LONDON--(BUSINESS WIRE)--The global sodium bromide market is expected to post a CAGR of over 5% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the boom in the oil and gas industry. Factors such as the increase in number of oil and gas exploration activities in the US, Brazil, Mexico, Saudi Arabia, China, Russia, Norway, and other oil- and gas-rich countries and the widespread use of sodium bromide as clear brine fluid for extracting petroleum products will contribute to the growth of the global sodium bromide market.
This market research report on the global sodium bromide market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the stringent mercury emission control as one of the key emerging trends in the global sodium bromide market:
Global sodium bromide market: Stringent mercury emission control
Sodium bromide is one of the major raw materials used in the production of bromide compounds. Bromide compounds and bromine control mercury emissions from coal-fired power plants. Bromine mitigates mercury emissions.
“When there is a contact between bromine and mercury in the presence of flue gases, mercuric bromide is formed. Mercuric bromide can be easily captured in flue-gas scrubbers, as compared to mercuric chloride that is produced at many production facilities. The US EPA formulates standards to limit the emissions of mercury, acid, gases, and other toxic pollutants from power plants. As a result, bromine and its compounds will be used extensively to control mercury emissions during the forecast period,” says a senior analyst at Technavio for research on specialty chemicals.
Global sodium bromide market: Segmentation analysis
This market research report segments the global sodium bromide market by application (oil and gas, and pharmaceuticals) and geographical regions (APAC, EMEA, and the Americas).
The oil and gas segment held the largest market share in 2018, accounting for nearly 51% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of nearly 45%. This region is expected to dominate the market through 2023, with an increase in its market share by nearly 2%.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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