Sodium Bromide Market size is forecast to reach $1.1 billion by 2025, after growing at a CAGR of 5.2% during 2020-2025. Sodium bromide is a colorless cubic crystal or white granular powder, and belongs to isometric system. Sodium and bromide ions inorganic salts that occur naturally in seawater and other surface and underground waters used to manufacture sodium bromide. The surging uses of Sodium Bromide across various applications such as drilling and cementing, water treatment, and cleaning products drive the growth of this market. Furthermore, surging use of Sodium Bromide in film and photography industry is also contributing to the growth of Sodium Bromide Market size during forecast period. Moreover, accelerating demand of Sodium Bromide from food and Nutrition industry also aids the market growth owing to the growing trend and consumption of nutrition food among consumer especially youths.
Sodium Bromide Market Segment Analysis - By Grade
Based on the grade, industrial grade segment holds the largest share of more than 30% in the Sodium Bromide market in 2019. The industrial grade Sodium Bromide is a crystalline powder, which is readily soluble in water used in the production of biocides used in industrial cooling towers and pasteurizer. Whereas, the growing industrial water treatment and oil extraction activities further propels the growth of this segment, which in turn drive the market growth.
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Sodium Bromide Market Segment Analysis - By Form
Based on the form, powder form segment holds the largest share of more than 35% in the Sodium Bromide market in 2019. The powder Sodium Bromide is very useful as chemical intermediate for the formulation of chemicals and bromides. Whereas, the growing uses of Sodium Bromide Powder to form clear-brine work over and completion fluid where formation water contain high concentrations of bicarbonate and sulfate ions further propels the growth of this segment, which in turn drive the market growth. Additionally, the ease of packaging and transportation of powder form sodium bromide and surging uses of powder in residential and commercial sector are also contribute to the growth of this market.
Sodium Bromide Market Segment Analysis - By Application
Water Treatment segment hold the largest share of more than 35% in the Sodium Bromide market in 2019. Sodium Bromide solution is used to disinfect water systems such as evaporative cooling towers, hot tubs and swimming pools. Efficacy and cost effectiveness of Sodium Bromide compared to other water treatment chemicals such as Sodium Bisulphite and ferric sulfate are major factors driving the growth of the Sodium Bromide market. Furthermore, the wide use of Sodium bromide is to control bacteria, algal slimes, and fungal in the municipal wastewater and industrial wastewater treatment drive the market growth. In addition, surging demand for freshwater pose an opportunity for the growth of Sodium Bromide market. According to the Organization for Economic Co-operation and Development, freshwater demand is projected to increase by 55% globally between 2000 and 2050, significantly aiding the market growth.
Sodium Bromide Market Segment Analysis - By End-Use Industry
Food & Nutrition segment is projected to grow with a significant CAGR of around 4.3% in the Sodium Bromide market during the forecast period owing to the growing health concern, surging demand for nutritional food, and growing population. As, Sodium Bromide-based antimicrobials as a unique solution used for the food processing industry as an effective product against many pathogenic bacteria such as Salmonella. Whereas, the growing food and beverage industry from developing country like China and India coupled with the growing population drive the growth of this market. According to The Association for Packaging and Processing Technologies (PMMI) 2018 Beverage Report, the North American beverage industry is expected to grow by 4.5% during 2018-2028.
Sodium Bromide Market Segment Analysis - Geography
Asia Pacific hold the largest share of more than 45% in the Sodium Bromide market in 2019 owing to the large consumer base, presence of emerging countries, rapid industrialization & urbanization, rising per capita income of the individuals, and the availability of low-cost labor. Asia-Pacific is also projected to have fastest growth, owing to rapidly developing infrastructure as a result of growing industry base as a shifting of global manufacturing base in the region and, government initiatives in developing nations such as China, and India in this region.
Sodium Bromide Market Drivers
Increasing usage of Sodium Bromide across various industry verticals
Sodium bromide is a single salt clear brine fluid or is used in the combination with other brines that offers various benefits such as a non-damaging to the formation, non-flammable, thermally and chemically stable, can be blended with other solutions of bromides and chlorides, and useful when used in formations that are known to have calcium sensitivity. Additionally, sodium bromide also used in situations where formation waters contain high levels of sulfate or carbonate that may precipitate with the calcium ion. Thus, owing to these benefits the demand for sodium bromide is growing across various industries. Sodium bromide can be used as raw material in the preparation of liquid photographic film, in medicines used for the production of diuretics and sedatives, as the brominating agent in printing and dyeing, and it can also be used in synthetic fragrances and other chemicals. In addition, it is also used for the preparation of drilling fluids, completion fluids and drilling muds formulations. Thus, the growth of industries like water treatment, healthcare, oil and gas, and photography are further driving the growth of this market.
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Sodium Bromide Market Challenges
Presence of other alternatives to Sodium Bromide and the Emergence of COVID-19
The presence of alternatives such as sodium bisulphite ammonium thiosulphate, sodium chloride, and bisulfate which has better efficiency than sodium bromide, restraints the market growth of Sodium Bromide. Whereas, the outbreak of COVID-19 globally further acts as a challenging factor to the market growth. The corona pandemic has disrupted the global supply chain, shutdown of various end-use industry production, lack of manpower, the global lockdown, and declined demand from consumers further restraining the market growth. In addition, decrease in purchasing capital impacted the growth of food, agriculture, and oil & gas industries further affecting the growth of the Sodium Bromide market. For instance, the decline in activity in the oil and gas exploration and production further resulted in a decline in the demand for sodium bromide products.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Sodium Bromide market report. In 2019, the market of Sodium Bromide has been consolidated by the top 10 companies accounting for xx% of the share. Major players in the Sodium Bromide market are Albemarle, LANXESS, Schlumberger, Tata Chemicals, TETRA Technologies, Jordan Bromine Company Ltd., Shandong Haiwang Chemical Co., Ltd., Chemtura Corporation, and ICL Industrial Products, among others.
Acquisitions/Technology Launches
In November 2017, Shandong Haiwang Chemical Co., Ltd. and Djibouti Salt Industry Co., Ltd. held a signing ceremony for the cooperation agreement on the Sodium Bromide Project in Djibouti.
Key Takeaways
Rise in Oil and Gas activities in the country like the USA, Middle East, and Russia raises the demand for Sodium Bromide.
Sodium bromide is generally non-reactive and very water soluble that further augments the demand for Sodium Bromide.
The stringency in mercury emission control from developed regions will drive the growth of the sodium bromide market during the forecast period.
Decline in manufacturing activities and disruption of supply chain due to the outbreak of coronavirus has hampered the growth of the Sodium Bromide market.
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