Growing Demand for Hydrogen Storage and Fuel Cells to Augment the Lithium Hydride Market Growth

 

Lithium Hydride Market

Lithium hydride, a colorless solid, salt-like hydride, is an inorganic compound that has a high melting point and is not soluble but reactive with all protic organic solvents. It is prepared by passing hydrogen gas over lithium metal and is extensively used in the preparation of lithium aluminum hydride and lithium borohydride. Lithium hydride is soluble with lithium fluoride, sodium hydride, and lithium borohydride, and reacts with low humid air forming lithium carbonate, lithium oxide, and lithium hydroxide.

Market Dynamics:

Increasing demand for lithium hydride, rapid growth of the chemical industry, and increasing research and development activities are also expected to augment the growth of the lithium hydride market. For instance, in January 2021, a team of researchers at the U.S. Department of Energy's (DOE) Brookhaven National Laboratory used ultrabright X-rays to identify lithium hydride and a new form of lithium fluoride. It is a major step towards developing smaller, lighter, and less expensive batteries for electric vehicles.

Moreover, launch of hydrogen fuel cell vehicles and increasing adoption of electric vehicles across the world is expected to drive growth of the lithium hydride market. For instance, in December 2020, Toyota launched the second-gen fuel cell electric vehicle, Mirai, to promote zero-emission technology amid growing demand for EVs. Moreover, the company aims to sell 5.5 million electrified vehicles worldwide by 2025.

Increasing demand for hydrogen storage (for the advancement of hydrogen and fuel cell technologies in various applications, such as transportation and stationary & portable power) is expected to propel the growth of the lithium hydride market. For instance, in December 2020, the United States Department of Energy (DOE) announced US$ 33 million funding to support innovative hydrogen and fuel cell research and development, infrastructure supply chain development and validation, and cost analysis activities.

Competitive Analysis:

Major players operating in the lithium hydride market are Parad Corporation Pvt. Ltd., American Elements, Tianjin Daofu Chemical New Technology Development Co., Ltd., Santa Cruz Biotechnology, Inc., Ganfeng Lithium Co., Ltd, Albemarle Corporation, and Merck KGaA.

Major players in the market are adopting various business strategies, such as business expansion, to enhance their market position. For instance, in January 2021, Albemarle Corp. announced expansion of Nevada site to increase domestic production of lithium, a critical mineral and key component in advancing green mobility and a more sustainable future.

Moreover, in September 2020, Albemarle Corporation selected by the U.S. Department of Energy as a critical partner for two lithium research projects over three years through a Battery Manufacturing Lab Call.


Location: India

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