Press release
Bromine Market to Cross US$ 3.3 Bn in revenues by 2033-end
Bromine Market
The global market of Bromine is estimated to reach a valuation of US$ 2,826.5 Mn in 2023. This updated survey on the bromine industry has estimated market revenue for 2033 to reach approximately US$ 3.3 Bn. Analysts at Persistence Market Research have predicted the industry to progress at a CAGR of 2.6% in terms of value over the decade.
Bromine is a chemical element with the symbol Br and atomic number 35. It is a halogen, which means it is a highly reactive nonmetal that readily forms compounds with other elements.
Due to its reactivity, bromine is not found in elemental form in nature but instead occurs as compounds, such as bromide minerals and bromate salts.
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Bromine is primarily used in the production of chemicals such as bromides, bromates, and organobromides. These chemicals have a variety of applications, including use as water disinfectants, flame retardants, and ingredients in pharmaceuticals and dyes.
The global bromine market is expected to experience significant growth in the coming years. This is due to increasing demand for bromine-based chemicals in various industries, such as water treatment, agriculture, and electronics.
Additionally, the implementation of strict regulations on the use of hazardous chemicals is driving the demand for bromine-based alternatives, which are perceived as safer and more environmentally friendly.
Key Players-
• Israel Chemicals Limited
• Albemarle Corporation
• Tosoh Corporation
• Tata Chemicals Limited
• LANXESS AG
• Sumitomo Chemical Co. Ltd.
• Perekop Bromine
• Archean Group
• Jordan Bromine Company
• Gulf Resources Inc.
• Hindustan Salts Limited
• Tetra Technologies Inc.
• Shandong Haiwang Chemical Co. Ltd.
• Vinyl KFT
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The rise in demand for flame retardants is one of the key factors driving the growth of the bromine market. Flame retardants are used in a wide range of products, including electronics, building materials, and textiles, to prevent the spread of fire.
Bromine-based flame retardants are particularly effective at reducing the flammability of materials, making them a popular choice in the manufacturing industry.
Another factor contributing to the growth of the bromine market is the increasing use of bromine-based disinfectants in the water treatment industry. Bromine-based disinfectants are effective at killing bacteria and other microorganisms, making them an essential part of the water treatment process.
The growing demand for clean and safe drinking water is driving the demand for bromine-based disinfectants.
Demand will be impeded by growing regulations and legislations, especially in the European Union (EU), where the use of certain brominated flame retardants is banned or restricted.
Flame retardants will continue to remain the largest application segment. Use of bromine in oil and gas drilling will continue its upward momentum in 2021, growing at a moderate rate in terms of volume - the fastest among all the application segments.
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Bromine Market Segmentation
By Derivative, the Bromine market is segmented as:
• Organobromine
• Hydrogen Bromide
• Clear Brine Fluids (CBF)
By Application, the Bromine market is segmented as:
• Biocide
• Flame Retardant
• Oil & Gas Drilling
• Plasma Etching
• PTA Synthesis
• Fumigant Synthesis
• Others
By End-Use, the Bromine market is segmented as:
• Oil & Gas
• Chemicals
• Pharmaceuticals & Cosmetics
• Electronics & Consumer Goods
• Textile
• Medical
• Agricultural & Pesticides
• Automotive
• Building & Construction
• Water Treatment
• Other Industrial
By Region:
• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East & Africa
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