Pune, India -- 02/13/2018 -- Lithium Hydroxide Market–Market Overview
The Global Lithium Hydroxide Market has been estimated to register a significant growth owing to increasing demand of recharge abled batteries. The primary factors driving growth of the market are the emergence of the electric vehicles, growing demand for portable devices, and increasing glass and ceramic production considered as major growth drivers. The Global Automotive Market is estimated to grow at higher CAGR to mark over USD 90 billion revenue in 2017. The production and use of electric cars is projected by Morgan Stanley analysts to rise to 2.9 percent of 99 million new vehicles in 2020 and to 9.4 percent of 102 million new vehicles in 2025, from 1.1 percent of 86.5 million this year. This is anticipated to fuel demand of the Lithium Hydroxide in Li-ion rechargeable batteries which form major part of an automobile. Additionally, there is growing demand for the hybrid and electric vehicles on the backdrop of rising awareness in favor depletion of natural resources and other environmental concerns. As a result, it has been projected that in future the demand of Lithium Hydroxide may surge manifolds. Moreover, surging demand for and use of consumer electronics and portable electronic devices is expected to further boost growth of the market.
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Lithium Hydroxide Market- Competitive Landscape
The Global Lithium Hydroxide Market is a highly mature market driven by flourishing growth in electronics and automotive industry. SQM, FMC, Rockwood, Leverton-Clarke, General Lithium, brivo lithium are the substantial manufacturers in this market. Almost all of these market participants are adopting the expansion and product launch tactic of their production capacities to strengthen their market position. Growing automotive industries, and continuous rising use of the portable and consumer electronics, along with the collaborations and agreements between manufacturers, distributers, and marketing firms are key market forces operating in the market for the growth of the demand for Lithium Hydroxide. Considering these trends, the Global Lithium Hydroxide Market is likely to witness considerable competition over the forecast period of 2017-2023.
Industry/ Innovation/ Related News:
July 12, 2017- Sociedad Quimica y Minera (SQM) gave its approval to acquire a 50% interest in the Mt. Holland lithium project in Western Australia from Kidman Resources. SQM will pay $30M in cash to Kidman and contribute $80M to fund part of the project's development costs. This development is anticipated to help Mt. Holland lithium project increase its production in order to meet growing global demand for the product.
September 26, 2016- SQM has announced investment of USD 30 Million to build a new 7,000 tons per year (tpy) Lithium Hydroxide plant at its La Negra operations, near Antofagasta, Chile, by the end of 2017. The existing facility will be expanded to provide an additional 500 tpy, which will bring the overall capacity to 6,500tpy, while the new facility is constructed. The company highlighted growing demand from lithium-ion batteries for electric vehicles as a key driver for the investment.
May 23, 2016- FMC Corporation (FMC) has announced its plans to increase the production capacity of Lithium Hydroxide by a total of 20,000 metric tons per year till 2019 in three different phases. This will effectively help in tripling its production to at least 30,000 metric tons. This move of the company came in response to the rapid growth of electric vehicle sales, and strong demand for FMC's battery grade lithium hydroxide.
September 21, 2016- The Chie based fertilizer and chemical company SQM has announced its plans to invest around USD 30 million by the end of 2017 in order to increase its annual Lithium Hydroxide production capacity by 7,500 tons. As part of this plan to boost capacity from 6,000 tons to 13,500 tons, the company would seek to improve efficiency at a plant near the northern Chilean city of Antofagasta, and would construct a new facility with an annual capacity of 7,000 tons.
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