Hydrogen Bromide Market Size

Hydrogen Bromide Market size is expected to reach USD 6 Billion by the end of 2036, growing at a CAGR of 4% during the forecast period, i.e., 2024-2036. In the year 2023, the industry sizr of hydrogen bromide was USD 4 Billion. The primary driver behind the growth of the hydrogen bromide market is the increasing demand for high-capacity batteries across the world. International requirement for Li-ion batteries is projected to rise over the next decade, with the abundance of GWh needed rising from about 700 GWh in 2022 to almost 4.7 TWh by 2030. Batteries for mobility applications, like electric vehicles (EVs), will contribute to the wide bulk of requirements in 2030-about 4,300 GWh. Active components and cell production may have the biggest profit pools. Mining is not the only choice for sourcing battery components, since recycling is also a choice.

Another reason that will help in driving the growth of hydrogen bromide market by the end of 2036 is the increasing consumption of energy across the world. Moreover, international requirements will touch about 660 quadrillion Btu in 2050, an increase of about 15% versus 2021, showing an increasing population and increasing prosperity. Over 70% of the rise in international electricity requirement over the next three years is projected to come from China, India, and Southeast Asia, although sustainable unpredictability stays over trends in China as its economy appears from rigid Covid limitations. China’s share of international electricity utilization is recently anticipated to increase to a latest record of one-third by 2025, increased from one-quarter in 2015. Simultaneously, progressed economies are asking to grow electricity utilization to demonstrate fossil fuels in sectors like transport, heating, and industry. While natural gas-fired power production in the European Union is projected to fall in the coming years, depending on recent trends, substantial expansion in the Middle East is set to moderately offset this limitation.