Hydrobromic Acid Market size was over USD 857.24 million in 2024 and is expected to reach USD 2.22 billion by the end of 2037, witnessing around 7.6% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of hydrobromic acid is assessed at USD 909.36 million. The primary reason behind the exceptional growth of the market is the increasing consumption of electricity across the world and hydrobromide acid is an important element electrical industry. In 2022, the complete global electricity generation was around 29,000 TWh. Total primary energy is shifted into multiple types, comprising, but not restricted to, electricity, heat, and motion. Some basic energy is lost at the time of the shift to electricity, as noticed in the United States, where a little over 60% was lost in 2022.
Another reason that will also drive the market of hydrobromic acid is the increasing expansion of the pharmaceutical industry across the world. The pharmaceutical industry is in charge of the research, development, generation, and distribution of drugs. The market has noticed substantial expansion during the past two decades, and pharma profits across the world summed at 1.48 trillion U.S. dollars in 2022. Sales of the pharmaceutical markets in BRICS and MIST countries two-folded in 5 years, touching a market share of around 20%. The transformation toward these new markets has contributed to the immense populations, increasing prosperity, and rising life likelihood in BRICS and MIST countries. Additionally, organizations are noticing flattened expansion of advanced markets, closure of patents leading to the up-selling of less costly usual medications, and tight rules imposed in mature markets. Specific attention must thus be provided to these growing markets. The planning adopted by pharmaceutical organizations that expect to grow in these markets must be accommodated to the pace of growth of every country.
Growth Drivers
Challenges
Base Year |
2024 |
Forecast Year |
2025-2037 |
CAGR |
7.6% |
Base Year Market Size (2024) |
USD 857.24 million |
Forecast Year Market Size (2037) |
USD 2.22 billion |
Regional Scope |
|
Product (Hbr 48%, Hbr 62%)
The Hbr 48% segment is expected to hold 65% share of the global hydrobromic acid market by 2037. The reason behind this segment’s dominance is the rising investment in the pharmaceutical industry and Hbr 48% is immensely used in making medications. The industry's upcoming course is hopeful, with the pharmaceutical components market expected to touch around USD 130 billion by the end of 2030. Simultaneously, the international pharmaceutical components market is projected to exceed the USD 1 trillion mark by the end of 2024. The pharma industry is incorporated into some major multinational organizations. Depending on prescription drug sales, U.S. organization Pfizer has been among the global foremost pharmaceutical organizations for many years. The organization, which has its international headquarters in New York City, produced a total profit of over 100 billion U.S. dollars in 2022. A lot of the foremost pharma organizations come from the United States, and, thus, it is no astonishment that the country has the biggest national health and pharmaceutical market globally.
Application (Food & Beverage, Pharmaceutical, Agricultural, Chemical)
The chemical segment in the hydrobromic acid market is projected to account for 40% of the revenue share by 2037. This supremacy of the segment will be noticed due to the wide expansion of the chemical industry across the world. In 2023, a calculated USD 2.8 trillion was spent internationally on energy, with over 60% invested in clean energy technology, like sustainable resources, EVs, and battery storage. Part of this has been in answer to the regulation of the United States that is assisting to encourage private-sector investment. For instance, in the year after the CHIPS Act was approved into law, the private sector declared USD 166 billion in spending on semiconductor plants, and in the year since the IRA was approved into law, the private sector declared roughly USD 88 billion in clean energy manufacturing.
Our In-Depth Analysis of The Global Market Includes the Following Segments:
Type |
|
Product |
|
Application |
|
End-Use Industry |
|
North American Market Statistics
The hydrobromic acid market in the North America region will have the highest growth during the forecast period and will hold almost 42% revenue share. This supremacy will be noticed due to the region’s pharmaceutical companies’ increasing investment in making more potent drugs. It is noticed that around 244 thousand publications straight associated with drugs, of which 16% recognized NIH funding completing USD 36 billion. Contrarily, it is seen that 2 million publications associated with the biological aims of these drugs, of which 21% recognized NIH funding totaling USD 195 billion. Two-thirds of the research funding was for investigator-influenced Research Projects or Research Program Projects and Centers that give research infrastructure, and less than one-third was associated with government-influenced and maintained Cooperative Agreements of Intramural Research.
European Market Analysis
The hydrobromic acid market in the Europe region will have significant growth in the forecast period. This growth will be noticed because of the increasing prevalence of chronic disease in this region. Chronic diseases, like heart disease, stroke, cancer, chronic respiratory diseases, and sugar, are by a long shot the foremost cause of mortality in Europe, showing 77% of the entire disease pressure and 86% of all deaths. These diseases are connected by usual risk factors, fundamental factors, and scopes for intervention.
29 January 2024: Merck KGaA, a foremost science and technology organization, declared the opening of the Merck Digital Hub in Singapore, the first external of the US and Europe for the digital business of Merck. Assisted by the Singapore Economic Development Board (EDB), the Digital Hub focuses on driving developments inside the healthcare and semiconductor industries.
26 January 2024: Merck KGaA, a foremost science and technology organization, has agreed on a 10-year green power purchase agreement (PPA) with China Resources Power Holdings Co., Ltd. This is Merck's first consistent sustainable energy acquisition in China, with a projected intake of 300 gigawatt hours (GWh) in ten years.
Author Credits: Rajrani Baghel
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?