Lithium Nitrate: Introduction
- Lithium nitrate is manufactured by the use of nitric acid and lithium carbonate. It is commonly used as a red flame colorant in manufacture of fireworks and flares. Additionally, lithium nitrate is used as a mordant in the production of glass. Other prominent applications of lithium nitrate include molten salt chemistry, metallurgy, and non-woven fabrics.
Excellent Oxidizing Characteristics of Lithium Nitrate to Drive Market
- Lithium nitrate is an oxidizing agent used in the manufacture of red-colored fireworks and flares. Lithium nitrate is primarily used as liquid ammonia stabilizer in refrigeration equipment.
- In the construction industry, lithium nitrate is employed in controlling and reducing the formation of alkali-silica reaction during the manufacture of concrete and mortar. According to the World Bank, the global urban population is likely to surpass the 6 billion mark by 2050. The World Bank also estimates the urban population to account for more than 65% share of the total global population by 2050. The data depicts the need for residential as well as commercial space in the near future. Rapid expansion of population, rise in government spending on infrastructure development, and increase in demand for space are fueling the global building & construction sector. Furthermore, advancement in construction methods to enhance productivity and maintainability of structures has positively impacted the global building & construction sector. Rise in global construction activities is expected to boost the demand for mortar and concrete in the near future, thereby propelling the consumption of lithium nitrate during the forecast period.
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Impact of COVID-19 on Global Lithium Nitrate Market
- The lithium nitrate market is anticipated to be adversely affected by the spread of the corona virus pandemic across the globe. Supply chain disruption and halt of manufacturing activities are adversely impacting the global lithium nitrate market. Additionally, demand for concrete & mortar products has declined due to the decrease in investment activities in the construction sector across the globe. This is projected to pose significant threat to the lithium nitrate market in the near future.
- Key producers operating in the global lithium nitrate market are moving toward digital channels such as video conferencing (VC)/phone/web in order to combat the coronavirus pandemic and increase sales of their products
Asia Pacific to Hold Major Share of Global Lithium Nitrate Market
- In terms of region, the global lithium nitrate market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific held the major share of the global lithium nitrate market in 2019. Growth in government initiatives to develop infrastructure, affordable housing projects, and increase in inflow of foreign direct investments (FDI) are key factors that are likely to boost the residential construction sector across the region. However, the spread of the coronavirus pandemic is expected to hamper the construction sector owing to the interruption in supply of raw materials and migration of construction workers. This is anticipated to hinder the market in Asia Pacific in the near future.
- The U.S. holds key share of the lithium nitrate market in North America. In terms of value and volume, Canada accounted for a relatively minor share of the market in the region compared to the U.S. due to presence of few producers across the country.
- Expansion of the building & construction sector and presence of regional manufacturing facilities for concrete in Europe are expected to boost the consumption of lithium nitrate in the region in the near future. Countries in Eastern Europe are projected to provide lucrative opportunities for the lithium nitrate market, led by rise in investment in the construction sector in these countries.
- Latin America and Middle East & Africa rely on import of lithium nitrate from neighboring regions such as Europe, North America, and Asia Pacific due to the presence of low number of producers
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Key Players Operating in Market
The global lithium nitrate market is highly concentrated, with top producers accounting for major share. Key players operating in the global lithium nitrate market include:
- Albemarle Corporation
- Leverton-Clarke Speciality Chemicals.
- SICHUAN BRIVO LITHIUM MATERIALS CO., LTD.
- FUJIFILM Wako Pure Chemical Corporation
- Parad Corporation Pvt Ltd
- Huizhi Lithium Energy
- Strem Chemicals, Inc.
- BEANTOWN CHEMICAL
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