Bromine market growth is being driven by the electronics, flame retardant, and oil and gas industries.
— Exactitude Consultancy
LUTON, BEDFORDSHIRE, UNITED KINGDOM, November 25, 2023 /EINPresswire.com/ — The bromine market is expected to grow at 4.5% CAGR from 2023 to 2029. It is expected to reach above USD 4.70 billion by 2029 from USD 3.16 billion in 2022.
Bromine is a chemical compound that has chlorine and iodine-like properties. It smells bad and is a dark crimson, poisonous liquid that fumes. Bromine, a naturally occurring substance, exhibits highly responsive behaviour. It is the third halogen group member and can be found in brines, underground wells, and seawater salts. Bromine’s primary function is to clean or sterilise water. It is a colourless, crystalline mineral halide salt extracted from brine pools. Organ bromine, hydrogen bromide, and clear brine fluids are just a few of the many bromine derivatives used in a variety of end-use industries.
The growing demand for plastic in the automobile industry will drive the growth of the bromine market. Growing environmental concerns are expected to fuel the substitution of metal for plastic in the production of lightweight automobiles, which will drive the bromine market forward. Furthermore, plastic is in high demand from electronic component manufacturers for applications such as switches, wire & cables, connectors, and PCBs. Furthermore, the bromine market is expanding due to the increased demand for disinfectants and biocides. Constraints such as rising environmental concerns caused by bromine-related soil and water pollution are expected to limit growth over the forecast period.
Access to PDF Sample of Bromine Market Report@
• Considering recent trends in business performance, Tosoh Corporation has revised the fiscal year 2023 consolidated financial results it forecasted on August 2, 2022.
• Tata Chemicals efforts lead to zero poaching of Whale Sharks in Gujarat
The greatest revenue share in 2022 over 53% was accounted for by Asia Pacific.
This dominance is anticipated to remain in the upcoming years due to the rising demand for medicines, agrochemicals, and flame retardants with a bromine base in the area. Due to their rapid industrialisation and expanding use of items containing bromine across numerous industries, nations like China and India are significant consumers of bromine. Also, the region’s dominance in the worldwide bromine industry has been aided by the accessibility of inexpensive labour and raw materials there. The main use of bromine in China is for flame retardants. The largest base for the production of electronics is located in China. The electronics segment’s fastest-growing product categories were wires, cables, computing equipment, and other personal electronic gadgets. The nation meets the demand for electronics domestically and exports electronic products to other nations, creating a significant market for bromine. Because of the expanding electric car market in the area, China is one of the key markets for zinc-bromine flow batteries.
Key Factors Contributing to The Growth of The Bromine Market:
• Increased Demand in Flame Retardants:
One of the significant drivers for the bromine market is its use in flame retardants. Bromine-based flame retardants are widely used in various industries, including electronics, construction, and automotive, contributing to the overall growth of the market.
• Expanding Oil and Gas Industry:
Bromine compounds are utilized in the oil and gas industry, particularly in drilling fluids. As global energy demand continues to rise, the expansion of oil and gas exploration activities can boost the demand for bromine.
• Growing Demand in Mercury Emission Control:
Bromine is used in certain emission control technologies, especially for controlling mercury emissions from power plants. With increasing environmental regulations related to air quality, the demand for bromine in this application may experience growth.
• Bromine-Based Energy Storage Technologies:
Research and development in bromine-based energy storage, such as bromine flow batteries, could contribute to the growth of the bromine market. These technologies have the potential to play a role in energy storage solutions, supporting the renewable energy sector.
• Increasing Use in Water Treatment:
Bromine is used in water treatment applications, particularly for the disinfection of water in swimming pools and cooling towers. As concerns about water quality and safety rise, the demand for bromine in water treatment may increase.
Bromine Market Technological Trends
• Advancements in Bromine Extraction:
Ongoing research and development efforts were focused on improving the efficiency of bromine extraction methods. Innovations in extraction technologies can impact both the cost-effectiveness and environmental sustainability of bromine production.
• Green Bromine Production:
There has been a growing emphasis on developing environmentally friendly bromine production processes. This involves reducing the environmental impact of bromine extraction and manufacturing, including efforts to minimize waste and energy consumption.
• Application-Specific Innovations:
Tailoring bromine products for specific applications, such as flame retardants, drilling fluids, and mercury emissions control, was a trend. Researchers were exploring ways to enhance the performance of bromine-based products for various industries.
• Regulatory Compliance and Sustainable Practices:
Adherence to environmental regulations and sustainability standards was becoming increasingly important. Companies in the bromine market were investing in technologies that support sustainable practices and comply with evolving regulatory requirements.
• Digitalization and Automation:
The bromine industry, like many others, was exploring digital technologies and automation to improve efficiency, reduce operational costs, and enhance overall productivity. This could include the use of sensors, data analytics, and automation in production processes.
Bromine Market Players
• Tosoh Corporation
• TATA chemicals Ltd.
