Bromine Market: Global Industry Analysis and Forecast (2023-2029)

Bromine Market was valued at US$ 3.38 Bn. in 2022. Bromine Market size is expected to grow at a CAGR of 4.5% through the forecast period.
Bromine Market Overview:
Chemically speaking, bromine is a substance that almost has the same qualities as iodine and chlorine. It is a fuming, poisonous liquid with a strong stench that is dark crimson in hue. The third member of the halogen group and a naturally occurring element with a strong reactivity, bromine, may be found as salts in saltwater, brines, and subterranean wells. Most commonly, bromine is used to disinfect or purify water. It is a crystalline, colourless mineral halide salt that may be extracted from brine pools. Many different bromine derivatives, including organobromine, hydrogen bromide, and clear brine fluids, are employed in a variety of end-use industries. In addition to being used to disinfect the water in hot tubs and swimming pools, brominated chemicals are also used in industrial operations to control the growth of germs and algae. Additional uses for bromine include flame retardant for plasma etching in semiconductors in the electrical and automotive sectors, and mercury mitigation in coal-fired power plants.To know about the Research Methodology :- Request Free Sample Report

Bromine Market COVID-19 Insights:

ICL Group Ltd. (Israel), Albemarle Corporation (US), LANXESS AG (Germany), and Tosoh Corporation (Japan), among others, are significant Tier I and II providers in the bromine industry. The production locations of these suppliers are dispersed over several nations in the RoW, Europe, North America, South America, and Asia Pacific. Their companies have been harmed by COVID-19 as well.

ICL's factories in China restarted production in March 2021 following a necessary halt that had been put in place since January 2021 to stop the illness from spreading. A cross-functional Global Response Team was established by Albemarle Corporation in April 2021 to address the problems brought on by the novel coronavirus. The COVID-19 epidemic has had an impact on operations all over the world, thus the corporation has prohibited all business travel and encouraged its staff to work from home. Based on the severity of the illness, the corporation has restricted its production activities and project growth.

The leading companies are reportedly employing various strategies to meet consumers' needs by indicating a variety of new cutting-edge technical approaches, according to the bromine industry overview research. While the global pandemic temporarily halted market growth, it was unable to do so for an extended length of time. The growth of the market in the current environment has been accelerated by the involvement of additional significant players.
Bromine Market Dynamics:
Drivers:

Increasing use of hydrogen bromide in flow batteries: - The group of membrane-less flow batteries with a high power density includes hydrogen bromide batteries. Grid-connected 50.0 KW hydrogen-bromine (HBr) flow batteries were created by EnStorage Inc. (Israel), a developer of large-scale electricity storage technologies, and linked at the company's test facility in southern Israel to deliver up to 100.0 kWh of energy. HBr and H2 are the storage chemicals used in the flow batteries made by EnStorage Inc. For big industrial facilities, hydrogen-bromine flow batteries offer a dependable source of sustainable energy. Around the world, they are now used as dependable energy storage solutions in a variety of industrial facilities.

Increasing demand for flame retardants: - Each year, fire-related incidents cause the loss of billions of dollars' worth of property worldwide. The settlement of claims for property, infrastructure, and human lives lost in fire catastrophes requires insurance firms to spend a significant portion of their earnings. As a result, substances like anti-inflammatory drugs and flame retardants are essential since they reduce the danger of fire for practically every product. By creating a layer of free radicals, flame retardants delay the combustion process and thereby prevent fire. They either release carbon dioxide or create free radicals that react with oxygen molecules to halt oxidation.

Challenges:

Toxicological effects of brominated compounds: - For many years, flame retardants, which are brominated substances, have been frequently added to consumer goods, including electronics, plastics, and many others, in an effective effort to lower fire-related casualties and property damage. Because of the negative and toxicological effects this class of compounds has on human health and the environment, worries about it have recently increased. Increased environmental pollution results from the manufacturing and usage of brominated flame retardants (BFRs) on a large scale. These substances are harmful to wildlife and animals as well. Toxicology databases now in use, however, are insufficient to comprehend the danger. Even though there are studies, many of them use commercial blends rather than human exposure.

