Research Nester published a report titled “Calcium BromideMarket: Global Demand Analysis & Opportunity Outlook 2031” which delivers a detailed overview of the global calcium bromide market in terms of market segmentation by product type, application, end-user industry, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, and supply and demand risk, along with a detailed discussion of current and future market trends that are associated with the growth of the market.
The global calcium bromide market is projected to grow at a CAGR of ~6% by attaining robust revenue during the forecast period, i.e., 2022 – 2031. Factors such as, increasing demand in various industries such as power production, gas & oil, and automotive and significant utilization to reduce mercury emission from coal-fired power plants are anticipated to propel the growth of the market during the forecast period. For instance, the energy consumption across the globe was estimated to be around 550 exajoules in 2020. Such factors are projected to hike the growth of the market during the forecast period.
Additionally, by end-user industry, the global calcium bromide market is segmented into automotive, oil& gas, energy production, and others. Out of these segments, the gas & oil segment is estimated to obtain anotable share in the market during the forecast period. The growth of the segment can be attributed to the remarkable utilization of calcium bromide in the industry. It is significantly utilized in oil drilling as a fluid completion.
Furthermore, the global calcium bromide market, by region, is bifurcated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Out of these regions, the market inthe North America region is estimated to grow at a modest pace over the forecast period on the back of rising production of shale oil and growing utilization in deep-sea exploration in the region. Based on the data provided by Oceanic and Atmospheric Research (OAR) in 2022, the regional government provided USD 4.42 billion of investment for deep-sea research and operations.
The research is global in nature and covers a detailed analysis of the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook, etc. have also been covered and displayed in the research report.
Higher Utilization in Oil & Gasto Foster the Growth of the Market
In 2022, the global demand for oil was projected to be 91 billion metric barrels per day.
Calcium bromide is a chemical made of several compounds and is highly utilized in the oil and & gas industry. The calcium bromide comprises high-density clear drilling and the required components to control the wellbore pressure of packing fluids. Furthermore, its noteworthy flame retardant properties also make it a useful product in the industry.Therefore, such factors are anticipated to propel the growth of the market.
However, the availability of alternative chemicals in the market is expected to operate as a key restraint to the growth of the globalcalcium bromide market over the forecast period.
This report also provides the existing competitive scenario of some of the key players in the global calcium bromide market which includes company profiling of 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., Jordan Bromine Company, IRO Group Inc., and ICL Industrial Products Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the global calcium bromide market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching for possibilities, and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.