“Increasing demand of bromine for development of flame retardants, oil-well completion fluids and PTA synthesis expected to drive growth of the global bromine market”
The bromine market is projected to grow from USD 3.3 billion in 2021 to USD 4.1 billion by 2026, at a CAGR of 4.5% from 2021 to 2026.The increasing demand for bromine in flame retardants, mercury emission control, water treatment & biocides, oil & gas drilling and PTA synthesis is expected to drive the bromine market.
“The flame retardant application segment is projected to grow at the highest CAGR during the forecast period.”
Based on the application, the flame retardant application segment is projected to grow at the highest CARG during the forecast period. Brominated flame retardants (BFRs) are bromine containing compounds that are added to materials to inhibit or reduce combustion. BFRs are more widely used than other commercialized chemical flame retardants. Polybrominated Diphenyl Ethers (PBDEs), Polybrominated Biphenyl (PBB), and Brominated Cyclo-hydrocarbons are some of the examples of BFRs. The growing demand from electronics and automotive industries (due to stringent fire safety regulations) and the expanding shipbuilding industries are driving the market for flame retardants across the globe.
“The clear brine fluids derivative segment is projected to grow at the highest CAGR during the forecast period.”
Based on derivative, the clear brine fluids segments are projected to grow at the highest CAGR during the forecast period. Clear brine fluid is a dense solution of calcium bromide (CaBr2), sodium bromide (NaBr), and zinc bromide (ZnBr2) in saltwater. It is mainly used in penetrating bore-well for drilling oil and natural gas. Calcium bromide and zinc bromide brines are used in shale inhibition and drilling salt formations. Brine fluids are used in refrigeration installations for the transportation of thermal energy. The rapidly growing demand for clear brine fluids in regions like Asia Pacific and North America can be attributed to the increasing shale gas recovery operations in China & US which accounts for significant shale gas reserves. This is expected to fuel the drilling & exploration activities in these region, thus fueling the growth of the bromine.
“Asia Pacific is projected to grow the highest CAGR in the bromine market during the forecast period.”
Asia Pacific is projected to grow at the highest CAGR in the bromine market from 2021 to 2026. The bromine market in Asia Pacific has witnessed growth in the last few years, owing to the growing economies of the countries and increasing consumption of bromine in major industries, such as electronics, oil & gas, agriculture, automotive, and construction. Substantial development in infrastructure and increasing demand for flame retardants in automobile and construction & insulation is expected to drive the bromine market in this region. Southeast Asia, including Indonesia, Malaysia, Thailand, and Vietnam, is also a rapidly growing market of bromine. The demand for bromine in brominated flame retardants has been increasing since the past few years outpacing the supply of bromine.
Profile break-up of primary participants for the report:
- By Company Type: Tier 1 – 40%, Tier 2 – 20%, and Tier 3 – 40%
- By Designation: C-level Executives – 20%, Directors – 50%, and Others – 30%
- By Region: Asia Pacific – 30%, Europe – 40%, North America – 20%, the Middle East & Africa- 5%, and South America – 5%
Furthermore, as a part of the qualitative analysis of the bromine market, the research provides a comprehensive review of drivers, restraints, opportunities, and challenges influencing the growth of the market across the globe. It also discusses competitive strategies adopted by the leading market players such as ICL Group Limited (Israel), Albemarle Corporation (US), Lanxess AG (Germany), Tosoh Corporation (Japan), Gulf Resources Inc. (China), TETRA Technologies, Inc. (US), Solaris Chemtech Industries Ltd. (India), TATA Chemicals Ltd (India), Honeywell International Inc. (US) and Perekop Bromine (Russia).
Research Coverage:
The report defines, segments, and projects the size of the bromine market based on application, derivative, and region. It strategically profiles the key players and comprehensively analyzes their market share and core competencies. It also tracks and analyzes competitive developments such as expansions, new product developments, investments, acquisitions, and agreements undertaken by them in the market.
Reasons to Buy the Report:
The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the bromine market and its segments. This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses and make suitable go-to-market strategies. It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
