The global lithium hexafluorophosphate market
The global lithium hexafluorophosphate market was recorded US$ X.32 Bn in 2019 and expected to grow US$ X.98 Bn by the end of the forecasted period, with expected CAGR of X.9%.
Global Lithium Hexafluorophosphate Market
Lithium hexafluorophosphate is an inorganic compound with the formula LiPF_6. It is a white crystal or powder having a density of 1.50.g/〖cm〗^3. It is widely used in commercial secondary batteries, prism spectrometer, x-ray monochromator, ceramic industries, etc. It is air sensitive and is incompatible with a strong oxidising agent.
The report study has analyzed the revenue impact of COVID-19 pandemic on the sales revenue of market leaders, market followers, and disrupters in the report, and the same is reflected in our analysis.
Market Growth Factor
The study of the lithium hexafluorophosphate market provides factors influencing the growth of the market. Technological advancement and development in the method of advanced electrical material can boost market demand during the forecasted period. Demand for the rechargeable batteries from different sectors like aerospace, electric vehicles, power plant, household electricity, etc. will contribute to the long-term growth of the targeted market.
The growing population, modern and luxurious lifestyles, high demand automotive products, is simultaneously increasing the demand for a battery from the automotive industries and ultimately driving the market for lithium hexafluorophosphate. High manufacturing unit development in automotive industries, reflected as a leading opportunity provider for the market to grow in the future. On the other hand, government initiative towards the environment and increasing demand for the electric device form every electronic sector is expected to generate numerous opportunities for the market during the growing period. An increase in the demand of its parent product like the lithium-ion battery will directly raise the demand of lithium hexafluorophosphate as it is used in its manufacturing. But energy storage using alternatives of lithium fluorophosphate is considered as the main hindrance for the global lithium hexafluorophosphate market.
Lithium Hexafluorophosphate Market Segment analysis:
By the Application segment, the automotive application of lithium hexafluorophosphate is expected to dominate the market during the forecast period. Automotive segments accounted for the largest market share of 60% with a market value of XX Bn globally. Acceptance and growth in the manufacturing of electrical vehicles across the globe are considered as one of the key factors from the automotive sector to drive the market. The proposed capacity target for lithium-ion battery-manufacturing base has been raised to 50GW from 40GW. The government is in the process of opening tenders to set up a 50GW battery manufacturing base at around US$50 billion investment. The government’s roadmap is intended to improve value-adding and capacity building to allow India to be self-reliant in achieving its target of 30% of its road vehicles being electric by 2027. Numerous key players are showing their interest in the Lithium Hexafluorophosphate market to expand and are considered as the most demanding sector by end-users and are expected to boost the market.
Lithium Hexafluorophosphate Market Regional Analysis:
Regionally, North America is expected to dominate the lithium hexafluorophosphate market and is expected to grow at an estimated CAGR of 50 % during the forecast period along with increasing disposable income. Developed countries like the US, Canada have boosted the market growth owing to an increase in manufactures and plants for machinery and tools across the world and would drive the market demand in this region. For instance, the number of manufacturing plants in the country is increasing with investments from manufacturers across the world. This is expected to increase the demand for lithium hexafluorophosphate in the production of machinery and tools. US aerospace industries are growing constantly and will contribute to market growth.
Recent Developments in Lithium-Ion Batteries:
Lithium-ion rechargeable batteries are used as the power supply of cellular phones and several other portable electrical devices at present, and demand appears to increase exponentially. The concern about energy sources in the near future, either for electric vehicles (EV) or for large-scale batteries for electricity power storage, has made lithium-ion rechargeable battery development into a growth area which has gained high momentum for its research activities and thus will contribute for the market growth in the coming years.
Industry News:
Maruti Suzuki’s parent company Suzuki Motor Corporation (SMC) has tied up with Toshiba and Denso to set up the country’s first lithium-ion battery manufacturing facility in Gujarat at an investment of Rs 1150 crore; homegrown auto major Mahindra & Mahindra has firmed up plans to pump in Rs 1000 crore (through its arm Mahindra Electric) to expand electric vehicle manufacturing capacity at its Bengaluru facility, set up a R&D centre and a new battery manufacturing unit in Chakan, Maharashtra.
The objective of the report is to present a comprehensive analysis of the Global Lithium Hexafluorophosphate Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Lithium Hexafluorophosphate Market dynamics, structure by analysing the market segments and projects the Global Lithium Hexafluorophosphate Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Lithium Hexafluorophosphate Market make the report investor’s guide.
Scope of Lithium Hexafluorophosphate Market
Global Lithium Hexafluorophosphate Market, By Product Type
Crystal
Liquid
Global Lithium Hexafluorophosphate Market, By Application
Automotive Industry
Sports Industry
Chemical Industry
Construction Industry
Defense Industry
Ceramic Industry
Aerospace Industry
Wind Energy
Global Lithium Hexafluorophosphate Market, By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Key Players Operating the Lithium Hexafluorophosphate Market,
Abtonsmart Chemicals (Group) Co.Ltd
Arkema
Honeywell International
Kum Yang Co., Ltd
Otsuka Chemical
Weifang Yaxing Chemical Co.Ltd
Ajanta Chemical Industries
JingJiang Hangsun Plastic Additives Co.,Ltd
Abtonsmart Chemicals(Group) Co., Ltd
Jiangxi Selon Industrial Stock
FPC, Do-fluoride Chemicalsianjin Jinniu
Jiujiujiu
Kanto Denka Kogyo
Tinci, Foosung
Stella Chemifa
Chuo-glass
MORITA
Formosa Plastics
Central Glass
- Aplena Inc
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