Global Bromine Market to Grow at a CAGR of 4.85% by 2030 | ChemAnalyst
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Bromine is a halogen element which appears as a red brown liquid at room temperature. Bromine has various derivatives including organobromine, clear brine fluids, hydrogen bromide, etc. Bromine has application in various areas including flame retardants, water treatment and biocides, mercury emission control, hydrogen bromide flow batteries, pesticides, plasma etching, pharmaceuticals, and others. Among the above application areas, the flame retardants segment dominates the global market due to increasing awareness and precautions regarding fireproof infrastructure.
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Bromine is basically a halide salt which is extracted from brine pools. Bromine and its derivatives are used in a large number of application areas including flame retardants, water treatment and biocides, mercury emission control, hydrogen bromide flow batteries, pesticides, plasma etching, pharmaceuticals etc. In 2020, the spread of COVID-19 in major global economies caused nationwide lockdowns which had an impact on a number of industries. Construction and automotive were among the most affected industries during the pandemic. This had an impact on the demand of flame retardants for the first half of 2020. Therefore, the demand for bromine fell during the coronavirus pandemic from the flame retardant segment. The demand from clear brine fluids which find application in oil and gas extraction also fell during the coronavirus pandemic. On the other hand, the demand from water treatment and biocides segment grew during the coronavirus pandemic.
Bromine is majorly related to flame retardants hence the price is directly linked to the fluctuations in the demand of construction and automotive which are the major consumers of flame retardants. In the first half of FY20 sudden outbreak of novel coronavirus followed by fall in in the demand of construction and automotive rendered a major downfall in the global bromine, hence the prices remained low for bromine during the coronavirus pandemic. Demand has picked up in the recent quarters and is projected to grow due to increasing demand from Asia Pacific and North America.
Regionally, Asia Pacific dominates the Global bromine market and holds the largest market share in FY20. Asia’s bromine market is anticipated to grow in the economies like China due to increasing demand of flame retardants and hydrogen bromide flow batteries.
According to ChemAnalyst report, Global Bromine Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating global bromine market are Israel Chemicals Limited, Albemarle Corporation, LANXESS Corporation, Tosoh Corporation, Tata Chemicals Limited, Gulf Resources Inc, and TETRA Technologies, Inc.
“Being linked to the construction and automotive industry which are the major consumers of flame retardants, the global bromine industry has shown a robust growth alongside growing population and changing consumer preference towards safer infrastructure and automotive. China serves as the key growth region with sufficiently installed capacities for bromine. With new competitors emerging across the Asia Pacific bromine market, players anticipate that there will be sufficient supply demand gaps in future. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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