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.
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.
Significant Growth Potential in Anhydrous Type
- Based on type, the global lithium bromide market can be bifurcated into solution and anhydrous
- Anhydrous type of lithium bromide is used as an absorbent in air conditioners. It is also used as a sedative and hypnotic in medicine formulations. Rise in demand for air conditioners and increase in expenditure on medicines are expected to propel the demand for anhydrous lithium bromide during the forecast period.
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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
- Others (including Metal Work and Chemical)
Global Lithium Bromide Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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