Bromine Market Analysis
Bromine Market Size was valued at USD 03 Billion in 2022 and is projected to grow from USD 3.8 Billion in 2023 to USD 08 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.00% during the forecast period (2023 - 2030).
Bromine is mostly used as a reactant and catalyst to produce products such as photographic chemicals, flame retardants, dyes, disinfectants, pharmaceuticals, agrochemicals, biocides, and others. It is a corrosive and highly volatile chemical element which at room temperature, is a fuming red-brown liquid and evaporates readily to form metals in extreme pressures. This is a halogen that has properties of both iodine and chlorine. Pesticides, water treatment, BHR flow batteries, oil and gas drilling, mercury emission control, flame retardants, and others are some of the key applications of bromine.
Various factors are adding to the Bromine Market share. These factors, as per the new MRFR report, include increasing demand in oil and gas drilling, water treatment, mercury emission control, and flame retardants, extensive use in industrial and domestic applications, increasing use in consumer electronics like television, mobile phones, and computers, increasing use as industrial fumigants for ships, warehouses, mills, and stored products, and the introduction of new brominated fire safety alternative products.
On the contrary, strict governmental measures pertaining to the use of brominated flame retardants in electronic equipment and textile, and its toxic properties are factors that may limit the global bromine market growth over the forecast period.
Bromine Market Market Segmentation
The Market Research Future Report provides an inclusive segmental analysis of the global bromine market based on end use industry, application, and derivatives.
Based on derivatives, the bromine market is segmented into hydrogen bromides, clear brine fluid, and organobromines, and others. Of these, organobromines will lead the market over the forecast period for its extensive use to manufacture biocides for water treatment, fumigants, pesticides, and brominated flame retardants.
Based on the application, the bromine market is segmented into pesticides, water treatment, BHR flow batteries, oil and gas drilling, mercury emission control, flame retardants, and others.
Based on end use industry, the bromine market is segmented into textiles, cosmetics, pharmaceuticals, agriculture, automotive, oil and gas, and others.
Bromine Market Regional Analysis
Based on the region, the bromine market opportunities covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA). Of these, the APAC region will spearhead the market over the forecast period and at a healthy CAGR. Factors propelling the bromine market in the region include the growing population, increasing purchasing power especially in developing nations, burgeoning demand for bromine from the oil and gas industry, and the propelling automobile & agriculture industry in China and India.
The bromine market in Europe will have moderate growth over the forecast period for the presence of a well-established cosmetic and automobile industry. Besides, the developing oil and gas drilling activities in Russia is also adding market growth.
The bromine market in North America is predicted to have healthy growth over the forecast period for the developed industries in the region, such as pharmaceuticals, automobile, and cosmetics, and growing demand for clear brine fluids.
The bromine market in Latin America is predicted to have significant growth over the forecast period for the demand for consumer electronics, an increase in construction, and oil exploration activities in the region.
The bromine market in the MEA is predicted to have stable growth over the forecast period.
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Key Players
- Chemtura Corporation (U.S.)
- Israel Chemicals Limited (Israel)
- Albemarle Corporation (U.S.)
- Tosoh Corporation (Japan)
- TETRA Technologies
- (U.S.)
- Hindustan Salts Limited (India)
- Tata Chemicals Ltd (India)
- Perekop bromine (Republic of Crimea)
- Gulf Resources Inc. (China)
- Honeywell International Inc. (U.S.).
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