Lithium Nitrate Market To Increase at Steady Growth Rate
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.
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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
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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.
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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:
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.
Global Lithium Nitrate Market: Research Scope
Global Lithium Nitrate Market, by Form
Global Lithium Nitrate Market, by Application
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