The global calcium bromide market is estimated to garner a robust revenue by growing at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the growing demand in multiple industries, such as, gas & oil, energy production and others. For instance, more than 4 billion metric tons of oil are manufactured globally. Meanwhile, the daily demand for oil in 2022 is estimated to be around 91 million barrels. An up-surged demand for calcium bromide in the energy production industry is also anticipated to hike the growth of the market. As of 2020, global energy consumption was projected to be at almost 550 exajoules. Calcium bromide is used in various compounds that are utilized for high-density clear drilling and packing fluids to maintain the pressure of the wellbore. It is further utilized to decrease the emission of mercury from the coal-fired power plant. Calcium bromide is also utilized in the form of powder in freezing mixtures, photography, neuroses, fire retardants, and others. In 2019, the fire retardants industry was valued at over USD 5 billion globally. All these factors are anticipated to influence the growth of the market positively during the forecast period.
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The market is segmented by end-user industry into automotive, oil & gas, energy production, and others. Out of these, the oil & gas segment is anticipated to hold the notable share in the global calcium bromide market during the forecast period on account of the higher utilization of calcium bromide in the industry. Calcium bromide is widely used as a fluid completion in oil drilling. Such factors are estimated to boost the segment growth in the future.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, the Chemical industry in the U.S. accounted for 16.43% of manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in the future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, which accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. The easy availability of low-cost raw materials & labor, as well as government subsidies and relaxed environmental norms, have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global calcium bromide market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America region is estimated to witness modest growth over the forecast period on the back of increasing shale gas production in the region. It is observed that shale gas and tight oil production in the United States was 24 trillion cubic feet in 2021. Furthermore, calcium bromide is extensively used in deep-sea exploration. According to the data released by Oceanic and Atmospheric Research (OAR), in 2022, USD 4.42 billion of investment has been provided by the government of the region for deep-sea research and operations. Hence, on the back of growing initiatives by the government for deep-sea exploration, the global calcium bromide market is anticipated to grow during the forecast period. Moreover, the increased instances of horizontal drilling owing to reservoir complexities are also predicted to fuel the market growth in the region during the forecast period.
The Asia Pacific region is also projected to provide lucrative opportunities for the growth of the global calcium bromide market during the forecast period. The countries such as, India and China are also allotting a plethora of budgets for activities such as deep-sea exploration. On the back of the rising investment in sea exploration activities the global calcium bromide market is anticipated to exhibit remarkable growth.
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The global calcium bromide market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global calcium bromide market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising demand in multiple industries such as gas & oil and energy production and significant utilization in the decrement of mercury emission from the coal-fired power plant are the major factors driving the growth of the calcium bromide market.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 - 2031.
The major players in the market are Weifang Rixing Chemical Co., Ltd., TETRA Technologies, Inc., Shandong Dongxin New Materials Technology Co., Ltd., Albemarle Corporation, Shouguang Hon Hai Chemical Co., Ltd., Lanxess AG, Neogen Chemicals Ltd., and others.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, application, end-user industry, and by region.
The oil & gas segment is anticipated to hold the largest market size in value over the forecast period and display significant growth opportunities.
The availability of alternative chemicals in the market is estimated to hamper the market growth.
North America region will provide more business opportunities for the growth of the calcium bromide market in the future on the back of escalating shale gas production.
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