LONDON--(BUSINESS WIRE)--The sodium bromide market size is poised to grow by USD 604.2 million during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The boom in the oil and gas industry is expected to drive the growth of the sodium bromide market. The growth of the oil and gas industry is attributed to factors such as the increase in number of oil and gas exploration activities in the US, Brazil, Mexico, Saudi Arabia, China, Russia, Norway, and other oil- and gas-rich countries. Sodium bromide is used as a heavy, clear brine in the oil and gas industry. It is used as an oil drilling fluid for extracting crude oil. Moreover, the growing acceptance of horizontal drilling and hydraulic fracturing techniques is also fueling the consumption of sodium bromide. Thus, the growing oil and gas industry will drive the growth of the sodium bromide market during the forecast period.
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As per Technavio, the stringent mercury emission control will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Sodium Bromide Market: Stringent Mercury Emission Control
Sodium bromide is one of the major raw materials used in the production of bromide compounds. Bromide compounds and bromine control mercury emissions from coal-fired power plants. Bromine mitigates mercury emissions. 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 are used extensively to control mercury emissions. Thus, the stringency in mercury emission control will drive the growth of the sodium bromide market during the forecast period.
“Other factors such as the increasing offshore drilling and the growing demand for water treatment chemicals will have a positive impact on the growth of the sodium bromide market value during the forecast period,” says a senior analyst at Technavio.
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Sodium bromide Market: Segmentation Analysis
This market research report segments the sodium bromide market by application (oil and gas, pharmaceuticals and others) and geographical regions (APAC, EMEA, and Americas).
The APAC region led the sodium bromide market in 2018, followed by Americas and EMEA respectively. The growth of the sodium bromide market share in APAC can be attributed to factors such as the increasing use of sodium bromide as a water treatment chemical and the ever-rising population in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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