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