H1 2023: In H1 2023, the major players in the global Sodium Bromide market were ICL Group Ltd., Albemarle Corporation, and Jordan Bromine Company. Based on Sodium Bromide production capacity, ICL Group Ltd., was leading in the market in H1 2023. In the Indian market, in January 2023, sodium bromide prices followed were high due to expensive Sodium Bromide imports from Europe. However, in February 2023, sodium prices fell due to moderate to weak demand from the downstream industries in the nation. In the next month, sodium bromide prices again dropped slightly in India. The market prices fell primarily due to built-up inventories and moderate demand from the downstream end-user industries such as oil and gas drilling industry in India. In the period of April-June 2023, the Indian Sodium Bromide market experienced a bearish trend, with prices falling throughout the months. Prices further fell in June as a result of low-cost imports and lower production expenses. However, in Europe, sodium bromide price was high in January 2023. It was due to high energy prices, which was directly limited by the availability of materials in the region. However, prices began to decline from February 2023, as demand of the product by the importers was low and major manufacturers held large product inventories. Sodium Bromide Prices continued to fall in March 2023 due to weak demand outlook from the downstream industries. In the Netherlands, the Sodium Bromide market saw a bearish trend from April-June 2023. Prices fell as a result of a decline in regional manufacturing activity, which was accompanied by reduced downstream demand. The demand from the downstream water treatment and oil drilling industries were hazy resulting in limited purchases in the country.
At the same time, the production costs declined as the cost support from upstream Bromine decreased.
The global Sodium Bromide market stood at nearly 140 thousand tonnes in 2022 and is expected to grow at a healthy CAGR of 4.68% during the forecast period until 2032.
Sodium Bromide possess properties like non-flammable nature, thermally and chemically stable, non-damaging to the formation, and ability to be blended with other bromides and chloride solutions. Sodium bromide is a single salt clear brine fluid. Uses for sodium bromide include the production of photosensitive materials, flavorings, printing and dyeing, inorganic and organic synthesis, micro determination of cadmium and bromides, and photographic plates. This salt is frequently used when the bromide radical is present. Numerous chemistry and pharmaceutical industries make use of this salt. In medicine, sodium bromide has been employed as a hypnotic, anticonvulsant, and sedative. Additionally, it is employed in the formulations for drilling fluids, completion fluids, and drilling muds. Therefore, this market's expansion is being further fueled by the growth of sectors like water treatment, healthcare, oil and gas, and photography.
The market is expanding as a result of the rapidly increasing uses of sodium bromide in a variety of goods, including drilling and cementing, water treatment, and cleaning agents. Additionally, the soaring use of sodium bromide in the film and photography industries is a factor in the expansion of the Sodium Bromide Market size throughout the forecast period. The Sodium Bromide market is expected to reach approximately 220 thousand tonnes in 2032.
Regionally, the MEA region is dominating the Sodium Bromide market. This region held approximately 42% in 2022. The demand for sodium bromide is increasing as oil and gas production increases in nations situated in the Middle East and is likely to retain its dominance in the forecast period. Furthermore, the Asia Pacific region also holds significant market shares. Due to the substantial customer base, the presence of growing nations, the rapid industrialization and urbanization, the rise in per capita income of the population, and the accessibility of cheap labor, APAC is anticipated to remain the key consumer in the forthcoming years. Based on the geography, a large share of sodium bromide capacity is captured by the APAC region, with China and India being the top players.
Based on the end-user industry, the global Sodium Bromide market is segmented into Oil Well Completion, Photography & Pharmaceuticals, and Others. Although, Oil Well Completion is dominating the Sodium Bromide market and captured approximately 65% of the market in 2022. Sodium bromide is a component of drilling and completion fluids used in oil well completion. The fluid helps to increase an oil well's productivity and reduce site erosion.
Major players in the production of Global Sodium Bromide are ICL Group Ltd., Jordan Bromine Company, Albemarle Corporation, Vynova PPC, TETRA Technologies, Agrocel Industries Pvt. Ltd, OC Specialities Pvt. Ltd, Windia Chemicals Pvt. Ltd., TC Bromine, Weifang Orenyuan Chemical Co. Ltd, Mody Chemi-Pharma Limited, and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Sodium Bromide which covers production, demand and supply of Sodium Bromide market in the globe.
• To analyse and forecast the market size of Sodium Bromide
• To classify and forecast Global Sodium Bromide market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Sodium Bromide market in the globe.
To extract data for Global Sodium Bromide market, primary research surveys were conducted with Sodium Bromide manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Sodium Bromide market over the coming years.
ChemAnalyst calculated Sodium Bromide demand in the globe by analyzing the historical data and demand forecast which was carried out considering the raw materials to produce Sodium Bromide. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Sodium Bromide manufacturers and other stakeholders
• Organizations, forums and alliances related to Sodium Bromide distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Sodium Bromide s manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Sodium Bromide s market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
140 thousand tonnes
Market size Volume by 2032
220 thousand tonnes
Growth Rate
CAGR of 4.68% from 2023 to 2032
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2032
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity By Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Oil Well Completion, Photography & Pharmaceuticals, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Market Data & Insights
Table of Content
1. Industry Market Size
It is an essential metric for market analysis, as it provides insights into the overall size and growth potential of Sodium Bromide market in terms of value and volume.
2. Capacity By Company
On our online platform, you can stay up to date with essential manufacturers and their current and future operation capacity on a practically real-time basis for Sodium Bromide.
3. Capacity By Location
To better understand the regional supply of Sodium Bromide by analysing its manufacturers' location-based capacity.
4. Plant Operating Efficiency
To determine what percentage manufacturers are operating their plants or how much capacity is being currently used.
5. Production By Company [Quarterly Update]
Study the historical annual production of Sodium Bromide by the leading players and forecast how it will grow in the coming years.
6. Demand by End- Use [Quarterly Update]
Discover which end-user industry (Oil Well Completion, Photography & Pharmaceuticals, and Others) are creating a market and the forecast for the growth of the Sodium Bromide market.
7. Demand by Region
Analyzing the change in demand of Sodium Bromide in different regions, i.e., North America, Europe, Asia Pacific, Middle East and Africa, and South America, that can direct you in mapping the regional demand.
8. Demand by Sales Channel (Direct and Indirect)
Multiple channels are used to sell Sodium Bromide. Our sales channel will help in analyzing whether distributors and dealers or direct sales make up most of the industry's sales.
9. Demand-Supply Gap
Determine the supply-demand gap to gain information about the trade surplus or deficiency of Sodium Bromide.
10. Company Share
Figure out what proportion of the market share of Sodium Bromide is currently held by leading players across the globe.
11. Manufacturing Process
Discover insights into the intricate manufacturing process of Sodium Bromide.
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into the worldwide outages affecting the commodity of interest. With every shutdown, it also reflects the impact on
supply of the product in the market at a Global level.
What was global market size of Sodium Bromide in terms of volume in 2022?
Ans:
The global market size of Sodium Bromide has grown significantly in the historic period of 2015-2022 and reached nearly 140 thousand tonnes in 2022.
Q2.
Which end-use industries are the major consumers of the Global Sodium Bromide market?
Ans:
The Oil Well Completion and Photography & Pharmaceuticals industries are the major consumers of the Sodium Bromide market.
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