Market Dynamics:
The lithium hydroxide market is primarily driven by the rising demand for lithium-ion batteries from the automotive industry. With the global push towards adoption of electric vehicles to reduce emission, the demand for lithium hydroxide as a key precursor material for lithium-ion batteries is expected to grow substantially over the forecast period. Another major driver is the increasing uptake of grid-scale energy storage led by the growth in renewable energy sector. Lithium hydroxide based batteries are increasingly used for long-term commercial and residential electricity storage applications. The two drivers of electric vehicles and grid storage are expected to fuel the demand for lithium hydroxide over the next decade.

Key Takeaways

The Global Lithium Hydroxide Market Size is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing demand for lithium-ion batteries from electric vehicles industry. Bullish EV sales outlook especially in China, Europe and North America is a key factor driving significant demand for lithium hydroxide.

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