Lithium Hexafluorophosphate Market Size, Share & COVID-19 Impact Analysis, By Application (Electrical Vehicle, Electronics, Industrial Energy Storage and Others), and Regional Forecast, 2024-2032

The lithium hexafluorophosphate (LiPF6) market is primarily driven by heightened lithium-ion (Li-ion) battery demand. It is an electrolytic material that offers better solubility and conductivity than other electronic materials. As a result, in lithium-ion battery electrolytic composition, LiPF6 accounts for the major share. Furthermore, due to their reliability and long lifespan, LiPF6-containing batteries find applications in medical devices such as pacemakers and defibrillators. These devices require dependable and long-lasting power sources, making them a suitable choice.

The electronic industry also drives the lithium hexafluorophosphate market growth. Lithium-ion batteries are widely used in portable electronic devices such as smartphones, laptops, and tablets. These batteries offer high energy capacity and can be recharged multiple times, making them ideal for everyday use. Also, its high solubility in common organic solvents allows for the creation of stable and efficient electrolyte solutions. LiPF6 facilitates fast charging capabilities in EV batteries. It enables the efficient movement of lithium ions, allowing the battery to charge more quickly without compromising its overall performance and safety.

• PLI scheme launched by the Government of India (GoI) for ACC battery storage takes a technology-agnostic approach. It offers financial incentives for battery manufacturers based on key technological factors, including high energy density and cycle life.

The electric vehicle segment holds a considerable lithium hexafluorophosphate market share. LiPF6 electrolyte is extensively used in lithium-ion batteries as they provide energy storage for powering vehicles. The high energy density of these batteries allows EVs to travel longer distances on a single charge. In addition, lithium-ion batteries are used to store excess energy generated from renewable sources such as solar and wind. LiPF6 helps create reliable and efficient energy storage systems that balance the intermittent nature of renewable energy generation. 

• In Europe, total sales of electric vehicles in 2022 were 2.59 million units, 65% more than in 2020.

The major lithium hexafluorophosphate consumers by region are China, Japan, and India in Asia Pacific; the U.S. and Canada in North America; Germany and France in Europe; Saudi Arabia and the UAE in the Middle East.

• In 2022, the total sales of light electric vehicles in the U.S. was 0.75 million.


• With a huge demand in China, it accounted for over half of the electric vehicles sold globally in 2022.

Key Insights

The report will cover the following key insights:

• Key Market Trends

• Regulatory Scenario of the Market


• Key Developments in the Market


• Latest Technological Advancement


• Impact of COVID-19 on the Market

Segmentation

Analysis by Application

By application, electric vehicles account for the highest proportion of the global lithium hexafluorophosphate market.

• LiPF6 is a critical component used in the electrolyte of lithium-ion batteries, electric vehicles' primary energy storage systems. LiPF6 enhances the energy density of lithium-ion batteries, which is vital for extending the driving range of electric vehicles. Higher energy density means more energy can be stored in the same size battery, resulting in larger travel distances on a single charge.


• Electric vehicles solely rely on lithium-ion batteries for energy storage. Lithium hexafluorophosphate plays an important role in the electrolyte, easing the movement of lithium ions between the electrodes while charging and discharging. It facilitates long-range driving capabilities and high performance, making the electric vehicle an attractive and viable option for sustainable transportation.

Regional Insights

Asia Pacific accounts for the significant global lithium hexafluorophosphate market share due to increasing demand for electric vehicles in China, Japan, and India. North America contributes heavily to the lithium hexafluorophosphate market, producing the highest number of consumer electronic products.

Value of Global Electronics Exports by Country

• China – USD 671.5 Billion


• U.S. – USD 192.5 Billion


• Japan – USD 154.7 Billion


• South Korea – USD 129.4 Billion


• Germany – USD 101.7 Billion


• Taiwan – USD 94.8 Billion

Key Players Covered

The report will include the profiles of key players, such as Anhui Meisenbao Technology Co., Ltd., Foosung Co., Ltd., FUJIFILM Wako Pure Chemical Corporation, Iolitec Ionic Liquids Technologies GmbH, Jiangxi Tinci Central Advanced Materials Co, Ltd., Kanto Denka Kogyo Co., Ltd., Merck & Co., Inc., Morita New Energy Materials (Zhangjiagang) Co., Ltd., Stella Chemifa Corporation, and Zhenjiang Poworks Co., Ltd.

Key Industry Developments:

• March 2021 - Lanxess announced that it would produce electrolyte formulations for lithium-ion batteries next year for the Chinese company Guangzhou Tinci Materials Technology Co.


• May 2020 - Ningde Times signed a contract with Ningde Kaixin Battery Materials Co., Ltd. Under this contract, Ningde Kaixin will supply 15 kilotons of electrolyte products to Ningde Times.