A recent report published by Infinium Global Research on the bromine market provides an in-depth analysis of segments and sub-segments in the global as well as regional bromine market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional bromine market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global bromine market. According to the report, the global bromine market is projected to grow at a CAGR of 4.29% over the forecast period of 2021-2027.
The bromine market was valued at USD 3.48 billion in 2021 and is expected to reach USD 4.20 billion in 2027, with a CAGR of 4.29% during the forecast period. Bromine is a naturally occurring element that has a brownish-red color with a bleach-like odorand liquid at room temperature. Bromine has numerous industrial usages. For instance, bromine is highly used in the compound ethylene bromide, which once was included in gasoline with tetraethyl lead to prevent deposition of lead in the engine. Bromine compounds have mainly been used in flame retardants since the renunciation of leaded gasoline. But, ethylene bromide is still a vital compound owing to its use to destroy nematodes and other pests in soils. Bromine also has application in the production of catalysts, such as aluminum bromide.
Increasing demand for flame retardants in electronics, consumer goods, and textile industries is driving the demand for the bromine market. Additive, non-polymeric organohalogen flame retardants play a critical fire safety role in the plastic casings of electronics among the many uses of flame retardants in electrical and electronic equipment. Furthermore, factors such as the Increasing use of hydrogen bromide in flow batteries, growing use of bromine compounds in mercury emission mitigation are also driving the market growth. Hydrogen-bromine flow batteries are a reliable source of sustainable power for large-scale industrial units. Presently, these batteries are being used as reliable energy storage solutions in diverse industrial units around the globe. However, BFR (Brominated flame retardant) chemicals are banned in the U.S. since 2004. According to a new study from Indiana University scientists, it still pollutes the bodies of newborn American babies. Moreover, in the European Union, the use of certain BFRs (Brominated flame retardants) is banned or restricted. Increasing oil and gas-related activities are providing lucrative growth opportunities for bromine manufacturers. The emergence of the COVID-19 pandemic had a negative impact on the business performance of bromine market players. The lower demand for products such as clear brine fluids due to a significant decline in oil prices and demand resulted in decreased revenues of the market players. Decreased production in the industries such as automotive and electronics also declined demand for brominated flame retardants that resulted in a drop in revenue for these companies.
Geographically, Asia-Pacific dominates the Bromine market followed by North America and Europe. The dominance of the region is owing to increasing demand from applications such as agricultural chemicals, dyestuffs, insecticides, pharmaceuticals. The demand for bromine in Asia-Pacific is mainly propelled by its rising use in the countries such as China, Japan, and India. The bromine market in the North American region has witnessed steady growth in the past few years, which is estimated to increase in the near future.
The report on global bromine market covers segments such as derivative, and application. On the basis of derivative, the sub-markets include organobromine, clear brine fluids, and hydrogen bromide. On the basis of application, the sub-markets include biocides, flame retardants (FR), bromine-based batteries, clear brine fluids (CBF), and other applications.
The report provides profiles of the companies in the market such as ICL Group Limited, Jordan Bromine Company, Lanxess AG, Albemarle Corporation, Tosoh Corporation, TATA Chemicals Limited, TETRA Technologies, Inc., Solaris Chemtech Industries Ltd., Honeywell International Inc., and Gulf Resources Inc..
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of bromine market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.