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Bromine Market Report : By Top Players, Trends And Forecast 2023-2032 | ICL Group Limited, Albemarle Corporation, LANXESS AG, Tosoh Corporation, TATA Chemicals Ltd.
Bromine Market Growth
The Business Research Company's Bromine Global Market Report 2023 identifies increase in demand for bromine in oil and gas as the major driver for the Bromine market's growth in the forecast period. Bromine used in the form of clear brines can compensate for the gravity required to balance the pressure needed to avoid closing the pores that are drilled in porous stone. The increasing oil and gas drilling activity requires a high amount of bromine.
The global bromine market size grew from $4.36 billion in 2022 to $4.81 billion in 2023 at a compound annual growth rate (CAGR) of 10.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The bromine market size is expected to grow to $6.63 billion in 2027 at a CAGR of 8.3%.
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Major competitors in the Bromine market are ICL Group Limited, Albemarle Corporation, LANXESS AG, Tosoh Corporation, TATA Chemicals Ltd., Gulf Resources Inc., Solaris Chemtech, Honeywell International Inc., Perekop bromine, Hindustan Salts Ltd., Chemtura Corporation, Chemada Industries Ltd., ICL Group Ltd., JORDAN BROMINE COMPANY, Shandong Weifang Longwei Industrial Co. Ltd., and Agrocel Industries Pvt. Ltd.
A key trend in the Bromine market includes strategic partnerships and collaborations have emerged are gaining. Major companies operating in the bromine sector are focused on partnerships and collaborations in order to expand their operations into new areas and become industry leaders. For instance, in February 2021, W. R. Grace and Company, a US-based chemical company, acquired Albemarle Corporation for $570 million. This acquisition significantly steps up W. R. Grace and the company's modest footprint in the pharmaceutical services industry.
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The Bromine market is segmented -
By Derivative: Organobromine, Clear Brine Fluids, Hydrogen Bromide
By Application: Biocides, Flame Retardants (FR), Bromine-Based Batteries, Clear Brine Fluids (CBF), Other Applications
By End User: Oil and Gas, Automotive, Agriculture, Pharmaceuticals, Cosmetics, Textiles, and Other End Users
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Bromine market.
The Business Research Company's "Global Bromine Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Bromine Market Include:
1. Executive Summary
2. Bromine Market Characteristics
3. Bromine Market Trends And Strategies
4. Bromine Market - Macro Economic Scenario
5. Bromine Market Size And Growth
……
26. Africa Bromine Market
27. Bromine Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Bromine Market
29. Bromine Market Future Outlook and Potential Analysis
30. Appendix
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