Thus, the growing construction industry across the globe will create lucrative opportunities for the segments’ and market’s growth in the upcoming years.
According to the Market Statsville Group (MSG), the global lithium polysilicate market is estimated to grow at a CAGR of 4.2% from 2022 to 2030. Lithium Polysilicate is a kind of inorganic binder useful in coatings, surface modification, and polymer reinforcement, among others. The application of lithium polysilicate includes marine/industrial, high-performance zinc coatings, and others, where high pigment loading, water, and wear resistance are required. It is used to enhance the concrete’s strength, longevity, and durability by pouring it on concrete surfaces.
Hence, the growing demand from the construction industries will pave the way for the market’s growth. For instance, China planned to spend USD 13 trillion on construction buildings by 2030, which is expected to contribute to the market’s growth in forthcoming years. Factors such as the emerging marine industry, and growing use in the industrial sector, such factors will propel the market’s growth in forthcoming years across the globe.
COVID-19 Impact on the Global Lithium Polysilicate Market
COVID-19 had a negative impact on the market’s growth, as in order to restrain the COVID-19 growth government imposed various restrictions and lockdowns in different economies. This resulted in halted trade activities, the decline in marine industry operations, halted construction activities, and the closure of manufacturing units. Such factors negatively affected the market's growth during the pandemic.
However, the construction of hospitals and isolation units for the infected individual managed the market's steady growth amid the pandemic. During hospital or isolation unit construction, the demand and supply gap was there due to the disrupted supply chains, such as the e-commerce industry played a vital role in fulfilling the demand. Further, with the ease in COVID-19 guidelines and resume of activities market witnessed high demand from the end-use industries, surging its growth in the latter half of the year 2020.
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The study categorizes the lithium polysilicate market based on type, distribution channel, and application, at the regional and global levels.
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In the application segment, construction accounts for the major market share in 2021. The contribution of the construction industry to GDP in France is 5.6% in 2021, 0.4% more as compared to 5.2% in 2020, as per the data of the United Nations Economic Commission for Europe. Further to the growing construction work, for instance, in January 2021, the Greater Noida Industrial Development Authority (GNIDA) announced that they would build 10,000 affordable homes for LIG and EWS. The houses will be constructed via a public-private partnership (PPP) model under the Pradhan Mantri Awas Yojana (PMAY).
Similarly, in January 2021, under PMAY, the government authorized construction in urban areas of 168,000 houses, bringing the total number of approved houses to 11 million. Additionally, the allocation of ~USD 6370.40 million to complete 80,00,000 houses under the scheme, both rural and urban, for the fiscal year 2022-23. Thus, the growing construction industry across the globe will create lucrative opportunities for the segments’ and market’s growth in the upcoming years.
Regional Analysis of Lithium Polysilicate Market
The growing marine industry will drive the market’s growth across the Asia Pacific region, especially in Singapore, Malaysia, and other countries. Furthermore , ports in Singapore are among the busiest ports across the globe, and its maritime industry accounts for 7% of Gross Domestic Product, as per the data Ministry of Housing and Urban Affairs Government of India.
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Lithium polysilicate is used as corrosion-resistant for ships and related accessories which require corrosion protection. Thus, the growing and emerging marine industry across the region will demand more for the corrosive resistance solution. Additionally, the growing marine industry also demands the construction of warehouses and ports. This, in turn, drives the market's growth in upcoming years.
Key players operating in the lithium polysilicate market are adopting various key strategies such as acquisitions, partnerships, agreements, and expansion to strengthen their market positions to gain major market share. The lithium polysilicate market is highly concentrated in nature. Major players in the global lithium polysilicate market are:
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