Lithium Hydroxide Market Size

Lithium Hydroxide Market size was over USD 21.87 Billion in 2023 and is set to exceed USD 136.08 Billion by the end of 2036, witnessing over 15.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of lithium hydroxide is evaluated at USD 24.84 Billion. The market growth is attributed to the increasing demand for lithium-ion batteries across the globe. The primary driver of the lithium hydroxide market is the increasing demand for lithium-ion batteries. These batteries are used in electric vehicles (EVs), consumer electronics, renewable energy storage systems, and other applications.

In addition to this, the lithium hydroxide market includes the global industry involved in the production, distribution, and consumption of lithium hydroxide. Lithium hydroxide (LiOH) is an inorganic compound used primarily in the manufacturing of lithium-ion batteries, which are widely used in various industries such as automotive, electronics, energy storage, and portable devices. As the electric vehicle market continues to expand and renewable energy installations increase, the demand for lithium hydroxide is slated to grow significantly.