Lithium Benzoate Market: Overview and Dynamics
Lithium benzoate serves as a promising compound which can be used in formulating various types of essential pharmaceutical and industrial products. Lithium benzoate serves several purposes from pharmaceutical and explosive industries. Lithium benzoate drug mainly falls under the category of analgesics. It is majorly used for the treatment of neurological diseases and a bundle of associated diseases related to pain. Pain management plays a major role in driving the demand for analgesics. This is set to drive the overall demand for the lithium benzoate market. From the macroeconomic perspective, the healthcare industry has a strong outlook on overdriving the market for pain management. Pain management caters to multiple aspects of the medical industry not only in terms of services but also in terms of products. Growing requisite for pain management to bolster the demand for analgesics which include lithium benzoate.
Apart from the demand from the pain management, lithium benzoate is used as a lubricant for compressing tablets. These are added in a small amount to improve the powder processing properties of formulations. Integration of the lithium benzoate in various API formulations is set to provide long-run thrust to the market.
Lithium benzoate is preferred over other traditionally used lubricants such as Magnesium stearate has the high capability of forming hydrate when it is exposed to moisture. This is expected to increase the demand for lithium benzoate.
Having multiple uses in the healthcare industries, the lithium benzoate market is majorly driven by healthcare. It is used in the treatment of neurological disease as it helps in pain reduction and has more therapeutic efficiency compared to sodium benzoate and lithium chloride in combination. It is also used in chemotherapeutic treatment for joint inflammations. Also, Lithium Benzoate ought to cure urinary tract infections because of its antibacterial properties. Despite various market indulging properties, the more uptake of lithium benzoate can cause its accumulation in the thyroid gland causing problems of hypothyroidism and thyrotoxicosis.
The demand for lithium benzoate can be seen in the transistor formation. It acts as an effective electron dopant in the place of diketopyrrolopyrrole which is increasing its use in organic thin-film transistors. The driver for the lithium benzoate market is its multiple application in healthcare, whereas the restraints for the market are the high cost involved in the extraction of lithium which is hurting the environment also.
Albeit, the presence of Lithium Benzoate in the medical and pharmaceutical industry is considerable due to its purpose of curing neurological diseases. Howbeit, there still is an open ground for the Lithium Benzoate market to explore in terms of integration with the thin-film transistors. This is set to elevate the Lithium Benzoate market owing to the increment in the thin-film transistors because of the popularity of consumer goods like LCDs.
However government-based regulatory bodies like ECHA have taken out guidelines on the use of lithium benzoate utilization, as it is a compound of lithium and benzoic acid, lithium has corrosive properties while benzoic acid shows acute thermal toxicity. So prolonged application or contact with the skin of lithium benzoate can irritate the skin.
COVID-19 Impact Insights
The pandemic COVID-19 adversely impacted the global economy due to imposed lockdowns and complete shutdowns in almost all the regions in the world. The manufacturing and the supply chain of maximum industries witnessed a huge slump in the initial phase of the year.
But later on, COVID-19 served as a boon to the market for lithium benzoate. Being used in the medical and electronic devices its demand increased during the pandemic. Due to social disconnection, the number of neurological cases was increasing which was boosting the demand for lithium benzoate.
The demand for electronic gadgets fell during the first quarter but the recovery, as well as an increase in demand, was seen during the second quarter. The hike in demand for LCD, Computer and video games uplifted the lithium benzoate market. Moreover, the uplifting of lockdown has begun in few regions showing a ray of hope for the lithium benzoate market to bounce back strongly.
Segmentation Analysis of Lithium Benzoate Market
The lithium benzoate market can be classified into 5 major classes which are based on forms, consumption, application, end users and region.
- On the basis of forms , lithium benzoate market can be classified as
- On the basis of consumption, lithium benzoate market can be classified as
- On the basis of application, lithium benzoate market can be classified as
- Hardening material
- Analgesic, Antiseptic
- On the basis of end users, lithium benzoate market can be classified as
- Chemical industries
- On the basis of the regions, lithium benzoate market can be classified as
- North America
- Latin America
- East Asia
- Middle East and Africa
- South Asia and Oceania
Lithium Benzoate Regional Outlook
China is turning out as the most promising region in the lithium benzoate market as most of the lithium salt lakes are being found in china. Lithium benzoate is mostly used in the region where more number of neurological diseases patients are being found and china is the country where most of the patients are found.
Latin American countries such as Bolivia, Argentina are holding the largest share of lithium reserves in the world which is indirectly affecting the supply for lithium benzoate. The Asia Pacific holds the largest share of all the global lithium compounds market and with the increasing demand for lithium, Asia Pacific will be the leading region in this sector.
The Middle East and Africa are still struggling with the use and awareness of the compound hence, providing an opportunity to the outside players for the expansion of their supply chain.
The market is growing at a higher pace but the increased prices are acting as restraints for the lithium benzoate market. Also, the increased demand for lithium benzoate is expected to overcome the previously used analgesic such as salicylic acid, Acetylsalicylic acid market due to its better result.
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Lithium Benzoate Market: Key Players
The lithium benzoate market is having a positive growth rate. The key player in the Lithium benzoate market is Axiom Chemicals, Parad Corporation and Anjanee Chemical Industries, Strem Chemicals and other players positioned across the globe. Companies are launching various products to reduce the harmful impact of Lithium benzoate in the environment and enhance market value. The lithium benzoate market is largely driven by the infusion of the medicines used for the pain management. However, it was also observed that alternatives such as lithium carbonate, lithium acetate and various lithium derivatives may disrupt the Lithium Benzoate market.
The major reason for the increase in the demand for lithium benzoate product is the increasing demand for lithium. With the enhancement of technology, innovative applications of lithium benzoate have been developed by the manufactures which are expecting to increase lithium benzoate market value three times in the upcoming years.
As most of the lithium reserves are found in China, it is evolving as the prominent exporter of lithium benzoate. The majority of the lithium producing companies are in China, lithium market saw a decline in the price of its compound due to the decline in prices in china’s domestic market.
The research report presents a comprehensive assessment of the lithium benzoate 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 benzoate market report provides analysis and information, according to market segments such as geographies, forms, application and end-use.
An Adaptive Approach to Modern-day Research Needs
The Lithium Benzoate Market Report Covers Exhaustive Analysis On:
- Market Segments
- Market Dynamics
- Market Size & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
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The Lithium Benzoate Market Regional Analysis Includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Europe (UK, Germany, Spain, France, BENELUX, Italy, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia & Oceania (India, ASEAN, Australia and New Zealand , Rest of South Asia & Oceania)
- Middle East and Africa (GCC Countries, South Africa, Northern Africa, Turkey, Rest of MEA)
The lithium benzoate report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The lithium benzoate report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments. The lithium benzoate report also maps the qualitative impact of various market factors on market segments and geographies.
- The lithium benzoate Market Report Highlights:
- A detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint