Bromine Market worth $4.4 billion by 2024 | Key Players include Israel Chemicals Limited, Albemarle Corporation, LANXESS Corporation, Tosoh Corporation, Tata Chemicals Limited, Gulf Resources Inc., TETRA Technologies, Inc., Hindustan Salts Limited, Honeyw

According to recent market research "Bromine Market by Derivative (Organobromine, Clear Brine Fluids, Hydrogen Bromide), Application (Flame Retardants, Water Treatment, HBr Flow Batteries, Mercury Emission Control, PTa Synthesis), & Geography - Global Forecast to 2024" The bromine market is projected to grow from USD 3.3 billion in 2019 to USD 4.4 billion by 2024, at a CAGR of 5.8% from 2019 to 2024. The market growth is driven by the increasing demand for bromine in flame retardants, mercury emission control, water treatment, and oil & gas drilling.

In line with the rising demand for bromine, in September 2019, Israel Chemicals Ltd. announced that it plans to expand its bromine compounds capacity to approximately 25,000 metric tons annually. The company will invest approximately USD 50 million for this expansion and is expecting a return of USD 110 million. This expansion comes amidst the company's strategic agreements signed with many customers from Asia.

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Brominated flame retardants (BFRs) are bromine containing compounds that are added to substances to inhibit or reduce their rate of 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.

Organobromine compounds, such as tetrabromobisphenol-A, hexabromocyclododecane, and the bromodiphenyl ethers, are used as flame retardants in many industries, mainly electronics, textile, and plastics. The major applications of organobromine are flame retardants and biocides. Some organobromine derivatives are also used in water treatment applications, such as the cleaning up of pools and spas. They are an important ingredient for making dyes. Organobromines are used as intermediates for preparing pharmaceuticals like nicergoline and brotizolam. and as an anticancer agent pipobroman. Bromoform and dibromodimethylhydantoin organobromine are used in water treatment applications, to prevent the growth of algae, bacteria, and other microorganisms as well as for the prevention of foul odor in water. The flourishing electronics & telecommunication, textile, plastic, and construction industries are expected to drive the market for organobromine.

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Israel Chemicals Limited (Israel), Albemarle Corporation (US), LANXESS Corporation (Germany), Tosoh Corporation (Japan), Tata Chemicals Limited (India), Gulf Resources Inc. (China), TETRA Technologies, Inc. (US), Hindustan Salts Limited (India), Honeywell International Inc. (US), and Perekop Bromine (Republic of Crimea) are some of the leading players operating in the bromine market. These players have adopted the strategies of expansion, new product development, partnership, and collaboration to enhance their position in the market.

LANXESS Corporation, in July 2019, announced the completion of its plant expansion of Emerald Innovation 3000. The debottlenecking project increases the sustainable output from 10,000 to 14,000 MT per year. Emerald Innovation 3000 is now being used as a flame retardant for expanded (EPS) and extruded (XPS) polystyrene instead of hexabromocyclododecane (HBCD), which has been banned. This product is manufactured via the bromination of an alternating polystyrene butadiene copolymer.

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LANXESS Corporation, in July 2019, announced the completion of its plant expansion of Emerald Innovation 3000. The debottlenecking project increases the sustainable output from 10,000 to 14,000 MT per year. Emerald Innovation 3000 is now being used as a flame retardant for expanded (EPS) and extruded (XPS) polystyrene instead of hexabromocyclododecane (HBCD), which has been banned. This product is manufactured via the bromination of an alternating polystyrene butadiene copolymer.

LANXESS Corporation, in December 2018, announced its plan to invest EUR 200 million over the next three years, i.e., till 2021, to strengthen its global asset base for flame retardant additives. The company has significantly expanded its market position for flame retardant additives after integrating the former Chemtura businesses with brominated flame-retardant additives, bromine, and bromine derivatives. Due to their high effectiveness as flame retardants, these substances are used in the construction industry. They also complement the already existing LANXESS business of phosphorus-based flame-retardant additives.

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