The market share for lithium bromide is anticipated to reach US$ 160.1 Mn in 2032. During the anticipated period, it is anticipated that the market expansion would be supported by the rising demand for a number of applications, including pharmaceuticals, air conditioning, metal working, and others. The lithium bromide market is anticipated to reach a value of US$ 104.1 Mn in 2022 and is expected to grow at a CAGR of 4.4% from 2022 to 2032, according to FMI.
Lithium bromide is a hygroscopic white crystalline organic compound. It is manufactured by the reaction between hydrobromic acid and lithium carbonate. Being hygroscopic in nature, lithium bromide is mainly used as a desiccant for air-conditioning and also, in industrial drying systems. Lithium bromide has a strong affinity towards water, owing to which a water-lithium bromide solution is used in vapour absorption refrigeration systems.
In the pharmaceutical industry, lithium bromide is used as a hypnotic and sedative in medicine, and it is used in the manufacturing of various pharmaceutical products. Furthermore, lithium bromide finds application in metal working, such as in brazing and welding fluxes, among others.
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Lithium Bromide Market: Dynamics
With the growth of the chemical industry across the globe, the demand for materials involved in manufacturing processes is also increasing. Increasing demand for lithium bromide in refrigeration and drying applications is expected to in turn drive growth of global lithium bromide market over the forecast period. Along with this, the increasing use of lithium bromide in chemical synthesis is another factor that is anticipated to drive the market growth.
Furthermore, owing to the growing automotive industry and infrastructure development, the demand for metal working fluids and auxiliary materials is expected to register steady growth, this in turn is expected to result in an increase in the demand for lithium bromide for brazing and welding fluxes.
On the other hand, the corrosive nature of lithium bromide limits its use for various applications, and this is likely to act as an impediment to growth of global lithium bromide market during forecast period.
Lithium Bromide Market: Segmentation
On the basis of type of compound, the global lithium bromide market is segmented into solid and aqueous type. Further, on the basis of application, the global lithium bromide market is segmented into pharmaceuticals, air-conditioning, industrial drying, metal working, chemical synthesis, and others.
Lithium Bromide Market: Regional Outlook
In terms of consumption, the global lithium bromide market is mainly dominated by the Asia Pacific region. Steady growth in chemicals and pharmaceuticals industries in the APAC region and the increasing demand for medicines is expected to translate into an increase in demand for lithium bromide.
In APAC region, China, followed by India is a major market for lithium bromide in terms of value and volume. The APAC lithium bromide market is expected to register a healthy CAGR over the forecast period. North America and Europe collectively hold the second spot in terms of market volume share.
Rising demand for air conditioning, industrial drying and chemical synthesis applications in North America and Europe are expected to drive the increase in demand for lithium bromide over the forecast period. In Europe, Western Europe dominates the lithium bromide market in terms of consumption. North America and Europe lithium bromide markets are expected to register steady growth over the forecast period.
In the Middle East & Africa region, Israel is a major producer of bromine compounds, owing to the presence of the Dead Sea-a major reserve of bromine. The MEA lithium bromide market is expected to register steady growth over the forecast period. Latin America is projected to register slow growth over the forecast period.
Lithium Bromide Market: Market Participants
Examples of some of the market participants in the global lithium bromide market, identified across the value chain includeAlbemarle Corporation, FMC Corporation, Nanjing Taiye Chemical Industry Co. Ltd.,Honjo Chemicals, Leverton-Clarke Speciality Chemicals, ICL Industrial Products, Shanghai China Lithium Industrial Co. Ltd. (SCL), Westman Chemicals Pvt. Ltd., Shreenivas Chemicals Pvt. Ltd., Deep Pharm-Chem Pvt. Ltd., and Axiom Chemicals Pvt. Ltd., among others.
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Lithium Bromide Market Report Lithium Bromide Market
By Form, Lithium Bromide Market is segmented as:
- Solid
- Aqueous
By Application, Lithium Bromide Market is segmented as:
- Pharmaceuticals
- Air-conditioning
- Industrial drying
- Metal working
- Chemical synthesis
- Others
By Region, Lithium Bromide Market is segmented as:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa
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