Calcium Bromide Market Size

Calcium Bromide Market size was over USD 5.24 Billion in 2023 and is expected to exceed USD 9.52 Billion by the end of 2036, growing at over 4.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of calcium bromide is evaluated at USD 5.49 Billion. The growth of the market can be attributed to the growing demand in multiple industries, such as, gas & oil, energy production, and others. Calcium bromide is used in the gas & oil industry since it can manage the pressure in upstream oil & gas operations. For instance, more than 4 billion metric tons of oil are produced globally. Meanwhile, the daily demand for oil in 2022 is estimated to be around 91 million barrels.

In addition to this, an up-surged demand for calcium bromide in the energy production industry is also anticipated to hike the growth of the market. As of 2020, global energy consumption was projected to be at almost 550 exajoules.  Calcium bromide is used in various compounds that are utilized for high-density clear drilling and packing fluids to maintain the pressure of the wellbore. It is further utilized to decrease the emission of mercury from the coal-fired power plant. Calcium bromide is also utilized in the form of powder in freezing mixtures, photography, neuroses, fire retardants, and others. In 2019, the fire retardants industry was valued at over USD 5 billion globally.  All these factors are anticipated to influence the growth of the market positively during the forecast period.