Nov 9, 2021   SOURCE: BusinessWire

The Worldwide Bromine Industry is Expected to Reach $4.1 Billion by 2026 - ResearchAndMarkets.com

The "Bromine Market by Derivative (Organobromine, Clear Brine Fluids, Hydrogen Bromide), Application (Flame Retardants, Oil & Gas Drilling, PTA Synthesis, Water Treatment& Biocides, HBR Flow Batteries) & Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

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 is 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.

Market Dynamics

Drivers

  • Growing Use of Bromine Compounds in Mercury Emission Mitigation
  • Increasing Demand for Flame Retardants in Electronics, Consumer Goods, and Textile Industries
  • Consumption of Bromine and Its Derivatives in Diverse Applications
  • Increased Use of Bromine as a Disinfectant due to the COVID-19 Pandemic

Restraints

  • Toxicological Effects of Brominated Compounds
  • Emergence of Non-Halogenated Flame Retardants

Opportunities

  • Recycling of Bromine
  • Increasing Use of Hydrogen Bromide in Flow Batteries

Challenges

  • Significant Fluctuations in Oil & Gas Prices due to the COVID-19 Pandemic

Companies Mentioned

  • Albemarle Corporation
  • Aquachina Chemical (Wuhan) Co., Ltd.
  • Chemcon Speciality Chemicals Ltd.
  • Dhruv Chem Industries
  • Gulf Resources Inc.
  • Hindustan Salts Limited
  • Honeywell International Inc.
  • Icl Group Limited
  • Lanxess Ag
  • Morre-Tec Industries Inc.
  • Perekop Bromine
  • Sangfroid Chemicals Pvt. Ltd.
  • Satyesh Brinechem Pvt. Ltd.
  • Shandong Dadi Salt Chemical Group Co., Ltd.
  • Shandong Haihua Group Co., Ltd.
  • Shandong Haiwang Chemical Co., Ltd.
  • Shandong Haoyuan Group
  • Shandong Lubei Chemical Co., Ltd.
  • Shandong Ocean Chemical Co., Ltd.
  • Shandong Runke Chemical Engineering Co., Ltd.
  • Shandong Weifang Longwei Industrial Co., Ltd.
  • Shandong Yuyuan Group Co., Ltd.
  • Solaris Chemtech Industries Ltd.
  • Tata Chemicals Limited
  • Tetra Technologies, Inc.
  • Tosoh Corporation

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