Wilmington, Delaware, United States, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global market for hydrobromic acid was estimated to have garnered a global market valuation of around US$ 519.7 million in 2022. The market is anticipated to grow with a steady 6.7% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 934 million.
The manufacture of several medications and drug intermediates uses hydrobromic acid, which has a substantial impact on the pharmaceutical industry. It is a useful reagent in the field of organic chemistry, especially for synthesizing drugs. HBr is used to prepare a variety of medicinal molecules. It may be used to change amines into the equivalent hydrobromides, which are necessary intermediates in a number of drug production methods. The pharmaceutical industry's expansion is boosting the global market for hydrobromic acid.
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Global Hydrobromic Acid Market: Key Players
With several producers of hydrobromic acid, the industry is extremely fragmented globally. The majority of businesses are heavily investing in the R&D of new items in an effort to diversify their product offerings and improve their market share for hydrobromic acid.
The top producers of hydrobromic acid include Albemarle Corporation, LANXESS, Tokyo Chemical Industry Co., Ltd., Honeywell International Inc., Jordan Bromine Company, Tosoh Corporation Tata Chemicals Ltd., Shandong Tianxin Pharmaceutical Technology Co., Ltd., Vizag Chemicals International, Apollo Scientific Ltd., ICL, and Toronto Research Chemicals.
Some developments by the key players in the global market for hydrobromic acid are:
- In 2023, Albemarle Corporation, a pioneer in the provision of vital components for mobility, energy, communication, and health, announced intentions to site its previously disclosed lithium hydroxide Mega-Flex factory in Chester County, South Carolina.
- The plant would require an initial investment of a minimum $1.3 billion to assist fulfill the rising demand for lithium-ion batteries and local and foreign electric automobiles. Albemarle projects that the plant will have the capacity to generate up to 100,000 metric tons of battery-grade lithium hydroxide yearly from a variety of sources.
Quaternary ammonium compounds, which are essential in the manufacture of several medications, are created using hydrobromic acid. These salts are used in a broad variety of medicinal formulations as surfactants, antibacterial agents, and catalysts.
In several processes used in the manufacture of drugs, hydrobromic acid can function as an acid catalyst. In order to produce pharmaceuticals with high yields and required product purity, it enables chemical transformations, increasing the efficiency and selectivity of certain processes.
Key Findings of the Market Report
- Quaternary ammonium compounds, which are essential in the manufacture of several medications, are created using hydrobromic acid.
- Hydrobromic acid is widely used in the chemical industry for products including dyes, flame retardants, and chemical intermediates.
- The adoption of more sustainable practices as well as the implementation of strict environmental rules are driving up demand for hydrobromic acid.
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Market Trends for Hydrobromic Acid
- The >48% - 62% purity category is anticipated to rule the industry over the projected period, according to the most recent hydrobromic acid market trends. In the pharmaceutical industry, 48% HBr is often utilized for drug synthesis as well as a reagent in a number of chemical processes during the creation of pharmaceutical molecules and intermediates. It is used in the oil and gas industry to drill wells and as a form of catalyst in certain processes.
- Agrochemicals, which include herbicides, insecticides, and fungicides, are frequently made using 62% HBr and are necessary for contemporary agriculture to protect crops and boost yields. Hydrobromic acid's greater purity level (62%) enables more exact control of chemical reactions, which makes it useful for manufacturing operations that call for a certain concentration.
Hydrobromic Acid Regional Market Outlook
- From 2023 to 2031, Asia Pacific is expected to account for a sizable portion. The region's market dynamics are being fueled by rapid industrialisation as well as expansion in the pharmaceutical and agricultural industries. Asia Pacific's two biggest markets for hydrobromic acid are India and China.
- The development of markets in North America, Europe, and the Middle East & Africa is being driven by growth in the chemical and pharmaceutical industries. In North America, the United States of America and Canada serve as the business's primary development engines, while France, Germany, and the United Kingdom serve as its core European markets. Middle East & Africa is a comparatively modest market for hydrobromic acid, but it is expected to expand steadily throughout the projection period.
Global Hydrobromic Acid Market Segmentation
- Purity
- Up to 48%
- >48% - 62%
- Above 62%
- Application
- Organic Intermediates
- Medicines
- Photosensitive Materials
- Dyes
- Catalysts
- Industrial Cleaning
- Ore Extraction
- Biocides
- Completion Fluids
- Electrolytes
- Others
- End-use
- Pharmaceutical
- Chemical
- Optics
- Inks & Pigments
- Mining
- Water Treatment
- Food & Beverage
- Oil & Gas
- Energy Storage
- Others
- Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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