Press release
Bromine Market Soars: Projected to Hit US$ 5.12 Bn by 2031 | Albemarle Corporation, Israel Chemicals Limited
Bromine Market
Global bromine market is expected to reach US$ 5.12 Bn by 2031, from US$ 3.76 Bn in 2023, exhibiting a compound annual growth rate (CAGR) of 4.5% during the forecast period.
Market Dynamics:
Growing demand for bromine from the construction industry is expected to drive the market growth over the forecast period. Bromine is majorly used as a flame retardant in the construction sector. According to the report published by India Brand Equity Foundation (IBEF), the Indian construction industry is expected to reach US$ 1.4 trillion by 2025. Furthermore, increasing application of bromine in agrochemicals is also expected to fuel the market growth. Bromine is used as an active ingredient in herbicides to control weeds. According to FAOSTAT, the global agrochemical market was valued at US$ 63 billion in 2020 and is projected to witness robust growth in the coming years.
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Major Growth Drivers Boosting Bromine Demand from Flame Retardants Manufacturing
The expanding use of bromine in flame retardants applications has positively impacted the global bromine market growth. Flame retardants are routinely used in a wide range of consumer products such as electronics, furniture, mattresses, textiles, and vehicles to resist the spread of fire. The stringent fire safety regulations across industries like construction, automotive and electronics regarding the use of flame retardants is driving the demand for bromine. In addition, the consumer demand for fire-resistant, safe and durable products has encouraged manufacturers to use bromine-based flame retardants.
Opportunity in Expanding Mercury Bromine Battery Market
Mercury bromine batteries are emerging as a cost-effective energy storage option in renewable energy sector and are expected to be a potential revenue generator for bromine market. This type of battery has a number of advantages over conventional lead-acid and lithium-ion batteries such as high energy density, longer lifecycle and stable performance even at extreme temperature conditions. It is increasingly being used in large-scale stationary energy storage installations coupled with solar and wind farms to improve their grid stability. As governments worldwide emphasize more on expanding renewable power capacity, the market for mercury bromine batteries is projected to grow providing ample opportunities for bromine consumption in battery manufacturing.
Surging Demand in Water Treatment Applications to Influence Market Trends
The rising global water scarcity issues have boosted investments in wastewater treatment facilities across urban as well as rural areas. Bromine compounds find massive usage as disinfectants and biocides in industrial, municipal and maritime water treatment processes to control microbial activities. Additionally, growing freshwater demand from the rapidly expanding residential sector and process industries will further propel the bromine consumption in water treatment applications over the coming years. With increasing investments towards developing sustainable and safe water infrastructure globally, the water treatment segment is likely to emerge as a major rendering trends in the overall bromine market in the long run.
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Top Companies Featured in This Report:
★ Albemarle Corporation
★ Israel Chemicals Limited
★ Chemtura Corporation
★ Tosoh Corporation
★ Gulf Resources Inc.
★ Tetra Technologies Inc.
★ Tata Chemicals Limited
★ Hindustan Salts Limited
★ Honeywell International Inc. and Agrocel Industries Pvt. Ltd.
Market Segmentation:
By Product Type:
★ By Derivatives: Clear Brine Fluids, Hydrogen Bromide, Organobromines
★ By End-use Industry: Oil and Gas, Chemicals, Pharmaceuticals, Electronics, Textiles, Others (Water Treatment, Cosmetics)
By Applications:
★ By Application: Flame Retardants, Biocides, Oil and Gas Drilling, Plasma Etching, PTA Synthesis, Others
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Insights from the Global Bromine Market Analysis:
Market Size Evaluation: Assessing the value and sales volume of the Bromine market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Bromine market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Bromine market.
Segment Analysis: Examining the market value and sales volume of Bromine by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Bromine market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Bromine sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: https://www.linkedin.com/in/alice-mutum-3b247b137 )
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