Future Prospects of Calcium Bromide Market and Industry Forecast |...

Future Prospects of Calcium Bromide Market and Industry Forecast

Posted 2023-05-29 10:44:41

The market for calcium bromide is predicted to reach US$ 5.3 billion in 2022 and to reach US$ 8.8 billion by 2032, growing at a CAGR of 5.2%.

In the power sector, calcium bromide is also used as an oxidant to reduce mercury emissions. Additionally, calcium bromide is used in the treatment of neuroses, hydraulic fluids for automotive suspension, brominated flame retardants, dry plates and light-sensitive sheets for photography, as well as mercury emission controls.

Calcium bromide (molecular formula: CaBr2), having a density of 14.2 lbs/gal, is regarded as clear brine fluid. Calcium Bromide is utilized with calcium chloride in oil & gas completion & drilling operations to make the drill cuttings brine free. Calcium bromide is a white powder, odourless in nature, and is formed from calcium salt of hydrobromic acid, which a volatile acid used to formulate other industrial compounds.

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Calcium Bromide: Market Dynamics

Calcium bromide market demand is heavily influenced by its application in the oil & gas industry. Stabilizing crude oil prices have resulted in an influx of investments in the oil & gas industry, driving drilling and production activities along with work-over operations. Clear brine fluids such as calcium bromide are used to minimize the damage to oil & gas reservoirs and to control formation pressure.

This has been creating noteworthy demand for calcium bromide market. Moreover, calcium bromide also find usage for restraining mercury emission at coal fired power plants. Elemental mercury which is released when the coal is burnt is difficult to capture at combustion temperatures. Hence, bromine based compounds such as calcium bromide are used to oxidize the elemental mercury into flue gas, which can be captured by current abetment equipment.

Formulation of strict government regulations encouraging the usage of halogenated flame retardants in EU countries, the U.S. and Canada, is expected to decrease the consumption of calcium bromide in flame retardants in these regions. However, Asian markets such as India and China, still witness high usage of brominated flame retardants owing to lenient regulations, which is anticipated to drive the demand of calcium bromide in these countries.

Calcium bromide is gaining significance in the oil & gas drilling industry as a better alternative to conventional drilling fluids. Increasing exploration & production ofdeep sea reserves, growing instances of horizontal drilling due to complexities in reservoirs, constant efforts from various developing nations to obtain energy security, are some of the factors contributing towards the growth of oil & gas industry, which in turn is driving the demand of calcium bromide. Booming shale gas production in the U.S. and coal bed methane gas production in China, India and Australia are anticipated to significantly ramp up oil & gas drilling activities in the coming years. Hence, the market vendors in the calcium bromide market are expected to achieve significant revenue base by targeting oil & gas producers involved in the development of these unconventional reservoirs.

Calcium Bromide: Market Key Players

Some of the major participants operating in the global calcium bromide market include the following players: