The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.
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They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.
Lithium hexafluorophosphate (LiPF6) is a non-flammable inorganic compound in the form of white crystalline powder, used in the preparation of lithium ion batteries. It is one of four critical component present in rechargeable lithium batteries. Lithium chloride, phosphorous pent chloride, and anhydrous hydrofluoric acid are the three most important raw materials used in the preparation of lithium hexafluorophosphate. X-ray mono chromate and prism spectrometer are the other areas where this moisture sensitive salt is in practice. Producers of lithium hexafluorophosphate are in Taiwan, Japan and South Korea region. Presently lithium hexafluorophosphate is a dominating lithium salt used in commercial rechargeable lithium ion batteries. These rechargeable batteries are in huge demand for various applications like consumer electrical products, automotive, electric vehicles, power plant, household electricity and much more. As compared to other batteries lithium ion batteries offers better efficiency, long life cycle and high storage capacity; therefore, it is much in demand in high energy consuming applications such as storage grid or HEV and EV.
Global Lithium Hexafluorophosphate Market: Drivers & Restraints
The factors which drive the market for lithium hexafluorophosphate market is the rapid fall in the cost of lithium ion battery as global battery manufacturer expand its production facilities. This cost reduction is making lithium ion battery first preference in the automotive sector as these lithium-ion batteries became superior in power, performance and cost. The USA, Canada are leading in the usage rate of Lithium hexafluorosulphate market as end users of this region prefer four wheeler vehicle, and secondly, these countries have many automotive industries. Rising demand for electric devices and government attention towards pollution control is another factor which increases demand of lithium hexafluorophosphate in the near future. An increase in the demand of its parent product like lithium ion battery will directly raise the demand of lithium hexafluorophosphate as it is used in its manufacturing. Lithium hexafluorophosphate supply market is comparatively small then its competitors which becomes primary restraint factor for the lithium hexafluorophosphate market. Slower take-up of electric vehicle market demand, new battery technologies developing, energy storage using alternatives of lithium fluorophosphates are some other restraints encountered that can affect hexafluorophosphate market. Global Lithium Hexafluorophosphate Market: Segmentation
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The global lithium hexafluorophosphate market is segmented by its product types and product applications type.
Based on the product type the hexafluorophosphate market is segmented into:
- Pitch Based
- PAN Based
- Rayon Based
Based on the product applications type, hexafluorophosphate market is segmented into:
- Automotive Industry
- Sports Industry
- Chemical Industry
- Construction Industry
- Defense Industry
- Ceramic Industry
- Aerospace Industry
- Wind Energy
Lithium Hexafluorophosphate Market: Regional Outlook
Based on the geographies, lithium hexafluorophosphate market is segmented into seven regions — North America lithium hexafluorophosphate market, Latin America lithium hexafluorophosphate market, Eastern Europe lithium hexafluorophosphate market, Western Europe lithium hexafluorophosphate market, APEJ lithium hexafluorophosphate market, Japan lithium hexafluorophosphate market and the Middle East & Africa lithium hexafluorophosphate market. Due to a large number of automotive industries in the U.S and Canada, increases the demand of lithium hexafluorophosphate in the automotive sector made North America leading region in lithium hexafluorophosphate market. The second leading region is Western Europe in which countries such as Germany, France, Italy, and U.K practices hexafluorophosphates in their day to day life. Countries like China, India, and South Korea are becoming emerging market in automotive industry making Asia Pacific Excluding Japan developing region for lithium hexafluorophosphate market space, followed by Japan. The Middle East and Africa are anticipated to grow at a healthy growth rate.
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Lithium Hexafluorophosphate Market: Key Players
Few of the market players accounting on lithium hexafluorophosphate market includes
- Abtonsmart Chemicals (Group) Co., Ltd.,
- Honeywell International,
- Kum Yang Co., Ltd.,
- Otsuka Chemical,
- Weifang Yaxing Chemical Co.,Ltd.,