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Bromine Market Report 2024 - Bromine Market Size, Trends, And Segments
Bromine Market
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According to The Business Research Company's, The bromine market size has grown rapidly in recent years. It will grow from $4.78 billion in 2023 to $5.26 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to increasing demand for flame retardants in construction materials and electronics, expansion of the oil and gas industry, growth in the pharmaceutical industry for the production of medicines, regulation favoring the use of bromine in water treatment applications, and rise in demand for clear brine fluids in oil and gas production..
The bromine market size is expected to see strong growth in the next few years. It will grow to $7.61 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to environmental regulations favoring the use of bromine in flame retardants, expansion of the energy storage and electric vehicle markets, rising use of bromine compounds in energy-efficient cooling systems, enhanced demand for bromine in water treatment due to increased urbanization, and adoption of bromine in energy storage solutions like flow batteries. Major trends in the forecast period include shift toward eco-friendly flame retardants, bromine recycling, urbanization and water treatment, bromine in energy-efficient electronics, and energy storage solutions.
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Market Drivers and Trends:
The increase in demand for bromine in oil and gas drilling is significantly contributing to the growth of the bromine market. The oil and gas are extracted from porous stones by drilling a hole into the area. 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. For instance, according to Rystad Energy, a US-based energy research and business intelligence company, global oil and gas drilling activity increased by 12% from 2020 to 2021, with around 54,000 wells drilled. Therefore, the increase in demand for bromine in oil and gas drilling is expected to propel the growth of the bromine market going forward.
Strategic partnerships and collaborations have emerged as a trend gaining popularity in the bromine market. 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. Albemarle Corporation is a US-based chemical manufacturing company that specializes in bromine, refining catalysts, lithium, and applied surface treatments.
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Major Key Players of the Market:
ICL Group Limited, Albemarle Corporation, Lanxess AG, Tosoh Corporation, TATA Chemicals Ltd., Gulf Resources Inc., Solaris Chemtech Industries Limited, Honeywell International Inc., Perekop Bromine, Hindustan Salts Ltd., Chemtura Corporation, Chemada Industries Ltd., Jordan Bromine Company Ltd., Shandong Weifang Longwei Industrial Co. Ltd., Agrocel Industries Pvt. Ltd., Israel Chemicals Ltd., TETRA Technologies Inc., Sujay Synthorg Chemicals Pvt. Ltd., Shandong Haiwang Chemical Co., Neogen Chemicals Ltd., Shandong Ocean Chemical Co. Ltd., Krishna Solvachem Ltd., Merck KGaA, Mody Chemi Pharma Ltd., Pacific Organics Pvt. Ltd., Thermo Fisher Scientific Inc., Tokyo Chemical Industry Co. Ltd.
Bromine Market 2024 Key Insights:
• The bromine market size is expected to see strong growth in the next few years. It will grow to $7.61 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%.
• Bromine Market Surge Powering Oil And Gas Exploration
• Strategic Collaborations In The Bromine Sector Paving The Path To Industry Leadership
• Asia-Pacific was the largest region in the bromine market in 2023
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