LiPF6 (Lithium hexafluorophosphate) is widely utilized in the devising of lithium ion batteries. Increasing demand for lithium ion batteries from distinct sectors comprising consumer electronics, automotive and others is rushing the demand for LiPF6. Growth within the sales of electric vehicles will increase the demand for lithium ion batteries. In a Li-ion battery electrolyte, LiPF6 offers high energy densities and considerable power densities.
According to the study, ‘Global LiPF6 Market to reach USD XX billion by 2026’ it is anticipated that there are some corporates which presently functioning more successfully for dominant the very best growth of the market and getting the productive competitive edge where as accepting the productive profit making ways and policies like joint ventures, mergers and acquisitions, partnership, amalgamation and product development includes Kum Yang Co, Ltd., Abtonsmart Chemicals (Group) Co, Ltd., Arkema SA, MORITA, Honeywell International, Ajanta Chemical Industries, Otsuka Chemical Co. Ltd, Ltd, Abtonsmart Chemicals (Group), Formosa Plastics Corporation, Weifang Yaxing Chemical Co.
As per the EU commission electric vehicles sales worldwide is anticipated to achieve 50-200 million by 2028 from 4 million in 2018. Whereas the world producing capability of lithium ion cell for electric car energy storage is about 150 GWh per year (2018) that is seemingly to extend nearly 400 GWh by 2022. Lithium ion batteries hold higher potency, high storage capability and long-life cycle as compared to alternative batteries such as Nickle cadmium and lead acid batteries. Hence, high demand of lithium ion batteries is ascertained within the elevated energy consuming application such as electric vehicles and storage grid. The world LiPF6 market growth is assigned to drive over the forecast period due to favorable government support in adoption of electric vehicles together with increasing demand for lithium ion battery producing.
Not only has this, the regional investigation of world LiPF6 market is taken into account for the key regions like Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia-Pacific is that the significant region over the world in terms of market share due to presence of suppliers of the battery electrolytes together with LiPF6. Whereas, Asia-Pacific is additionally anticipated to exhibit highest growth rate over the forecast period 2020-2026. Factors such as the government subsidies within the producing of lithium ion batteries together with the effective growth in the adoption of electric vehicles within the region would produce remunerative growth prospects for the LiPF6 market over Asia-Pacific region.
For instance, in 2017, Japan based mostly Morita Chemical proclaimed its planning to build LiPF6 factory with 7500t/a in China. Also, in 2019, Hopax proclaimed its production of electrolyte solutions for lithium ion batteries progressing to strengthen its presence in battery electrolytes trade together with LiPF6. Apart from this, ongoing investments by the private and public organizations towards the event of lithium ion batteries is more calculable to foster the LiPF6 market growth in the coming years over the forecasted duration more effectively across the globe.
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Ankur Gupta, Head Marketing & Communications