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Global Bromine Market : APAC growing at a CAGR of 4.1% by 2024
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Global demand for bromine market will reach 483 kilo metric tons (KMT) in 2016, up from 470 KMT in 2015. Demand will be impeded by growing regulation and legislation, especially in the European Union (EU), where the use of certain brominated flame retardants is banned or restricted.
The chemicals industry will remain the largest consumer of bromine, accounting for 292 KMT volume in 2016, representing market value worth 1,284 Mn. Use of bromine in the oil and gas sector will also continue to witness steady growth, as clear brine fluids gain traction for drilling purposes. Demand will be offset by sluggish adoption in the electronics industry, as use of brominated flame retardants continues to face stricter regulations. Demand for bromine from electronics sector will witness a growth rate of 2.1% in 2016 over 2015.
Asia Pacific will remain the largest market for bromine, representing annual revenues worth US$ 1,087 Mn in 2016, up from 895 Mn in 2015. This is primarily due to expansion of end-use industries such as chemicals, pharmaceuticals, textiles, and electronic in APAC. Latin America will continue to offer growth opportunities to manufacturers, with global demand witnessing a 2.0% volume growth in 2016 over 2015. Demand will face constraints in the mature markets of North America and Western Europe in 2016 as well.
Israel Chemicals Limited, Chemtura Corporation, Albemarle Corporation, Gulf Resources Inc., Tosoh Corporation, Tetra Technologies Inc., Tata Chemicals Limited and Hindustan Salts Limited are the key players in the market. Top players are continuously focusing on expanding their product offerings, especially in flame retardants segments. Collaborations and joint ventures are key business strategies to develop green brominated flame retardants.
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Long-term Outlook: PMR projects the global bromine market to witness moderate growth during the forecast period 2016-2024. APAC will continue to remain the largest market for bromine, growing at 4.1% revenue CAGR during the forecast period.
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