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Bromine Market Surge Powering Oil And Gas Exploration: Transformative Forces Shaping the Bromine Market Landscape in 2025
Bromine
What Will the Bromine Industry Market Size Be by 2025?
Over the past few years, there has been a significant expansion in the size of the bromine market. The market which stood at $5.23 billion in 2024 is projected to reach $5.74 billion in 2025, growing at a compound annual growth rate (CAGR) of 9.7%. This notable surge during the historic period can be linked to factors such as an escalated demand for flame retardants used in construction materials and electronics, the growth of the oil and gas sector, the pharmaceutical industry's increased need for bromine in medication production, regulatory policies promoting bromine use in water treatment processes, as well as a growing need for clear brine fluids in oil and gas development.
What's the Long-Term Growth Forecast for the Bromine Market Size Through 2029?
Expectations are high for a significant expansion in the bromine market in the upcoming years, with predictions that it could reach a size of $8.45 billion by 2029, thanks to a compound annual growth rate (CAGR) of 10.2%. The anticipated growth during the forecast period is due largely to eco-friendly policies that promote the usage of bromine as flame retardants, the boom in energy storage and electric vehicle sectors, the increased application of bromine compounds in energy-efficient cooling setups, and a heightened demand for bromine in water treatment processes as a result of increased urbanization and its adoption in energy storage solutions such as flow batteries. Key trends during the forecast period are also expected to include a shift towards environmentally conscious flame retardants, bromine recycling, urbanization combined with water treatment, bromine's usage in energy-efficient electronics, and energy storage solutions.
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What Are the Key Growth Drivers Fueling the Bromine Market Expansion?
The bromine market is experiencing substantial growth due to the escalating demand for bromine in oil and gas drilling. During drilling, oil and gas are sourced from porous rocks by creating a hole into the specific region. Bromine, when applied in the form of clear brines, helps to maintain the necessary gravity to offset the pressure needed to keep the drilled pores in the porous stone from closing. The rise in oil and gas drilling activities necessitates a vast amount of bromine. As per the records of the Energy Information Administration, a US government agency, there was an approximately 3.4% annual increase in crude oil production, reaching 12.1 million barrels a day (b/d) by December 2022. Consequently, the growing demand for bromine in oil and gas drilling is projected to drive the bromine market's expansion in the future.
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What Are the Key Trends Driving Bromine Market Growth?
Leading corporations in the Global Bromine Market are putting emphasis on technologically advanced processes such as high-purity production. This is aimed at improving product quality and efficiency as well as catering to the rising demand for bromine derivatives in diverse applications such as flame retardants, water treatment, and pharmaceuticals. High-purity means the substance has minimal impurities, typically surpassing 99% purity. For example, in June 2023, ICL GROUP LTD, a specialty minerals company based in Israel, introduced Water-Soluble Micronutrient and N-P-K Fertilizers, providing high-purity, water soluble Nitrogen, