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The sodium bromide market share is expected to increase to USD 562.3 million from 2023 to 2028, and the market’s growth momentum will accelerate at a CAGR of 4.5%. The oil and gas industry's expansion has led to an increased demand, a crucial compound in drilling and production processes. Simultaneously, developing countries' economic growth and rising standards of living have fueled a surge in demand for sodium bromide in various applications, including water treatment and flame retardants. In the pharmaceutical sector, sodium bromide's key offerings include its use as an expectorant in cough syrups and its role in producing bromides, which are essential in the production of certain medications. This triple-pronged demand underscores its significance as a versatile and indispensable chemical in modern industries.
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The market encompasses the production, supply, and application of this inorganic compound in various industries. It is a salt of bromide and sodium, commonly found in formation fluids, sedimentary rocks, and brines. It is thermodynamically and chemically stable under normal conditions. It finds extensive use in several sectors. In the medical field, it is used as a raw ingredient in the production of urinary medicines and tranquilizers. In the pharmaceutical industry, it is used as a brominating agent and in the treatment of epilepsy. In the industrial sector, it is used in water treatment, printing and dyes, artificial perfumes, and as a component in the formation of bromide salts like Potassium Bromide and Hydrobromic Acid. The demand for Sodium Bromide is driven by its applications in various industries. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
One of the key factors driving the global market growth is the growth of the oil and gas industry. Factors such as the rise in the number of oil and gas exploration activities in the US, Brazil, Mexico, Saudi Arabia, China, Russia, Norway, and other oil- and gas-rich countries and the widespread use of sodium bromide as clear brine fluid for extracting petroleum products will contribute to the market growth.
According to the US Energy Information Administration (EIA), oil production through hydraulically fractured wells in the US accounted for 69% of the total oil and natural gas wells drilled in the country in 2016. In the Middle East, the increase in crude oil exploration will boost consumption, which will drive the growth of the market in focus during the forecast period.
Stringent mercury emission control is one of the key market trends that is expected to impact the industry positively in the forecast period. Bromide compounds and bromine control mercury emissions from coal-fired power plants. Bromine mitigates mercury emissions. Mercuric bromide is formed by the contact of bromine with mercury in the presence of flue gases.
Moreover, the US EPA formulates standards to limit the emissions of mercury, acid gases, and other toxic pollutants from power plants. As a result, bromine and its compounds will be used extensively to control mercury emissions during the forecast period. LANXESS, which acquired Chemtura in April 2017, offers brominated performance products under the registered trade name GeoBrom. The products offered under this brand help eliminate mercury emissions from coal-fired boilers and power plant installations, which will further support the market growth in the coming years. Hence, such factors are driving the market during the forecast period.
One of the key challenges to the global market growth is the fluctuation in crude oil prices. As per the US Energy Information Administration (EIA), in 2010, the price of crude oil was USD 82 per barrel. It was reduced to USD 43.64 per barrel in 2019. In 2020, the prices increased to USD 54.25 per barrel. Fluctuations in crude oil prices can negatively impact the prices.
Moreover, sodium bromide is used as a heavy and clear brine in the oil and gas industry. It is used as an oil drilling fluid for extracting crude oil. Fluctuations in crude oil prices lead to volatility in the manufacturing cost of bromine, which, in turn, impacts the prices. Such factors in oil prices have led vendors to adopt various cost-cutting measures, which is expected to negatively impact the industry in the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Albemarle Corp. - The company offers Sodium Bromide, which is used as a solid or dissolved into a solution for the manufacturing of various chemicals, such as photographic chemicals and pharmaceutical intermediates, and for other applications, such as clear completion fluids.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The oil and gas segment is estimated to witness significant growth during the forecast period. Sodium Bromide, a bromide salt, holds significant importance in various industries due to its unique properties. This inorganic compound, which is a halide, is derived from hydrobromic acid and sodium chloride through the Finkelstein reaction, involving alkyl chlorides and alkyl bromide. Sodium Bromide is chemically stable and thermodynamically stable, making it a valuable raw ingredient in numerous applications.