Significant fluctuation in oil & gas prices due to COVID-19 pandemic: - Clear brine fluids (CBF) are widely used in well-drilling, completion, and workover operations in the oil and gas industry. The price of oil and gas has a considerable impact on CBF's operations. The number of rigs in the Gulf of Mexico is a good predictor of future demand for CBF goods. Due to the low price of gas and oil, the number of rigs in the Gulf of Mexico decreased and stayed low. As a result, the low prices had an impact on the demand for CBF goods in domestic and foreign markets. Natural gas and oil prices have both dropped significantly. As a result, both domestically and internationally, drilling activities and capital investment levels decreased. The demand for CBF products and the services related to them decreased as a result of the downturn in activity in the natural gas and oil exploration and production companies. The bromine market will be driven by a rebound in oil and gas prices that is forecast in the near future.
Bromine Market Segment Analysis:
Based on Derivative: As it is widely utilised in the production of brominated flame retardants, insecticides, fumigants, and biocides for water treatment, the organobromine sector commands the greatest share of the global bromine market. Similar to other organohalide compounds, the majority of organobromine compounds are mostly nonpolar. Compared to carbon, bromine is more electronegative. Alkyl bromides are alkylating agents because the carbon in a carbon-bromine bond is electrophilic as a result. Organic compounds with carbon attached to bromine are known as organobromine compounds, sometimes known as organobromides. The most prevalent is bromomethane, which is created naturally. Polybrominated diphenyl ethers are a well-known usage of synthetic organobromine compounds as fire retardants. In fact, the production of fire retardants is now the main industrial use of the element bromine.Based on the Application: Bromine's main market has been the flame retardant market. Since they primarily work in the vapour phase by inhibiting the flame chemistry, halogen-containing flame retardants are not polymer-specific like phosphorus-containing flame retardants. 9-Bromine-containing substances prevail because they are not only more effective than their chlorine-containing counterparts, but also because most organobromine compounds include a significant mass percentage of bromine due to its high atomic weight. Physical and chemical processes are combined during burning. The chemical reaction takes place above the surface and in the condensed phase of polymeric materials (gas phase).
Bromine Market Regional Insights:
The APAC region dominated the market with more than 30 % share in 2021. This region's demand for bromine is mostly driven by the fact that China, Japan, and India are using it more often. The demand for flame retardants, which are widely used in insulation and the manufacture of plastic and electronic components, has increased as a result of rising infrastructural development and the growth in disposable income of the middle-class population in Asia Pacific. Because of China's rising need for brominated flame retardants, the country is predicted to have the largest and fastest-growing bromine market in the Asia-Pacific area. To satisfy its local needs, China, which had previously outlawed the export of bromine and compounds connected to it, is exclusively focused on imports.
The North America region is expected to witness significant growth at a CAGR of 4.5 % through the forecast period.

The objective of the report is to present a comprehensive analysis of the global Bromine Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Bromine Market dynamic, structure by analyzing the market segments and projecting the Bromine Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Bromine Market make the report investor’s guide.
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Bromine Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 3.38 Bn.


Forecast Period 2023 to 2029 CAGR:
4.5%
Market Size in 2029:
US$ 4.6 Bn.


 Segments Covered:
by Derivative
Organobromines
Clear Brine Fluids
Hydrogen Bromide


by Application
Flame Retardants
Fine Chemicals
Agriculture Products
Biocides


by Type
Hydrogen Bromide
Organobromine Compounds
Bromine Fluids
Others


by End-User
Oil & Gas
Automotive
Electrical & Electronics
Agriculture
Pharmaceutical
Cosmetics
Textile
Others



Bromine Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Bromine Market Key Players are:
1. ICL Group Ltd. (Israel)
2. Albemarle Corporation (US)
3. LANXESS AG (Germany)
4. Tosoh Corporation (Japan)
5. TETRA Technologies, Inc. (US)
6. Solaris Chemtech Industries Ltd. (India)
7. TATA Chemicals Ltd. (India)
8. Hindustan Salts Ltd. (India)
9. Honeywell International Inc. (US)
10.Gulf Resources, Inc. (China)
11.Satyesh Brinechem Pvt. Ltd. (India)
12.Chemtura Corporation (U.S.)

Frequently Asked Questions:

1] What segments are covered in the Global Bromine Market report?
Ans. The segments covered in the Bromine Market report are based on Derivative and Application.

2] Which region is expected to hold the highest share in the Global Bromine Market?
Ans. The APAC region is expected to hold the highest share in the Bromine Market.

3] What is the market size of the Global Bromine Market by 2029?
Ans. The market size of the Bromine Market by 2029 is expected to reach US$ 4.6 Bn.

4] What is the forecast period for the Global Bromine Market?
Ans. The forecast period for the Bromine Market is 2023-2029.

5] What was the market size of the Global Bromine Market in 2022?
Ans. The market size of the Bromine Market in 2022 was valued at US$ 3.38 Bn.