New York, July 05, 2023 (GLOBE NEWSWIRE) — The global calcium bromide market is expected to grow at a CAGR of approximately 5% from 2023 to 2035. Market revenue is expected to reach approximately $9 billion by the end of the year, approximately $5 billion in 2035 and approximately $5 billion in 2022. The growth of the market is due to the increase in demand from various industries such as natural gas and oil, power generation and others. For example, world oil production exceeds 4 billion tons. Meanwhile, daily oil demand is expected to be around 91 million barrels in 2022. Increasing demand for calcium bromide in the energy industry is expected to drive market growth.
       Global energy consumption in 2020 is expected to be around 550 joules. Calcium bromide is used in various compounds in clear high-density drilling and fill fluids to maintain well pressure. It is also used to reduce mercury emissions from coal-fired power plants. Calcium bromide is also used in powder form in freezing compounds, photos, neuroses, fire retardants, etc. In 2019, the global fire retardant materials industry was worth over US$5 billion. All these factors are expected to have a positive impact on the market growth during the forecast period.
       Calcium bromide is an odorless white powder obtained from the salt of calcium hydrobromide, a volatile acid used in the invention of other industrial compounds. Calcium bromide has a density of 14.2 pounds per gallon and is considered pure salt water. It is used in conjunction with calcium chloride in oil and gas production and drilling operations to enable brine-free drilling. The calcium bromide market is expected to witness tremendous growth over the forecast period owing to rapidly increasing demand from coal-fired power plants, which have a responsibility and obligation to reduce mercury emissions. Compared to 2020, emissions from coal power plants increased by about 16% in the United States and 20% in the European Union. Moreover, increasing exploration and production activities in the oil and gas industry are expanding the application scope of calcium bromide and is expected to be a key driver of market growth during the forecast period 2023-2035. The main reason for the market development is that calcium bromide is gaining traction in the oil and gas drilling industry as a healthier alternative to conventional drilling fluids. Apart from this, increasing exploration and production of shallow water reserves and increasing incidence of horizontal drilling in challenging reservoirs are also contributing to the growth of the target market. In addition, calcium bromide is also used in hydraulic fluids, neurological drugs, automobile suspensions, brominated flame retardants, and in the production of dry plates and light-sensitive photographic papers, which are the main drivers for the growth of calcium bromide use.
       The global calcium bromide market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
       Growing government plans for deep sea exploration will drive market growth in North America.
       The North America calcium bromide market is expected to generate the highest revenue by the end of 2035. The North America market is expected to witness moderate growth over the forecast period owing to increasing shale gas production in the region. US shale gas and oil production will reach 24 trillion cubic feet in 2021. In addition, calcium bromide is widely used in deep-sea exploration. Governments in the region are expected to commit $4.42 billion in investment to deep-sea exploration and operations in 2022, according to data published by Oceanic and Atmosphere Research (OAR). Thus, the calcium bromide market is expected to grow during the forecast period due to increasing government initiatives in deep sea exploration. Additionally, increasing incidence of horizontal drilling due to reservoir complexity is expected to drive market growth in this region during the forecast period. Calcium bromide is the name of a compound with the chemical formula CaBr2x. Individual compounds include anhydrides, hexahydrates and dilute dihydrates. Both are white powders soluble in water, and from these solutions the hexahydrate crystallizes.
       The calcium bromide market in Asia Pacific is expected to register the highest CAGR by the end of 2035. The market growth in this region is mainly attributed to the increasing industrialization and urbanization of the region, leading to increasing use of calcium bromide. In East Asia and the Pacific, the region’s industry accounted for 36.7% of total GDP in 2021. In the second half of the 20th century, rapid industrialization occurred in other parts of the world, especially Asia. The four Asian tigers (Hong Kong, South Korea, Taiwan and Singapore) have participated in economic growth based on manufacturing for customers around the world. Moving away from the strict communist model, China experienced its own industrial revolution. Technological innovations in the nineteenth century allowed for the mass production of trade goods. As manufacturing activity increases, the transportation, financial, and communications industries continue to expand, supporting new manufacturing capabilities. It also led to rapid demographic changes as the workforce became more specialized, allowing cities to support larger populations. Many people have left the countryside to seek work in growing industries. The Industrial Revolution brought unprecedented growth in wealth and economic prosperity. As consumer demand for more goods and services grew, a larger middle class emerged and commercial properties were added to meet the demand. Countries such as India and China have also allocated significant budgets to activities such as deep-sea exploration. The regional calcium bromide market is also expected to witness significant growth due to increased investment in offshore exploration.
       Among the four segments, the oil and gas segment is expected to account for the largest share during the forecast period. The growth of this segment can be attributed to the increasing demand for calcium bromide in the oil and gas industry. In addition, calcium bromide is widely used as an ion source for drilling fluids in the oil and gas industry. It helps maintain the pH balance of drilling fluids and prevents the formation of deposits in the wellbore. The use of calcium bromide is expected to increase with the growth of the oil and gas industry during the forecast period. Take, for example, the US oil and gas industry, which generated more than $109 billion in revenue in 2020.
       Among these four segments, latex segment is expected to hold a significant share during the forecast period. The growth of this segment can be attributed to the increase in global natural rubber production. In 2020, global production of natural rubber was approximately 14 million tons. This is the largest increase since 2000, when total global natural rubber production was approximately 6.8 million tonnes. The latex market is a market that uses natural rubber materials. The global latex industry has experienced significant growth in recent years due to its widespread use in a variety of industries, including automotive and transportation, construction, consumer products and personal care products. The use of latex in industry is critical. The key drivers of this segment are its high strength and long service life, which is increasing demand from end-use industries such as medical, automotive and construction, making it a more cost-effective option than other products. Growing interest in using eco-friendly products to reduce carbon emissions is also driving the market.
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       Prominent leaders in the global calcium bromide market represented by Research Nester include Weifang Rixing Chemical Co., Ltd., TETRA Technologies, Inc., Shandong Dongxin New Material Technology Co., Ltd., Albemarle Corporation, Shouguang Hon Hai Chemical Co., Ltd., LANXESS AG Company, Neogen Chemical Co., Ltd. and other major market players.
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