Hydrogen Bromide Market - Regional Synopsis
APAC Market Forecast
Asia Pacific industry is predicted to dominate majority revenue share of 52% by 2037. This dominance will be noticed due to the increase in the economies of the countries in this region. For instance, the International Monetary Fund (IMF) has updated its GDP expansion projections for China in 2023 and 2024. It projected China's economy to increase by 5.4% in 2023, increased from its earlier projection of 5%. China’s conversion into a forceful private sector-led economy and its unification into the international economy have been among the most drastic economic growths of current decades. Indeed, China’s expansion execution over the last two decades has been impressive, with GDP expansion averaging almost 8 percent.
North American Market
The hydrogen bromide market in the North American region will also encounter huge expansion during the forecast period owing to the increasing oil and gas production in this region. North American generation is set to surpass 41 million boe/d in 2023. By comparison, Middle East oil and gas production in 2023 is just more than 38 million boe/d. Increasing energy prices in 2022 attached fuel to the U.S. debate over the upcoming of oil and natural gas, energy freedom, and the fight against climate change. Recently, the United States has recovered its place as the world’s biggest producer of oil and gas.
