Lithium nitrate is the lithium salt of nitric acid, having the formula LiNO3. It is an inorganic compound that is widely used as an oxidizing agent for manufacturing fireworks and in electrical storage systems as a thermal storage material. Lithium nitrate is soluble in water, pyridine, ethanol, and ammonia. Lithium nitrate is widely used across a number of applications including construction, fire crackers, energy storage systems, and others. The global lithium nitrate market is bound to exhibit a low, single-digit CAGR over the forecast period of 2019-2029. Increasing adoption of lithium nitrate as a thermal storage material in concentrated solar power (CSP) plants has been identified as a recent trend in the market. The global concentrated solar power (CSP) plants market is approaching new heights, which, in turn, is creating favorable adoption atmosphere for lithium nitrate. Furthermore, rise in the construction industry and emergence of local players are some of the major driving factors for market growth. However, ban on fire crackers in various countries is acting as a restraint for the market growth over the forecast period.
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Lithium nitrate is widely used in the construction industry for inhibiting Alkali-Silica Reaction (ASR). Hence, the growing construction industry opens wide avenues for lithium nitrate, thereby driving the market growth over the forecast period. The global construction market is expected to reach US$ 8 trillion by the end of 2030, as per a report “Global Construction Perspectives and Oxford Economics” published by Institution of Civil Engineers, UK. In addition, China, the United States, and India will lead the industry by accounting for about 57% of the global construction industry growth. Furthermore, continuously increasing urbanization and population rates are some of the factors that are positively supplementing the market growth till 2028. Moreover, adoption of lithium nitrate in concentrated solar power plants is also expected to increase market revenues till 2029.
The global lithium nitrate market is bifurcated into three major segments that are type, application, and region.
On the basis of type, the global lithium nitrate market is divided into:
On the basis of regional split, the global lithium nitrate market covers six major regions that include North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA. Among these regions, East Asia, along with South Asia & Oceania, are the top regions capturing wide market share in terms of volume in 2019. Huge adoption of lithium nitrate across various applications along with presence of various local players in the region are some of the factors propelling the East and South Asia lithium nitrate market over the forecast period. Moreover, India has emerged as one of the key countries within the lithium nitrate market owing to the growing construction industry and focus on advanced energy storage systems. Europe is expected to follow East Asia in terms of volume in 2019. Also, North America is expected to contribute a substantial market share for lithium nitrate consumption in 2019. Latin America, along with Middle East & Africa accounted for nominal shares under the lithium nitrate market.
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Prominent players in the global lithium nitrate market are Livent, Leverton-Clarke, Huizhi Lithium Energy, Parad Chem Corporation, Haoxin Liyan, Sontara Organo Industries, Sichuan State Lithium Materials, etc. The lithium nitrate market consists of well-diversified global and regional players with global vendors ruling the market.
The research report presents a comprehensive assessment of the lithium nitrate market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The lithium nitrate market report provides analysis and information, according to market segments such as type, application, and region.
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