Market Size of Lithium Hydroxide Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 196.5 LCE kilotons |
| Market Volume (2029) | 564.78 LCE kilotons |
| CAGR (2024 - 2029) | 23.51 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Lithium Hydroxide Market Analysis
The Lithium Hydroxide Market size is estimated at 196.5 LCE kilotons in 2024, and is expected to reach 564.78 LCE kilotons by 2029, growing at a CAGR of 23.51% during the forecast period (2024-2029).
COVID-19 hampered the lithium hydroxide market. The pandemic led to reduced demand for lithium-ion batteries that are used in electric vehicles and consumer electronics. Automotive production declined, consumer spending on discretionary items decreased, and industrial activity slowed down, resulting in lower demand for lithium hydroxide and other battery materials. However, as lockdown measures were lifted, economic activities gradually resumed across regions. This led to increased demand for electric vehicles and consumer electronics, driving the demand for lithium hydroxide.
Major factors driving the lithium hydroxide market are the increasing demand for electric vehicles that use lithium-ion batteries and the increasing demand for power tools that use lithium hydroxide NCA cathode.
However, rising concerns regarding the toxicity of lithium hydroxide and the high production costs are expected to restrain the growth of the lithium hydroxide market.
Development in lithium deposits and the rising demand for portable electronic devices are expected to offer various opportunities to the market players in the upcoming period.
Asia-Pacific dominates the lithium hydroxide market due to the increasing demand from the EV sector.
