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Bromine Derivatives Market Size, Share, Growth Trends And Outlook Forecast 2024-2033
Bromine Derivatives Market
According to The Business Research Company's, The bromine derivatives market size has grown strongly in recent years. It will grow from $4.85 billion in 2023 to $5.12 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to shift towards halogenated chemical, demand in electronics and construction, agricultural and veterinary applications, chemical manufacturing, flame retardant demand..
The bromine derivatives market size is expected to see strong growth in the next few years. It will grow to $6.55 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to focus on environmentally friendly solutions, shift towards halogenated chemicals, agriculture and veterinary applications, oil & gas industry expansion, water treatment needs.. Major trends in the forecast period include growing demand in flame retardants, water treatment application, health and safety regulations, expansion in oil & gas drilling, pharmaceutical and chemical manufacturing..
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Market Drivers and Trends:
The increasing construction industry worldwide is expected to propel the growth of the bromine derivatives market going forward. The construction industry refers to the industrial branch of manufacturing and trade that builds, repairs, renovates and maintains infrastructures. Bromine derivatives are utilized to construct complex infrastructure due to their compatibility with most non-metallic building materials, including fiberglass-reinforced plastic (vinyl ester or polyester FRP), polyvinyl, and other such related components. For instance, in December 2022, according to the Office for National Statistics, a UK-based government department, the construction output increased by 0.8% in volume in October 2022, marking the highest construction output of $16576.33 million (£15,248 million) compared to the previous fourth consecutive month. Therefore, the increasing construction industry worldwide is driving the bromine derivatives market.
Product innovation is a key trend in the bromine derivatives market. Major companies operating in the bromine derivatives market are focused on developing innovative solutions to strengthen their position in the market. For instance, in September 2022, De Nora, an Italy-based company specializing in electrochemistry, launched MIOX Bromine Oxidant Solution System. This bromine production system enhances processes for treating water with high ammonia or pH concentrations, which is crucial for cooling tower applications. The chlorine-based solution generated by the on-site generator is changed into a bromine-containing solution by MIOX BOSS using an activator solution that contains bromide. Its primary use is for cooling towers, where owners frequently implement an alkaline treatment program to reduce cooling tower corrosion. MIOX generators create oxidizing solutions using three readily available consumables: water, salt, and electricity.
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Major Key Players of the Market:
Albemarle Corporation; Israel Chemicals Limited; Lanxess Corporation; Hindustan Salts Limited; Honeywell International Inc.; Tata Chemicals Ltd.; Tetra Technologies Inc.; Jordan Bromine Company Ltd.; Beacon Organosys Pvt. Ltd.; Morre-Tec Industries Inc.; Chemtura Corporation; Gulf Resources Inc.; Neogen Chemical Limited; Perekop Bromine Factory; Dhruv Chem Industries; Haiwang Fine Chemical Co. Ltd.; Sanofi S.A.; ICL Industrial Products; Solaris Chemtech Industries Limited; Noah Technologies Corporation; American Elements Corporation; Chemada Fine Chemicals Co. Ltd.; Evergrow International LLC; Jiangyin Chengxing Industrial Group Co. Ltd.; Tosoh Corporation
Bromine Derivatives Market 2024 Key Insights:
• The bromine derivatives market will grow to $6.55 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Bromine Derivatives Market Surges With Global Construction Boom
• De Nora's Miox Boss Redefines Bromine Derivatives In Water Treatment
• Asia-Pacific was the largest region in the bromine derivatives market in 2023 and is expected to be the fastest-growing region in the bromine derivatives market during the forecast period
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