Impact of COVID-19 on Lithium Bromide Market : Implications on Business
Lithium Bromide Market: Environment-friendly Solution
- Lithium bromide (LiBr) is a chemical compound formed between hydrobromic acid and lithium carbonate. It is available in various grades such as food; agricultural and pharmaceutical; reagent and technical; military, and alkylation.
- Lithium bromide is used in absorption chillers, as it can smoothly absorb the excess vapors due to its hygroscopic property. It is also a useful alternative for non-CFC systems. Lithium bromide acts as a swelling agent for proteins. Additionally, lithium bromide is employed as electrolyte component in lithium batteries.
- Lithium bromide acts as an operating medium and absorbent in industrial drying and air conditioning systems. It is also used as a hypnotic and sedative in various medicines. Furthermore, lithium bromide is employed in chemical and photography industries. It is also used in metal work (for instance, welding and brazing fluxes).
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Key Drivers of Lithium Bromide Market
- Lithium bromide is likely to gain prominence in the near future due to its properties such as easy solubility, pure composition, and longer shelf life. Rise in demand for air conditioners and industrial dryers is expected to drive the global lithium bromide market during the forecast period.
- Lithium bromide is an effective alternative for non-CFC chiller systems. This is anticipated to boost the adoption of lithium bromide in the air conditioning industry in the near future.
- Increase in usage of lithium bromide in chemical synthesis, infrastructure development, automotive industry, and metalworking industryis a key factor propelling the global lithium bromide market. Growth in demand for welding and brazing fluxes is expected to drive the lithium bromide market.
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Significant Opportunity in Air Conditioning Application
- Based on application, the global lithium bromide market can be divided into air condition, industrial drying, pharmaceutical, and others
- Lithium bromide is widely utilized as a desiccant in air conditioners. Demand for lithium bromide is projected to be high as absorbent in air conditioning systems during the forecast period.
- Demand for air conditioning systems has been increasing across the world due to the rise in global temperature. Rise in per capita income and improvement in standard of living in emerging countries are also driving the demand for air conditioning systems. These factors are anticipated to boost the global lithium bromide market during the forecast period.
- Rise in number of environmental regulations regarding the emission of CFCs (chlorofluorocarbons) is fueling the demand for lithium bromide to manufacture non-CFC air conditioning systems. CFC emissions from household and industries in developed regions such as North America and Europe have been steadily increasing over the last few years. Several manufacturers have started developing sustainable products with high energy efficiency owing to the implementation of environmental regulations in North America and Europe.
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Asia Pacific to be Key Region of Lithium Bromide Market
- In terms of region, the global lithium bromide market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- The lithium bromide market is likely to expand at a rapid pace in Asia Pacific over the next decade, especially in rapidly expanding economies of the region, including China, India, Indonesia, and Malaysia
- Asia Pacific is expected to account for key share of the global lithium bromide market during the forecast period. Pharmaceutical and air conditioners industries in the region are anticipated to augment the lithium bromide market in the near future. China and India are the major countries for lithium bromide in Asia Pacific.
Key Manufacturers in Lithium Bromide Market
The global lithium bromide market is highly fragmented with the presence of large numbers of global and regional players. Key manufacturers operating in the global market include:
- Rockwood Lithium Inc
- American Elements
- FMC Corporation
- Westman Chemicals Pvt. Ltd.
- ESPI Metals
- Shreenivas Chemicals
- Dhara Fine Chem
- Axiom Chemicals Private Limited
- Deep Pharm-Chem Pvt. Ltd.
- Parad Corporation Pvt Ltd
- Parchem fine & specialty chemicals
- Nanjing Taiye Chemical Industry Co., Ltd.
Global Lithium Bromide Market: Research Scope
Global Lithium Bromide Market, by Type
Global Lithium Bromide Market, by Application
- Air Conditioning
- Industrial Drying
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