Press release
Global Bromine Market will multiply at an impressive USD 10.21 Billion by 2023 & Top Key Players Albemarle Corporation, Chemtura, Jordan Bromine Ltd., Tosoh Corporation, Israel Chemical Ltd., Tata Chemicals Ltd., Honeywell International Inc., Hindustan Sa
The bromine market has been segmented by application into flame retardants, biocides, organic intermediates, PTA synthesis, plasma etching, oil and gas drilling and others. Among these segments, the oil and gas drilling segment is anticipated to grow with a significant speed over the forecast period owing to the rapid extraction of oil and gas in order to meet the demand of consumers. Further, the requirement of fuel in large quantities due to growing population and technical advancements is anticipated to drive the growth of bromine market with noteworthy revenue by the end of 2023.
The Global Bromine Market is accounted for USD 4.52 Billion in 2015 and is anticipated to reach market valuation of USD 10.21 Billion by 2023 by expanding at a significant compound annual growth rate of 11.7% over the period 2016-2023. The usage of bromine in biocides and water treatment plants are some of the factors driving the bromine market with significant rate. Further, the wide scale applications of bromine and its derivatives are estimated to propel the growth of bromine market in upcoming years.
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In the regional segment, Asia Pacific bromine market accounted for a largest market share of 30% in terms of revenue in 2015 and is further estimated to grow significantly over the forecast period owing to presence of emerging economies such as India, China, and others. On the other hand, Europe is anticipated to be the second largest share contributor in overall bromine market owing to the presence of huge number of pharmaceutical companies and extensive researches for effective drugs. Further, the bromine market in North America is projected to grow with substantial rate due to the technological advancements in automobile sector over the forecast period.
Wide Scale Applications to Boom the Market
The wide scale applications of bromine in oil refractories, gas extracting industry, cosmetics, textile, automotive, pesticides and pharmaceutical industries are paving the expansion of bromine market. Further, rising numbers of emerging economies across the globe and growing concerns towards reuse and recycle of conventional resources is believed to supplement the growth of bromine market globally.However, presence of stringent regulations and rising environmental concerns towards the use of bromine are anticipated to dampen the growth of the bromine market in the near future.
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The report titled “Bromine Market: Global Market Size, Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the bromine market in terms of market segmentation by derivative, applications, by end-user and by region.Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the bromine market which includes company profiling of Albemarle Corporation, Chemtura, Jordan Bromine Ltd., Tosoh Corporation, Israel Chemical Ltd., Tata Chemicals Ltd., Honeywell International Inc., Hindustan Salts Limited and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the bromine market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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