Hydrogen Bromide Market to Garner $6.3 Billion, Globally, By 2031 at 4.9% CAGR, Says Allied Market Research

News provided by

Sep 27, 2022, 10:30 ET

Increased demand for high-capacity batteries to meet energy demands drive the growth of the global hydrogen bromide market.

PORTLAND, Ore., Sept. 27, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Hydrogen Bromide Market by Type (Biocides, Flame Retardants, Catalyst, Oil and Gas Drilling, Polysilicon Etching, Others), by End-use Industry (Automotive, Water Treatment, Electronics, Construction, Agriculture, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global hydrogen bromide industry generated $4.0 billion in 2021, and is anticipated to generate $6.3 billion by 2031, witnessing a CAGR of 4.9% from 2022 to 2031.

Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/17699

Prime determinants of growth

Increased demand for high-capacity batteries to meet energy demands drive the growth of the global hydrogen bromide market. Furthermore, wind power, solar power, and other renewable resources are contributing toward the market growth. However, prolonged exposure to hydrogen bromide gas may have negative effects on the human body, which in turn, hinders the hydrogen bromide market growth. Conversely, the rise in global demand for effective therapeutics presents new opportunities in the coming years.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a negative impact on the global hydrogen bromide market.
Due to the global lockdown and other restrictions imposed by governments to prevent the spread of infections, there was a shortage of raw supplies as well as manpower, which caused disruptions in the supply chain.
Due to the lack of raw materials and interruptions in the supply chain, supplier contracts were terminated to reduce expenses. Due to reasons like the stoppage of construction, automotive, and electrical operations, supply chain constraints, and a temporary halt in production, the demand for hydrogen bromide from building and construction and automotive industries decreased significantly.
However, in the post-pandemic, as the supply chains returned to normal after the restrictions were lifted, the market participants explored measures to minimize the pandemic's impact on their businesses.

The Biocides segment to maintain its leadership status throughout the forecast period

Based on type, the biocides segment held the highest market share in 2021, accounting for nearly one-third of the global hydrogen bromide market, and is estimated to maintain its leadership status throughout the forecast period. Biocides are substances used to disinfect, eliminate, and prevent microorganisms such as fungi, bacteria, and viruses. It plays a crucial role in the treatment of wastewater and the production of potable water, thereby driving the growth of the segment. The report also analyzes segments including flame retardants, catalyst, oil and gas drilling, polysilicon etching, and others.

Enquire for Customization with Detailed Analysis of COVID-19 Impact in Report @ https://www.alliedmarketresearch.com/request-for-customization/17699

The agriculture segment to maintain its lead position during the forecast period

Based on end use industry, the agriculture segment accounted for the largest share in 2021, contributing to nearly one-fourth of the global hydrogen bromide market, and is projected to maintain its lead position during the forecast period. Hydrogen bromide is an effective pesticide that is used as soil fumigants in agriculture, especially fruit-growing, and as a fumigant to prevent pests from attacking stored grain and other yield. High population growth has increased global food consumption, particularly in developing economies, which has increased the demand for agrochemical products such as pesticides. Moreover, the electronics segment is expected to portray the largest CAGR of 5.6% from 2022 to 2031. Plasma etching process used in the electronics industry for semiconductor applications is expected to increase the demand for hydrogen bromide. Hydrogen bromide's expanding use in flame retardants and the etching of polysilicon wafers is driving the industry's expansion.

Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than half of the global hydrogen bromide market, and is likely to dominate the market during the forecast period. Moreover, the same region is expected to witness the fastest CAGR of 5.7% from 2022 to 2031. This is attributed to the fact that several global firms are looking to expand their presence and market share in the Asia-Pacific region by expanding their operations in emerging economies such as China, India, and several Southeast Asian countries. Increase in demand for flame retardants in automobile and constructions and insulation is expected to further boost the growth of the hydrogen bromide market in this region during the forecast period.

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.

Interested in Procuring This Report? Visit Here:
https://www.alliedmarketresearch.com/hydrogen-bromide-market/purchase-options

Hydrogen Peroxide Market: Global Opportunity Analysis and Industry Forecast, 2021-2031

Biocides Market: Global Opportunity Analysis and Industry Forecast, 2021-2031

Flame Retardants Market: Global Opportunity Analysis and Industry Forecast, 2021-2030

Catalyst Market: Global Opportunity Analysis and Industry Forecast, 2021-2030

Hydrogen Generation Market: Global Opportunity Analysis and Industry Forecast, 2022-2029

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
[email protected]
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com Follow Us on | Facebook | LinkedIn | YouTube |