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US Bromine Market Technological Advancements: Leveraging Innovation for Market Growth by 2031
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One of the major growth influencers is the increasing adoption of bromine in mercury emission mitigation. National laws and global treaties, such as the United Nations' Minamata Convention, have prompted public and private entities to reduce mercury emissions. Bromine is used in pollution control installations as a cost-effective means of decreasing mercury emissions, thereby boosting the market growth.
The widespread consumption of bromine in various applications has also fueled market growth. Bromine is widely used as a flame retardant, and the rise in awareness about the cautious use of bromine has increased its demand. The demand for flame retardants is further driven by the increasing demand for electrical and electronics products. Additionally, bromine has been used as a disinfectant during the pandemic outbreak, further contributing to market growth.
Recycling of bromine is another growth influencer. Bromide solutions can be recycled to generate elemental bromine, reducing waste and environmental concerns. Byproducts containing bromine from chemical organic reactions can also be reprocessed for bromine production.
The US bromine market is segmented based on applications and derivatives. In terms of applications, the market includes flame retardants, oil and gas drilling, PTA synthesis, water treatment, mercury emission control, pesticides, HBR flow batteries, plasma etching, pharmaceuticals, and others. The flame retardants segment is estimated to hold a significant opportunity, while the water treatment segment is expected to surpass USD 60 million in revenue by 2024. The plasma etching segment is projected to have the highest growth rate during the forecast period.
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In terms of derivatives, the market is segmented into organobromine, clear brine fluids, and hydrogen bromide (HBR). The hydrogen bromide segment is expected to be the fastest-growing segment with a growth rate of 5.1% over the forecast period.
The competitive landscape of the US bromine market is dominated by major players such as Mil-Spec Industries, Albemarle Corporation, Lanxess AG, BariteWorld, Unibromo USA, Tetra Technologies, among others. These players are focusing on collaborations, product launches, mergers, acquisitions, and expansions to maintain a competitive edge in the market.
The US bromine market report provides comprehensive insights into market penetration, market development, market diversification, competitive landscape assessment, product development, and innovation. It also includes information on pricing analysis, manufacturing cost analysis, and the impact of COVID-19 on the market. The report helps answer key questions regarding market size, investment opportunities, technology trends, market share of leading players, and favorable modes for market entry.
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