Calcium Bromide Market Analysis

End-user (Automotive, Oil & Gas, Energy Production)

The global calcium bromide market is segmented and analyzed for demand and supply by the end-user industry into automotive, oil & gas, energy production, and others. Out of the segments, the oil & gas segment is estimated to gain the largest market share in the year 2037. The growth of the segment can be attributed to the increasing consumption and production of oil and gas and their higher utilization in automotive engines, households, power plants, and others. For instance, a typical engine of an automobile requires approximately 8 quarts of oil. Furthermore, more than 18 million barrels of petroleum were consumed in the United States in 2021. Similarly, a huge demand for gas can also be found across the globe which is further anticipated to boost the growth of the market over the forecast period.

Furthermore, the energy production segment is projected to hold the second-largest share during the forecast period. The growth of the segment can be accounted to the higher utilization of energy in almost every industry along with household facilities. The industrial use of energy is estimated to spike year over year owing to the rapid growth in the industrialization process worldwide. As of 2021, around 170 EJ of global final energy was consumed by the industrial sector, especially for coke ovens, blast furnaces, and feedstocks. Furthermore, as of 2021, around 10,000 kilowatt hours of energy were consumed by residential utilities in the United States. Therefore, such factors are estimated to influence segment growth positively over the forecast period.

Our in-depth analysis of the global market includes the following segments: