Lithium Bromide Market

Lithium Bromide Market Snapshot (2022-2032)

The Lithium Bromide market share is projected to reach US$ 160.1 Mn in 2032. The growing demand for various applications such as pharmaceuticals, air-conditioning, metal working & others is anticipated to bolster the market growth during the projected period.

According to FMI, the Lithium Bromide market is estimated to be valued at US$ 104.1 Mn in 2022 and is projected to increase at a CAGR of 4.4% in the forecast period from 2022 to 2032.

A white, crystalline organic compound known as lithium bromide is hygroscopic. It is made by the reaction of lithium carbonate and hydrobromic acid. Due to its hygroscopic nature, lithium bromide is primarily used as a desiccant in industrial drying systems and air conditioning systems. Because lithium bromide has a strong affinity for water, vapour absorption refrigeration systems use a solution of water and lithium bromide.

Lithium bromide is used in the pharmaceutical industry to make a variety of pharmaceutical products as well as a hypnotic and sedative in medicine. Lithium bromide is also used in metalworking, including fluxes for brazing and welding, among other things.

Historic Market Outlook for Lithium Bromide

The analysis of Lithium Bromide demand from 2017 to 2021 showed a historical growth rate of less than 2.6% CAGR, with the general expansion of the pharmaceuticals, consumer goods, electrical & electronics industry due to an increase in consumer income, urbanization as well a growing population.

Due to decreased sales at industrial manufacturers, store closings, disruptions in the production cycle, and stricter regulations, the COVID-19 pandemic initially caused recessionary downturns that momentarily dashed growth expectations.

Production activity in significant markets has resumed since infection curves began to flatten starting in 2022. The demand for lithium bromide is therefore expected to grow at a CAGR of 4.4% through 2032, according to the FMI projection. Increased end-use consumption is anticipated to boost sales during the anticipated period.

What are the Various Factors Driving the Lithium Bromide Market?

The global chemical industry is expanding, and this is driving up demand for the raw materials used in manufacturing. Over the forecast period, rising demand for lithium bromide in refrigeration and drying applications is anticipated to propel market growth. Another factor that is anticipated to contribute to the market growth is the rising use of lithium bromide in chemical synthesis.

Also, the demand for metalworking fluids and auxiliary materials is anticipated to grow steadily due to the expansion of the automotive industry and the development of infrastructure, which is anticipated to lead to a rise in the need for lithium bromide for brazing and welding fluxes.

Nikhil Kaitwade

Principal Consultant

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What are the Sales Prospects of Lithium Bromide in the Air Conditioning Segment in the forecast period?

As a desiccant, lithium bromide is frequently used in air conditioners. During the forecast period, there is expected to be a high demand for lithium bromide as an absorbent in air conditioning systems. Due to the rise in global temperatures, there has been an increase in demand for air conditioning systems. The demand for air conditioning systems is also being driven by an increase in per capita income and an improvement in living standards in emerging nations. During the forecast period, these factors are anticipated to boost the global lithium bromide market.

The demand for lithium bromide is increasing as more environmental regulations regarding the emission of CFCs (chlorofluorocarbons) are being implemented in the production of non-CFC air conditioning systems. In developed regions like North America and Europe, CFC emissions from homes and businesses have been rising steadily over the past few years. Due to the implementation of environmental regulations in North America and Europe, a number of manufacturers have begun creating sustainable products with high-energy efficiency.

All these factors are expected to boost the sales of lithium dibromide during the projected period.

What is Regional Analysis of Lithium Bromide Market Share?

The lithium bromide market is likely to expand at a rapid pace in the Asia Pacific over the next decade, especially in the rapidly expanding economies of the region, including China, India, Indonesia, and Malaysia. During the forecast period, the market for lithium bromide is anticipated to be dominated by the Asia Pacific region. The region's air conditioner and pharmaceutical industries are predicted to grow, which will help the lithium bromide market. In the Asia Pacific, China and India are the two biggest producers of lithium bromide.

China is expected to lead the region due to the growth of the end-use industries, also China is one of the largest producers of air conditioners. According to a study, China holds approximately 40% of the total air conditioner market.

In addition, the MEA region is also expected to witness significant growth during the forecast period, as Israel is the major producer of bromine & bromine compounds. It has the presence of the Dead Sea, which is a major source of bromine.

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Market Competition

Key players operating in the Lithium Bromide market include Albemarle 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.

The lithium bromide market is very competitive and consolidated. As a small number of significant players control a sizable portion of the bromine reserves, manufacturers of lithium bromide are adopting the backward integration strategy. These players are able to meet the rising demand for lithium bromide and expand their market share thanks to the scarce bromine reserves.

Scope of the Report

Key Segments Profiled in the 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