Lithium Benzoate Market grow at healthy CAGR and Its application in healthcare sector is set to drive the global market, Says FACT.MR

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.

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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.

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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
    • Powdered
    • Liquid
  • On the basis of consumption, lithium benzoate market can be classified as
    • Inhalation
    • Ingestion
  • On the basis of application, lithium benzoate market can be classified as
    • Hardening material
    • Analgesic, Antiseptic
    • Polymerization
  • On the basis of end users, lithium benzoate market can be classified as
    • Chemical industries
    • Pharmaceuticals
  • On the basis of the regions, lithium benzoate market can be classified as
    • North America
    • Latin America
    • Europe
    • East Asia
    • Middle East and Africa
    • South Asia and Oceania

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