• Hindustan Salt Ltd.
• Chemtura Corporation
• Albemarle Corporation
• Jordon Bromine Co.
• Archean Group
• Vinyl KFT
• LANXESS AG
• Perekop Bromine
Browse Detailed Summary of Research Report with TOC
Key Market Segments: Bromine Market
Bromine Market By Derivative, 2023-2029, (USD Billion), (Kilotons)
• Organo Bromine
• Clear Brine Fluids
• Hydrogen Bromide
Bromine Market By Application, 2023-2029, (USD Billion), (Kilotons)
• Flame Retardants
• Oil & Gas Drilling
• Pta Synthesis
• Water Treatment
Bromine Market Dynamics:
• Growing End-Use Industries:
Bromine finds applications in various industries, including flame retardants, oil and gas drilling fluids, pharmaceuticals, and agriculture. The dynamics of these industries significantly influence the demand for bromine.
• Global Economic Conditions:
Economic growth and industrial activities on a global scale impact the demand for bromine. Strong economic conditions often lead to increased manufacturing and consumption, driving demand for bromine-related products.
• Environmental Regulations:
Environmental regulations play a crucial role in shaping the bromine market. Stricter regulations related to flame retardants and environmental concerns can impact the use of bromine in certain applications.
• Flame Retardant Applications:
Bromine compounds are widely used as flame retardants in various industries, especially in electronics, textiles, and construction materials. The increasing focus on fire safety regulations is a significant driver for the bromine market.
• Oil and Gas Industry:
Bromine compounds are used in oil and gas drilling fluids, and the growth of the oil and gas industry, particularly in exploration and extraction activities, can drive demand for bromine.
• Pharmaceutical Industry:
Bromine derivatives are used in pharmaceuticals, and the growth of the pharmaceutical industry contributes to the demand for bromine.
• Environmental Concerns:
The environmental impact of certain bromine compounds, especially brominated flame retardants, has led to regulatory restrictions and consumer preferences for alternative solutions.
• Competitive Alternatives:
The availability of alternative products and technologies that can replace bromine in some applications poses a restraint to the market growth.
• Technological Advancements:
Research and development in bromine technologies can lead to the creation of new applications and improved processes, presenting opportunities for market growth.
• Emerging Markets:
Expanding into emerging markets with increasing industrialization and urbanization can provide new opportunities for bromine producers.
• Volatility in Raw Material Prices:
Bromine is extracted from brine pools, and the availability and pricing of raw materials can be subject to volatility, affecting production costs.
• Stringent Regulations:
Increasing environmental regulations, especially concerning the use of brominated flame retardants, can pose challenges for the bromine industry.
Key Question Answered
1. What is the expected growth rate of the bromine market over the next 7 years?
2. Who are the major players in the bromine market and what is their market share?
3. What are the end-user industries driving demand for market and what is their outlook?
4. What are the opportunities for growth in emerging markets such as Asia-pacific, middle east, and Africa?
5. How is the economic environment affecting the bromine market, including factors such as interest rates, inflation, and exchange rates?
6. What is the expected impact of government policies and regulations on the bromine market?
7. What is the current and forecasted size and growth rate of the global bromine market?
8. What are the key drivers of growth in the bromine market?
9. Who are the major players in the market and what is their market share?
Browse other research published by Exactitude Consultancy
Fluorochemicals Market by Product (Fluorocarbons, Fluoropolymers, Inorganics & Specialties), Application (Refrigeration, Aluminum, Automobile, Films, Tubing, Blowing Agents and Others) and Region, Global trends and forecast from 2023 to 2029
Antimony Tin Oxide Market, By Application (Medical implants, IR attenuation films and coatings, Conductive composites, Conductive coatings, Anti-static coatings, LIB and SIB battery additives, Catalysts, Others) and Region (North America, Europe, Asia Pacific, South America, Middle East and Africa), Global trends and forecast from 2023 to 2029
Noble Gas Market by Product (Helium, Neon, Argon, Xenon, Krypton, and Radon) and End User (Health Care, Electronics, Aerospace, Construction, Energy & Power, and Others) and by Region (North America, Europe, Asia Pacific, South America, Middle East and Africa), Global Trends and Forecast From 2023 To 2029
Expanded Polystyrene Market by Type (White, Grey, Black), Application (Building & Construction, Packaging) Region (North America, Asia Pacific, Europe, South America, Middle East & Africa), Global Trends and Forecast from 2023 to 2029
About Exactitude Consultancy
Exactitude Consultancy is a market research & consulting services firm which helps its client to address their most pressing strategic and business challenges. Our market research helps clients to address critical business challenges and also helps make optimized business decisions with our fact-based research insights, market intelligence, and accurate data.
for your special interest research needs at [email protected] and we will get in touch with you within 24hrs and help you find the market research report you need.
Article originally published on www.einpresswire.com as Bromine Market Anticipated to Garner USD 4.70 billion by 2029