H1 2023: Hydrobromic Acid prices went up and down in the Asia Pacific region in H1 2023. The Hydrobromic Acid market witnessed a plunge its market value in the Asian region in the first three months of 2023. During this period, there was a decrease in demand for Hydrobromic Acid, while the supply remained consistent within the regional market. The reduction in the prices of raw materials, specifically Bromine and Phosphorus, played a pivotal role in lowering the production cost of Hydrobromic Acid, subsequently influencing its market price. The demand for the product in downstream pharmaceutical industries was notably subdued, marked by operational challenges and declining production costs. Despite this, product shipments proceeded smoothly, resulting in abundant product availability in the Asia Pacific region. During Q2 2023, the Hydrobromic Acid market in China underwent a bearish trend. This decline was primarily linked to a significant reduction in feedstock Bromine prices and hazy demand from downstream industries. Market supply maintained a moderate level, with inventories remaining reasonable. The demand for Hydrobromic Acid was characterized as low to moderate and new inquiries were limited. In H1 2023, the Hydrobromic Acid market in the United States underwent a bearish trend, characterized by a substantial downturn in prices and overall subdued market conditions. The notable reduction in Hydrobromic Acid prices was primarily driven by a sharp decline in feedstock Bromine prices.
The global Hydrobromic Acid market stood at approximately 1280 thousand tonnes in 2022 and is anticipated to grow at a healthy CAGR of 6.7% during the forecast period until 2032.
Hydrobromic Acid is a clear or pale-yellow liquid resulting from the union of a lone hydrogen atom and bromine. It possesses a boiling point of 120˚C and a melting point of -110˚C. Leveraging its catalytic properties, Hydrobromic Acid is employed in the extraction of numerous metals. Additionally, it serves as a key ingredient in the production of both organic and inorganic bromides like Calcium Bromide, Sodium Bromide, and Zinc Bromide. Hydrobromic acid stands as an essential primary component for organic intermediates, inorganic pharmaceuticals, photosensitive materials, dyes, and medications. Furthermore, it serves a pivotal role in the manufacturing of various bromine compounds. The acid is a crucial agent in multiple industrial processes, including isomerization, polymerization, hydration, dehydration, and esterification reactions. Notably, it plays an indispensable role in the extraction of mercury from cinnabar ore. In the energy sector, it is used a flux material for particular types of solder where it acts to clean the metal to allow for a strong solder bond.
Hydrobromic Acid emerges as a significant chemical in the chemical industry. Hydrobromic acid (HBr) plays a pivotal role in the chemical industry, serving as a versatile component in various processes. Its strength as a catalyst is harnessed in reactions like alkylation and isomerization, while its hydrobromination capabilities contribute to the synthesis of diverse organic compounds. As a source of bromine, HBr is integral in bromination reactions, enabling the introduction of bromine atoms into molecules. Its involvement in the synthesis of organic compounds spans pharmaceuticals, dyes, and flame retardants. Additionally, HBr is utilized in dehydration reactions, polymerization processes, and metal refining, showcasing its multifaceted significance in chemical manufacturing. Hydrobromic acid is a crucial component in the pharmaceutical sector, playing a vital role in the synthesis of various drugs and intermediates. It serves as a valuable reagent in organic chemistry, particularly in drug synthesis, contributing significantly to the preparation of pharmaceutical compounds. Hydrobromic acid's versatility is evident in its ability to convert amines into hydrobromides, essential intermediates in drug manufacturing. This versatility extends to forming quaternary ammonium salts vital for various pharmaceutical applications, such as catalysts and antimicrobial agents. Acting as an acid catalyst in specific reactions, hydrobromic acid enhances efficiency and selectivity in drug synthesis, ensuring high yields and purities. The growth in the pharmaceutical sector stands as a key driver influencing the market value of hydrobromic acid. The global Hydrobromic Acid market size is anticipated to reach nearly 2450 thousand tonnes by 2032.
Based on region, Asia Pacific region is the biggest consumer of Hydrobromic Acid. In the forecast period, the Asia Pacific region is anticipated to hold a substantial market share, propelled by swift industrialization and robust growth in the pharmaceutical and agriculture sectors. Notably, China and India emerge as pivotal markets for hydrobromic acid in this region. Concurrently, the North American, European, and Middle Eastern & African markets are expanding, buoyed by the growth in pharmaceutical and chemical industries. In North America, the U.S. and Canada stand out as key contributors to market growth, while in Europe, Germany and the U.K. are key consumer of hydrobromic acid. The market dynamics in these regions are characterized by the increasing applications of hydrobromic acid across diverse industrial sectors.
Based on the end-user industry, the global Hydrobromic Acid market is divided into Chemical, Pharmaceutical, Energy Storage, and Others. However, Chemical industry dominates the global Hydrobromic Acid market followed by pharmaceutical industry.
Major players in the Global Hydrobromic Acid market are Albemarle Corporation, LANXESS, Tokyo Chemical Industry Co., Ltd., Honeywell International Inc., Jordan Bromine Company, Tosoh Corporation, Shandong Tianxin Pharmaceutical Technology Co., Ltd, Apollo Scientific Ltd., ICL, and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Hydrobromic Acid which covers production, demand and supply of Hydrobromic Acid market in the globe.
• To analyse and forecast the market size of Hydrobromic Acid
• To classify and forecast Global Hydrobromic Acid market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Hydrobromic Acid market in the globe.
To extract data for Global Hydrobromic Acid market, primary research surveys were conducted with Hydrobromic Acid manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Hydrobromic Acid market over the coming years.
ChemAnalyst calculated Hydrobromic Acid demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Hydrobromic Acid. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Hydrobromic Acid manufacturers and other stakeholders
• Organizations, forums and alliances related to Hydrobromic Acid distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Hydrobromic Acid manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Hydrobromic Acid market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
1280 thousand tonnes
Market size Volume in 2032
2450 thousand tonnes
Growth Rate
CAGR of 6.7% from 2023 to 2032
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2032
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Chemical, Pharmaceutical, Energy Storage, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Member - Board of Directors
Osaka Gas Co. Ltd
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What was the net market size of Hydrobromic Acid in terms of volume in 2022?
Ans:
The global market size of Hydrobromic Acid had reached approximately 1250 thousand tonnes in 2022.
Q2.
Which region is the major consumer of Hydrobromic Acid?
Ans:
Asia Pacific region is the leading consumer of Hydrobromic Acid globally.
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