
Batteries industry is the leading consumer of Lithium Hydroxide globally.
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