Wilmington, Delaware, United States, March 27, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – According to a TMR study, the global Lithium Silicate Market is projected to grow at a CAGR of 3.0% during the forecast period from 2022 to 2031.
Lithium silicate is an aqueous solution containing lithium oxide and colloidal silica. Lithium silicate has been extensively used to produce specialty paints & coatings and have been used as a silica transporting agent in lithium silicate.
Lithium silicate has proven useful in humid environments, which has made it suitable for use in various application areas such as adhesives, corrosion inhibitors, and inorganic binders. Usage of lithium silicate as an architectural coating in the construction industry is driving market growth.
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Prominent Lithium Silicate Market players are striving to increase production capacities in a bid to meet customer requirements in different application areas. Leading players are collaborating with other market players to expand market presence and improve revenue share.
Key Findings of Market Study
- Increase in Demand for Concrete Hardeners in Construction Activities: Based on application, the global market has been segmented into concrete hardeners, inorganic binders, corrosion inhibitors, adhesives, welding rod additives, and dental glass ceramics. The concrete hardeners segment is anticipated to account for dominant market share during the forecast period. Concrete hardeners containing lithium silicate offer improved durability, can make any surface denser, and penetrate comfortably through calcium hydroxide-saturated leak water channels when sprayed on concrete surfaces. Presence of lithium silicate also makes the hardeners more resistant to chemicals, abrasion, and moisture. Additionally, concrete hardeners containing lithium silicate are cost-effective, which makes them suitable for use in construction of residential, industrial, and commercial spaces
Lithium Silicate Market - Key Drivers
- Rise in construction of residential and commercial spaces across the world is driving the global Lithium Silicate Market
- Increase in demand in the manufacture of ceramics is propelling market development
- Surge in usage as surface treatment agent on metals is anticipated to increase demand during the forecast period
- Rise in lithium silicate usage as an anti-corrosion agent for metal components used in radios and accordions is projected to expand market size during the forecast period
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Lithium Silicate Market - Regional Insights
- Asia Pacific is anticipated to account for the dominant market share during the forecast period. Surge in adoption of ceramics and rapid industrialization & urbanization in countries such as China and India are expected to bolster market development in the region. China, in particular, is anticipated to dominate the market in the region during the forecast period. Ease of availability of land and labor is likely to help leading players establish lithium silicate manufacturing units in countries in Asia Pacific in the near future.
Lithium Silicate Market - Key Players
The global market is competitive, with the presence of large number of international and local players. New players entering the market are likely to intensify the competition during the forecast period.
Leading market players are investing significantly in R&D to manufacture advanced products that meet customer requirements in different application areas.
Key players in the global Lithium Silicate Market are
- Eastman Chemical Company,
- PQ Corporation,
- Xetex Industries Private Limited,
- NYACOL Nano Technologies Limited,
- Shandong Look Chemical Company Limited,
- Nippon Chemical Industrial Co., Ltd, and Bisley International.
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The global Lithium Silicate Market has been segmented as follows:
Application
- Concrete Hardeners
- Inorganic Binders
- Corrosion Inhibitors
- Adhesives
- Welding Rod Additives
- Dental Glass Ceramics
- Others
Regions Covered
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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