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The sodium bromide market share is expected to increase to USD 701.05 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.47%.
This sodium bromide market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers sodium bromide market segmentation by application (oil and gas, pharmaceuticals, and others) and geography (APAC, North America, Europe, Middle East and Africa, and South America).
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The sodium bromide market report also offers information on several market vendors, including 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 Pty 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. among others.
The growth of the oil and gas industry is notably driving the sodium bromide market growth, although factors such as fluctuation in crude oil prices may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the sodium bromide industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Sodium Bromide Market Driver
One of the key factors driving the global sodium bromide 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 the consumption of sodium bromide, which will drive the growth of the market in focus during the forecast period.
Key Sodium Bromide Market Trend
Stringent mercury emission control is one of the key sodium bromide 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. 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.
Key Sodium Bromide Market Challenge
One of the key challenges to the global sodium bromide 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 sodium bromide prices. 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 sodium bromide 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
This sodium bromide market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the sodium bromide market encompasses successful business strategies deployed by the key vendors. The sodium bromide market is fragmented and the vendors are deploying growth strategies such as strategic partnerships and joint ventures with small and medium enterprises to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The sodium bromide market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
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51% of the market's growth will originate from APAC during the forecast period. China, India, and Russia are the key markets for sodium bromide in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The significant increase in the consumption of sodium bromide owing to the rise in rude oil extraction will facilitate the sodium bromide market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 led to a decline in the growth of the sodium bromide market in the region. As production units were closed temporarily, it had a negative impact on the growth of the sodium bromide market in the region in 2020. However, with the rollout of several affordable and safe vaccine options, it is expected that economic activities will return to pre-COVID levels by the end of 2022, as many countries in the region implemented mass vaccination drives in Q3 2021. Thus, an increased focus on the pharmaceuticals industry, in countries such as India, will propel the market for sodium bromide during the forecast period.
Technavio categorizes the global sodium bromide market as a part of the global specialty chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the sodium bromide market during the forecast period.
Our report provides extensive information on the value chain analysis for the sodium bromide market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period
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The sodium bromide market share growth by the oil and gas segment will be significant during the forecast period. High crude oil production in countries such as the US will drive the demand for sodium bromide, which will support the market growth through this segment in the coming years.
This report provides an accurate prediction of the contribution of all the segments to the growth of the sodium bromide market size and actionable market insights on post COVID-19 impact on each segment.
Sodium Bromide Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.47% |
Market growth 2022-2026 |
$ 701.05 million |
Market structure |
Fragmented |
YoY growth (%) |
4.9 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 51% |
Key consumer countries |
US, Saudi Arabia, China, India, Norway, and Russia |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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 Pty 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 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 the 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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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