Calcium Bromide Market Regional Analysis:
North American Market Insights
North America region is poised to dominate around 44.6% market share by 2035. The growth of the market can be attributed majorly to the increasing shale gas production in the region owing to higher demand. Calcium bromide is highly used in shale gas production in the form of fluid completion. It is observed that shale gas and tight oil production in the United States was 24 trillion cubic feet in 2021. Furthermore, calcium bromide is extensively used in deep-sea exploration which is also expected to expand the market size in the region over the forecast period. According to the data released by Oceanic and Atmospheric Research (OAR), in 2022, USD 4.42 billion of investment has been provided by the government of the region for deep-sea research and operations. Hence, on the back of growing initiatives by the government for deep-sea exploration, the global calcium bromide market is anticipated to grow during the forecast period. Moreover, the increased instances of horizontal drilling owing to reservoir complexities are also predicted to fuel the market growth in the region during the forecast period.
APAC Market Insights
The Asia Pacific calcium bromide market, amongst the market in all the other regions, is projected to hold the second largest share during the forecast period. The growth of the market can be attributed majorly to the fact that countries such as, India and China are also allotting a plethora of budgets for activities such as deep-sea exploration and deep-sea mining. Therefore, on the back of the rising investment in sea exploration activities, the global calcium bromide market is anticipated to exhibit remarkable growth during the forecast period. For instance, In China, has 5 deep-sea mining contracts issued by the ISA. Furthermore, 150,000 kilometers of the area was granted for deep-sea mining exploration in China in 2019 while Korea received a grant for approximately 100,000 kilometers.
