Hydrogen Bromide Market Expected to Reach $6.3 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Hydrogen Bromide Market," The hydrogen bromide market was valued at $4.0 billion in 2021, and is estimated to reach $6.3 billion by 2031, growing at a CAGR of 4.9% from 2022 to 2031.

Hydrogen bromide is a colorless compound. It is a hydrogen halide due to the existing diatomic hydrogen compound bonded to bromine. Hydrogen bromide is produced by combining hydrogen and bromine at a temperature of 200 C. Hydrogen bromide is a water-soluble gas in the form of an aqueous solution. Anhydrous solutions of hydrogen bromide are used to produce several gases, including bromide compounds. Hydrogen bromide is widely used as a catalyst as well as a reducing agent in a number of organic and inorganic chemical reactions. It is widely used in the preparation of various industrial gases. Hydrogen bromide is an essential regent for the synthesis of inorganic and organic bromide compounds. It is widely used in combination with hydrogen chloride for polysilicon plasma etching and in other corrosive processes.

Hydrogen bromide exhibits the following important applications:

• HBr is used in the production of organic bromide, such as methyl bromide and bromoethane.
• Inorganic production, such as sodium bromide, potassium bromide, and lithium bromide.
• It is also used in pharmaceutical applications and synthesis of sedatives and anesthetics.
• It is used in industrial drying, textile finishing, coatings, and surface treatments.
• It is also used to etch polysilicon sheets for the manufacture of computer chips.
• Hydrogen bromide is a good solvent for certain metal ores used in high-purity metallurgy.
• It is used as a separation of alkoxy and phenoxy compounds.
• It is also used in synthetic dyes and spices.
• It is used as an analytical reagent in the determination of sulfur, selenium, iron, and zinc.
• It is also effective in the extraction of some metallic minerals.

Owing to these applications, hydrogen bromide is used in a wide range of industries, including flame-retardants, pharmaceuticals, pesticides, water purification compounds, dyes, sanitizers, oil and natural gas drilling, and other sectors.

Hydrogen bromide is majorly used in flame control management and there is increasing demand for flame retardants due to stringent fire safety standards as a major growth opportunity. Each year, fire-related incidents cause billions of dollars' worth of property loss globally. Insurance companies must spend a large amount of their profits on resolving claims for damaged property, destroyed infrastructure, and lost lives. As a result, substances like anti-inflammatory drugs and flame retardants are essential since they lower the risk of fire in practically every produced good. Flame retardants prevent fires by delaying combustion by forming a layer of free radicals. They release carbon dioxide or free radicals that combine with oxygen molecules, thus stopping oxidation. Manufacturers of automobiles, electronics, consumer goods, and textiles must comply with the fire safety regulations of their respective countries. As a result, these safety standards and regulations have increased the demand for flame retardants globally. Hydrogen bromide is a dangerous substance that should be handled with caution. The market for hydrogen bromide could also be hampered by occupational hazards. These factors, along with the fact that shipping hydrobromic acid is expensive because of its powerful acidic nature and the caution that must be exercised when handling acids, restrain the global hydrogen bromide market. Heating hydrogen bromide increases the pressure and causes it to burst. In addition, there is a risk of explosion and fire when it comes into contact with metal. In the etching process for poly-silicon wafers, which are used to make chips in the semiconductor industry, hydrogen bromide is employed. In addition, it is used in the manufacturing of numerous circuit boards across the sector. This factor will certainly provide lucrative opportunity to the hydrogen bromide market. Hydrogen bromide is used in specific chemical components of medicines by the pharmaceutical sector. During the forecast period, increase in demand for efficient therapies is anticipated to provide opportunities hydrogen bromide.

Growing bromine consumption in major industries, such as electronics, oil and gas, agriculture, automotive, and construction, as well as increased demand for flame retardants in automobiles and construction & insulation in Japan and South Korea, will drive the region's hydrogen bromide market growth during the forecast period.

The hydrogen bromide market is segmented into application, end-use industry, and region. Depending on application, it is categorized into biocides, flame retardants, catalyst, oil and gas drilling, polysilicon etching, and others. On the basis of end-use industry, it is categorized into automotive, water treatment, electronics, construction, agriculture, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

The major players operating in the global hydrogen bromide market are 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, and Verni Gas Corporation.

Other players operating in the Hydrogen bromide market are Praxair, Inc., Chemtura Corporation, NRS Chemicals LLP, and Astitva Chemicals.

Key findings of the study

• The report outlines the current Hydrogen bromide market trends and future scenario of the market from 2022 to 2031 to understand the prevailing opportunities and potential investment pockets.
• The market size is provided in terms of revenue.
• On the basis of application, the others segment is expected to grow at a CAGR of 6.6%, in terms of revenue, during the forecast period.
• Depending on end-use industry, the electronics segment is expected to grow at a CAGR of 5.6%, in terms of revenue, during the forecast period.
• By region, Asia-Pacific dominated the market with highest revenue shares of $ 2088.8 million in 2021.

Japan and South Korea Overview

• The demand for hydrogen bromide is being driven primarily by its increasing use in China, South Korea, Japan, and India. Rising infrastructure development and middle-class disposable income in South Korea and Japan have increased demand for flame retardants, which are widely used in insulation and the fabrication of plastic and electronic components.
• The expansion of the pharmaceutical industry in Japan and South Korea is expected to drive the region's hydrogen bromide market during the forecast period.
• Furthermore, the hydrogen bromide market in Japan and South Korea is expected to be driven by an increase in demand for reducing agents for use in industrial applications such as organic and inorganic reactions.

IMPACT OF COVID-19 ON THE GLOBAL HYDROGEN BROMIDE MARKET

• COVID-19 has spread across the globe and effected almost all aspects of life.
• Some major economies that have suffered severely from the COVID-19 crisis include, Germany, France, Italy, Spain, UK, and Norway.
• Due to lockdown and other restrictions imposed by governments to prevent the spread of infections, there was a shortage of raw supplies as well as manpower, further harming the supply chain for the market.
• Due to a 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, electrical operations, supply chain constraints, and a temporary halt in production, the demand from building and construction, automotive industries decreased.
• However, after the pandemic, as the supply chains return to normal after the restrictions were lifted, market participants in this market have explored for measures to minimize the pandemic's impact on their business.