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Hydrogen Bromide Market Research, Trends, Overview, and Growth Report Analysis 2024-2033
Hydrogen Bromide Market Research
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According to The Business Research Company's, The hydrogen bromide market size has grown strongly in recent years. It will grow from $3.89 billion in 2023 to $4.18 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to pharmaceutical and agrochemical synthesis, use in consumer electronics, flame retardant applications, chemical industry development, oil and gas industry utilization.
The hydrogen bromide market size is expected to see strong growth in the next few years. It will grow to $5.52 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to growing demand for pharmaceuticals, expansion of energy storage , increased application in semiconductor manufacturing, rising adoption in chemical synthesis, focus on environmental compliance, emergence of hydrogen economy initiatives. Major trends in the forecast period include strategic partnerships, product innovations, technological advancements, investments in expansion.
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Market Drivers and Trends:
The increasing demand in automotive industry is expected to propel the growth of the hydrogen bromide market going forward. The automotive industry refers to the business sector that encompasses the design, development, manufacturing, marketing, and sales of vehicles. Hydrogen bromide is used in the automotive industry for renewable energy storage, medicines, high capacity flow batteries, industrial reducing agents, creation and uptake of electric cars (EVs), and to produce electricity to power electric vehicles. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based automobile manufacturers association, in 2022, the global production of motor vehicles reached 85.4 million units, reflecting a notable increase of 5.7% compared to 2021. Furthermore, in February 2022, according to Brand Finance plc, a UK-based brand valuation company, in 2022, the automobile sector achieved approximately 78 million unit sales, marking a substantial 10% increase. Therefore, the increasing demand in the automotive industry is driving the growth of the hydrogen bromide market.
Technological innovations have emerged as a key trend gaining popularity in the hydrogen bromide market. Major companies operating in the hydrogen bromide market are developing innovative technologies to strengthen their position in the market. For instance, in October 2021, Albemarle Corporation, a US-based global specialty chemicals company, launched ACTION+ catalyst technology. The unique features of ACTION+ catalyst technology include ZT-500, a new, innovative, Y-zeolite stabilization system. ZT-500 provides maximum LPG olefinic with unrivaled butylene/propylene selectivity by minimizing hydrogen transfer reactions and retaining those species that enhance gasoline octane.
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Major Key Players of the Market:
Air Liquide S.A., Bhavika Chemicals Corporation, Gulf Resources Inc., Linde plc, Neogen Chemicals Ltd., Matheson Tri-Gas Inc., Praxair Inc., Tata Chemicals Limited, Triveni Interchem Pvt. Ltd., Albemarle Corporation, Chevron Phillips Chemical Company LLC, Lanxess AG, Merck & Co. Inc., Sigma-Aldrich Co. LLC, Thermo Fisher Scientific Inc., Verni Gas Corporation, Showa Denko K. K., Chemtura Corporation, Jiangsu Lanfeng Biochemical Co. Ltd., Astitva Chemicals, Arkema S.A., Honeywell International Inc., EssentialCo., Sontara Organo Industries, Johnson Matthey group, Tosoh Corporation, Tokyo Chemical Industry Co. Ltd., Jiangsu Furen Group, Avantor Inc., Denko Corporation
Hydrogen Bromide Market 2024 Key Insights:
• The hydrogen bromide market size is expected to see strong growth in the next few years. It will grow to $5.52 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• Hydrogen Bromide Market Thrives On Surging Demand From Electronics And Semiconductor Industry
• Albemarle Corporation's Pioneering Action+ Catalyst Technology Revolutionizes Hydrogen Bromide Market
• Asia-Pacific was the largest region in the hydrogen bromide market share in 2023
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