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The oil and gas segment was the largest segment and valued at USD 1.02 billion in 2018. In the pharmaceutical sector, Sodium Bromide is used in the production of epilepsy medications, such as Potassium Bromide, due to its anticonvulsant properties. It is also used as a brominating agent in organic synthesis. In the oil industry, Sodium Bromide is employed as a drilling fluid additive, enhancing safety and reducing the risk of cumulative toxin exposure. Sodium Bromide is nonflammable and nontoxic, with a low toxicity level, making it a preferred choice in various industries. Hence, such factors are fuelling the growth of this segment during the forecast period.
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APAC is estimated to contribute 54% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Sodium Bromide, a bromide salt, holds significant importance in various industries due to its unique properties. This inorganic compound, which is a halide, is derived from hydrobromic acid and sodium chloride through the Finkelstein reaction, involving alkyl chlorides and alkyl bromide. Sodium Bromide is chemically stable and thermodynamically stable, making it a valuable raw ingredient in numerous applications. In the pharmaceutical sector, Sodium Bromide is used in the production of epilepsy medications, such as Potassium Bromide, due to its anticonvulsant properties. It is also used as a brominating agent in organic synthesis. In the oil industry, Sodium Bromide is employed as a drilling fluid additive, enhancing safety and reducing the risk of cumulative toxin exposure. Hence, such factors are driving the market in APAC during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Million " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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Sodium bromide is a versatile chemical compound with applications spanning pharmaceuticals, photography, and industrial uses. It is primarily known for its role in various fields due to its unique properties and diverse applications. In the pharmaceutical segment, sodium bromide is utilized as an antiepileptic, effectively managing seizures by regulating chloride pathways in neurons. Its use extends to veterinary science, where it aids in treating conditions in cats, including pneumonitis. However, caution is required due to potential negative effects like neuropsychiatric impairments such as sleepiness, restlessness, and ataxia, which may occur at high doses. In organic synthesis, sodium bromide plays a crucial role in the Finkelstein reaction, facilitating the conversion of alkyl chlorides to alkyl bromides. Its inclusion in photographic film liquids enhances imaging quality by forming silver bromide crystals.
Safety is a key feature of sodium bromide, characterized by its low toxicity and nonflammable nature. It is thermodynamically stable and exhibits compatibility with calcium-sensitive forms, ensuring reliability in various industrial applications. The market landscape depends on the bromide salt, Sedonueral, BromoSeltzer, Grade, statistics, infographics, presentations, alkyl bromide, sodium chloride, NaBr, cumulative toxin, sulfate, carbonate, animal medicine, urine, hyperactivity, excessive urination, vomiting, pancreatitis, bromism, blood bromide, abnormal mental, dizziness. Overall, sodium bromide continues to be integral across multiple sectors due to its efficacy, safety profile, and versatility in addressing diverse needs from pharmaceutical treatments to industrial processes and photographic applications. As research and development efforts progress, its role in these areas is expected to expand further, driven by advancements in technology and increased market demand.
Market Scope |
|
Report Coverage |
Details |
Page number |
148 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
Market growth 2024-2028 |
USD 562.3 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.23 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 54% |
Key countries |
China, US, India, Saudi Arabia, and Norway |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Albemarle Corp., Alpha Chemika, American Elements, Anmol Chemicals Group, Anron Chemicals Co., Cowin Industry Ltd Shandong Hirch Chemical Co Ltd, Lanxess AG, Nilkanth Organics, Perekop bromine, Redox Ltd., Schlumberger Ltd., Tata Sons Pvt. Ltd., TETRA Technologies Inc., Thermo Fisher Scientific Inc., Tokyo Chemical Industry Co. Ltd., WEIFANG HONGYUAN CHEM, Weifang Qiangyuan Chemical Industry Co Ltd., Weifang Taihexing Chemical Industry Co Ltd., Windia Chemicals P Ltd, and Yogi Intermediates Pvt. Ltd. |
Market dynamics |
Parent market analysis, market report, market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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