Press release
Hydrogen Bromide Industry Poised for Strong Growth, Projected to Reach $6.3 Billion by 2031
Hydrogen Bromide Market
Key Report Highlights:
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Leading Market Players:
Air Liquide
Albemarle Corporation
Bhavika Chemicals Corporation
Chevron Phillips Chemical Company LLC
Gulf Resources, Inc.
LANXESS
Linde plc
MATHESON TRI-GAS, INC
Neogen Chemical Ltd
Showa Denko K.K
Sontara Organo Industries
Tata Chemicals Ltd
Tosoh Corporation
Triveni Interchem Private Limited
Verni Gas Corporation
These industry leaders have adopted various strategies such as partnerships, expansions, collaborations, new product launches, and mergers & acquisitions to maintain their prominent positions.
Prime Determinants of Growth:
The increasing demand for high-capacity batteries to meet energy needs is a key driver for the global hydrogen bromide market. Renewable resources like wind and solar power are contributing significantly. However, concerns about the adverse effects of prolonged exposure to hydrogen bromide gas on human health present challenges. On a positive note, the rising global demand for effective therapeutics is expected to create new opportunities.
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Covid-19 Impact:
The Covid-19 pandemic negatively impacted the hydrogen bromide market. Lockdowns and restrictions led to disruptions in the supply chain due to shortages of raw supplies and manpower. Major end-user industries, including construction, automotive, and electronics, experienced setbacks, resulting in decreased demand for hydrogen bromide. As the post-pandemic scenario unfolded and supply chains normalized, market participants implemented measures to mitigate the pandemic's impact.
Segment Insights:
Biocides Segment Dominance: The biocides segment held the highest market share in 2021, constituting nearly one-third of the global hydrogen bromide industry. It is expected to maintain its leadership status throughout the forecast period, driven by its crucial role in wastewater treatment and potable water production.
Agriculture Sector Leadership: The agriculture segment led in 2021, contributing nearly one-fourth to the global hydrogen bromide market. It is projected to maintain its lead, with hydrogen bromide serving as an effective pesticide in soil fumigation for fruit-growing and pest prevention in stored grain. The electronics segment is poised to witness the largest CAGR of 5.6% from 2022 to 2031, fueled by hydrogen bromide's increased use in the plasma etching process for semiconductor applications.
Regional Overview:
Asia-Pacific Dominance: Asia-Pacific secured the highest market share in revenue in 2021, accounting for over half of the global hydrogen bromide market. The region is anticipated to maintain its dominance, projecting the fastest CAGR of 5.7% from 2022 to 2031. This is attributed to global firms expanding operations in emerging economies like China and India, coupled with increased demand for flame retardants in the automotive and construction sectors.
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