Bromine Market Growth Analysis, Opportunities, Trends, Developments, And Forecast to 2030

The rising need for energy-efficient storage technologies owing to the burgeoning production of renewable energy will augment the consumption of bromine (Br) in the forthcoming years. In recent years, bromine-based technology has emerged as a cost-effective solution for clean energy storage due to the constant research and development (R&D) being conducted in the power sector. This clean technology is being deployed in power grids, as bromine-powered batteries do not require any alteration in their electroactive materials for recharging.

Additionally, the escalating use of clear brine fluids in the oil and gas industry drive the bromine market at a CAGR of 5.7% during the forecast period (2020–2030). According to P&S Intelligence, the market generated $1,864.3 million revenue in 2019. Clear brine fluids are being used during oil and gas drilling as they reduce the bottom hole temperature and pressure in the borewells. Numerous soluble salts are added to such fluids after considering the pressure and temperature freeze points, clarity, freezing points, and densities of the wells.

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The derivative segment is categorized into bromide salts, organobromide, hydrogen bromide, and others, such as hypobromous acid. Among these, the organobromide category held the largest bromine market share in 2019 due to the high-volume consumption of allyl bromide, ethylene dibromide, vinyl bromide, and propylene bromide in the production of solvents, catalysts, fumigants, pesticides, flame retardants, gasoline antiknock agents, and intermediates for organic synthesis. Whereas, the bromide salts category is expected to witness the fastest growth in the forecast years due to their increasing consumption in oil and gas exploration and production (E&P) activities.

In the recent past, the highest quantity of bromine was used in the production of flame retardants because chemicals such as ethyl bromide, vinyl bromide, allyl bromide, and ammonium bromide help in extinguishing the fire. Products based on these chemicals are less flammable. Whereas, in the coming years, bromine will be adopted at the fastest pace in clear brine fluid production owing to the latter’s surging use in oil and gas drilling activities. In addition, a large quantity of bromine is used in the water treatment, agriculture, and pharmaceutical industries. Other application areas of this substance include flour treatment, mercury control, photography, and organic synthesis.

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Geographically, the Asia-Pacific (APAC) bromine market accounted for the largest share during the historical period (2014–2019), and it is expected to continue this trend throughout the forecast period. This can be primarily attributed to the high-volume consumption and production of bromine in China. Additionally, the soaring consumption of bromine-based flame retardants in electronic, plastic, and insulation products will supplement the market growth in the region. In the APAC market, China generates the highest revenue due to the mounting number of derivative manufacturing plants in the nation, owing to the abundant availability of bromine and cost-effective labor.

Therefore, the burgeoning demand for energy-efficient storage technology and increasing use of clear brine fluids in the oil and gas industry will fuel the consumption of Br derivatives worldwide.

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