July 05, 2023 06:36 ET | Source: Research Nester Research Nester
New York, July 05, 2023 (GLOBE NEWSWIRE) -- The global calcium bromide market is estimated to grow at a CAGR of ~5% from 2023 to 2035. The market is estimated to garner a revenue of ~USD 9 billion by the end of 2035, up from a revenue of ~USD 5 billion in the year 2022. The market growth is attributed to increasing demand in multiple industries, such as gas and oil, power generation, and others. For instance, worldwide oil production is more than 4 billion tons. Meanwhile, daily oil demand in 2022 was estimated at around 91 million barrels. Increasing demand for calcium bromide in the power generation industry is also expected to boost market growth. Barium Chloride Dihydrate
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Global energy consumption in the year 2020 is projected to be around 550 joules. Calcium bromide is used in a variety of compounds used in high-density clear drilling and packing fluids to maintain pressure in wells. Additionally, it is used to reduce mercury emissions from coal-fired power plants. Calcium bromide is also used in powder form for frozen mixtures, photos, neuroses, flame retardants, and others. In the year 2019, the flame retardant industry was worth over USD 5 billion across the globe. All these factors are expected to have a positive impact on the growth of the market during the forecast period.
Global Calcium Bromide Market: Key Takeaways
Increasing Demand from Coal-Fired Power Plants across the Globe to Boost Market Growth
Calcium bromide is a type of odorless white powder made from the calcium salt of hydrobromic acid, a volatile acid used in the invention of other industrial compounds. Calcium bromide has a density of 14.2 lbs/gal and is considered a clear brine fluid. It is used with calcium chloride in oil and gas completion and drilling operations to provide brine-free drill cuts. The calcium bromide market is expected to witness tremendous growth during the forecast period owing to rapidly increasing demand from coal-fired power plants that have the responsibility and obligation to reduce mercury emissions. Compared to the year 2020, emissions from coal-fired power plants have increased by about 16% in the United States and 20% in the European Union. In addition, increasing exploration and extraction activities in the oil and gas industry are expanding the scope of application of calcium bromide, which is estimated to serve as a key factor driving market growth during the forecast period of 2023–2035. The biggest reason for the market is that calcium bromide is gaining momentum in the oil and gas drilling industry as a healthier alternative to conventional drilling fluids. In addition to this, increasing exploration and production of non-deepwater reserves and increasing cases of horizontal drilling with complex deposits are also driving the growth of the target market. In addition, calcium bromide is also applied in hydraulic fluids, neurotic drugs, vehicle suspensions, brominated flame retardants, and photography for the manufacture of dry plates and photosensitive papers, which are major drivers of the calcium bromide growth.
Global Calcium Bromide Market: Regional Overview
The global calcium bromide market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Government Deep Sea Exploration Initiatives to Drive Market Growth in the North American Region
The calcium bromide market in the North American region is estimated to garner the largest revenue by the end of 2035. The market in the North America region is estimated to witness moderate growth during the forecast period owing to increasing shale gas production in the region. Shale gas and oil production in the United States reached 24 trillion cubic feet in 2021. In addition, calcium bromide is widely used in deep-sea exploration. According to data released by Oceanic and Atmospheric Research (OAR), the region's government was noted to allocate USD 4.42 billion investment in deep sea research and operations in the year 2022. Therefore, the market of calcium bromide is expected to grow during the forecast period, owing to increasing government initiatives on deep sea exploration. In addition, an increase in horizontal drilling cases owing to reservoir complexity is also projected to spur market growth in the region over the forecast period. Calcium bromide is the name of a compound with the chemical formula CaBr2x. Individual compounds include anhydrides, hexahydrates, and diluted dihydrates. All are white powders soluble in water, and the hexahydrate crystallizes from these solutions.
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Increasing Industrialization and Urbanization to Propel the Growth in the Asia Pacific Region
The market of calcium bromide in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2035. The growth of the market in this region can primarily be attributed to the increasing industrialization and urbanization all throughout the region, which is increasing the usage of calcium bromide. In East Asia and Pacific, in the year 2021, region’s industry accounted to 36.7% to the total GDP. The second half of the 20th century was marked by rapid industrialization in other parts of the world, especially in Asia. The Asian Tigers (Hong Kong, South Korea, Taiwan, and Singapore) all participated in economic growth based on manufacturing for global customers. After moving away from a strictly communist model, China experienced its own industrial revolution. The nineteenth-century technological innovations enabled mass production of trade goods. As manufacturing activity increased, the transportation, financial, and communications industries expanded to support new manufacturing capacity. It also led to rapid demographic change as labor became more specialized, enabling cities to support larger populations. Many people left rural areas to seek work in emerging industries. The Industrial Revolution brought unprecedented increases in wealth and economic prosperity. As consumer demand for more goods and services increased and business establishment increased to meet demand, a larger middle class emerged. Countries such as India and China also allocate large budgets to activities such as deep-sea exploration. The regional calcium bromide market is also expected to witness remarkable growth owing to increasing investment in marine exploration activities.
Global Calcium Bromide, Segmentation by Functions
Amongst these four segments, the oil & gas segment is anticipated to hold the largest share over the forecast period. The segment growth can be attributed to the increasing demand for calcium bromide in the oil and gas industry. Additionally, calcium bromide is widely used as an ion source for drilling fluids in the oil and gas industry. It helps to maintain the pH balance of the drilling fluid and prevent scale buildup in the wellbore. Over the forecast period, the use of calcium bromide is estimated to increase with the growth of the oil and gas industry. For instance, the US oil and gas industry, in the year 2020 it generated more than USD 109 billion in revenue.
Calcium Bromide Market, Segmentation by Application
Amongst these four segments, the latex segment is anticipated to hold a significant share over the forecast period. The segment growth can be attributed to the increasing production of natural rubber across the world. In the year 2020, global natural rubber production was approximately 14 million tons. This is the largest increase since the year 2000, when the world produced a total of about 6.8 million tons of natural rubber. The latex market is a market that uses natural rubber materials. The global latex industry has experienced significant growth in recent years owing to its extensive use in various industries such as automotive and transportation, construction, consumer goods, and personal care. The use of latex in industrial applications is of paramount importance. The main driving force for this segment is the high durability and long lifespan, which are increasing demand from end-use industries such as medical, automotive, and construction, making it a more cost-effective choice than other products. Growing interest in the consumer industry to use sustainable green products to reduce their carbon footprint is also driving the market.
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Global Calcium Bromide Market, Segmentation by Product Type
Few of the well-known market leaders in the global calcium bromide market that are profiled by Research Nester 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 other key market players.
Recent Development in the Global Calcium Bromide Market
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