Global Lithium Hydroxide Market 2019-2023
About this market
Lithium-ion batteries are also used as secondary rechargeable batteries in portable devices. They are used in portable devices as they are lightweight and have high energy-to-weight ratios. Miniaturization of mobile electronics, such as smartphones, laptops, and tablets, is increasing the demand for lithium-ion batteries. Lithium-ion batteries offer higher energy density than nickel cadmium (NiCd) and nickel metal hydride (NiMH) batteries. These batteries are extensively used in medical devices such as automatic external defibrillators, surgical saws, drills, robotic inspection systems, radio frequency identification (RFID) asset tracking tags, infusion pumps, bone growth stimulators, glucose monitors, blood oxygen meters, and cauterizers. Lithium-ion batteries facilitate the miniaturization of medical devices without compromising on their power and performance. Technavio’s analysts have predicted that the lithium hydroxide market will register a CAGR of over 13% by 2023.
Increasing use of lithium hydroxide in electric vehicles
The implementation of stringent fuel emission norms has significantly increased the demand for lithium-ion batteries. Lithium hydroxide is used to produce cathodes for lithium-ion batteries that are used in a range of lithium-ion plug-in vehicles.
High competition from substitutes
Chemicals and alloys are used as substitutes for lithium hydroxide in battery manufacturing and production of grease and ceramics. In EVs, lithium-ion batteries are replaced with nickel-cadmium, lead-acid, and nickel metal hydride batteries. Moreover, the lost cost and high performance of these substitutes can hinder the growth of the global lithium hydroxide market.
For the detailed list of factors that will drive and challenge the growth of the lithium hydroxide market during the 2019-2023, view our report.
The market appears to be concentrated and with the presence of limited vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
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