Bromine Market is valued at USD 3321.4 Million in 2021 and expected to reach USD 4520.0 Million by 2028 with the CAGR of 4.5% over the forecast period.
Global Bromine Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028- Increasing demand for flame retardants, rising demand for bromine in oil and gas drilling, and growing use of hydrogen bromide in flow batteries are some of the major factors driving the growth of the Global Bromine Market.
Bromine is a chemical element with the symbol Br & atomic number 35. It is the third-lightest halogen and is a volatile red-brown liquid at room temperature that evaporates to form a similarly colored vapor. Bromine is used to make paints, fumigants, sanitizers, flameproofing agents, water purification compounds, agents for photography, emulsifiers in vegetable oils, and citrus-flavored beverages. It is also used as a disinfectant for surfaces due to its harmful effect on microorganisms. The main types of bromine derivatives are organobromine, clear brine liquid, and hydrogen bromide. Automobiles, agriculture, and electronics are some of the major end-user industries of bromine.
The Covid-19 pandemic has negatively impacted the growth of the global bromine market. Due to this lockdown, the consumer market has suddenly started showing zero interest in buying any goods. One of the major issues facing the market is the closure of all modes of transport. The bromine market was slowed down by the global crisis for all sectors, including shipping, as demand for goods production and exports fell.
The global bromine market is segmented on the derivatives, applications, end-use and region & country level. Based on derivatives, the global bromine market is segmented into hydrogen bromides, clear brine fluid, and organobromines. By applications, the global bromine market is segmented into oil & gas drilling, mercury emission control, pesticides, BHR flow batteries, flame retardants, water treatment, and others. By end-use, the global bromine market is segmented into agriculture, cosmetics, textiles, oil & gas, pharmaceuticals, and automotive.
The regions covered in the global bromine market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global bromine is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
Some major key players for the global bromine market report cover prominent players like Ab-Aromatics, Albemarle Corporation, Clean engineering pvt. Ltd., Gulf Resources, Inc., Hindustan Salts Ltd., Honeywell International Inc., ICL Group Ltd., Kdm Chemical, Lanxess ag, Manisha chemical industries, Mody chemi pharma pvt.ltd., Precious Chemicals, Satyesh Brinechem Pvt. Ltd., Solaris Chemtech Industries Ltd., Bagavathi polymers, TATA Chemicals Ltd., TETRA Technologies, Inc., Tosoh Corporation, Others.
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||USD 3321.4 Million|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 4520.0 Million|
|Tables, Charts & Figures:||175|
|Bromine Companies||Albemarle Corporation, LANXESS AG, Tosoh Corporation, TETRA Technologies, Inc., Solaris Chemtech Industries Ltd., TATA Chemicals Ltd., Hindustan Salts Ltd., Honeywell International Inc., Gulf Resources, Inc., Satyesh Brinechem Pvt. Ltd., ICL Group Ltd., and others.|
|Segments Covered||By Derivatives, By Applications, By End-Use|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
TPU Scientists Developed Artificial Blood Vessels and New Compounds of Chlorine and Bromine under the Sponsorship of the Russian Science Foundation.
On March 3rd, 2021; The Russian Science Foundation (RSF) sponsored two projects of Tomsk Polytechnic University scientists under a grant competition. With the help of the foundation, scientists developed artificial blood vessels through new methods and synthesize new compounds of chlorine, bromine, and iodine. The equipment of the centers for collective use in St. Petersburg was used for the experimental and practical parts of the research.
BSEF Facilitated Launch of the India Bromine Platform (IBP)
On June 14th, 2019; BSEF, the International Bromine Council, worked with key stakeholders to promote bromine and its applications in India. Taking this a step further, in 2019, BSEF, working with Avalon Consulting, BSEF's India consulting partners, collaborated with the Chemical Council of India, India's apex chemical industry body has launched the India Bromine Platform (IBP).
Increasing Demand for Flame Retardants, Rising Demand for Bromine in Oil and Gas Drilling, and Growing Use of Hydrogen Bromide in Flow Batteries are Some of the Major Factors Driving the Market Growth
One of the major factors driving the growth of the bromine market is the increasing demand for flame retardants. Globally, fire-related accidents cause billions of dollars in property damage each year. Insurance companies have to use a large portion of their revenue to settle claims on the property, infrastructure, and human lives lost in fire accidents. This makes anti-inflammatory agents or flame retardants important chemicals because they reduce fire-related risks for almost every manufactured item. Flame retardants prevent fires by delaying the combustion process by forming a layer of free radicals. They release either carbon dioxide or free radicals that combine with oxygen molecules, thereby inhibiting the oxidation process. For instance,; according to Institute for Health Metrics and Evaluation; on December 18th, 2019; in 2017, fires, heat, and hot objects caused nearly 9 million injuries worldwide. Thus, an increasing number of fire accidents are expected to drive the market.
In addition, the rising demand for bromine in oil and gas drilling is boosting the growth of the bromine market. Oil and gas are extracted from porous rock by drilling holes in this area. Bromine in the form of clear brine can compensate for the gravity required to balance the pressure required to prevent clogging of pores drilled in porous rock. Increasing oil and gas drilling activities require large amounts of bromine. For instance; on July 14th, 2022; Pemex launched a tender for onshore oil and gas drilling equipment.
Furthermore, the growing use of hydrogen bromide in flow batteries is also supplementing the bromine market growth. Hydrogen-bromine flow batteries are a reliable source of sustainable energy for large-scale industrial units. They are currently being used as a reliable energy storage solution in various industrial units around the world.
However, the toxic effects of brominated compounds and threats due to non-halogenated flame retardants associated with bromine may hinder the growth of the global bromine market. Despite that, increasing the use of hydrogen bromide in flow batteries may create more opportunities in the global bromine market.
Asia Pacific Holds a Major Share in the Global Bromine Market
Geographically, Asia Pacific is expected to capture a major share in the global bromine market within the forecast period due to the increasing demand for flame retardants, rising technological advancement, and growing disposable income in this regions. Increasing demand for flame retardants is driving the growth of the market. For instance; on December 22nd, 2021; Clariant begins construction of flame retardants production facility in China. In addition, the rising technological advancements is another factor supplementing the market growth in this region. For instance; on June 14th, 2019; BSEF facilitated the launch of the India Bromine Platform (IBP).
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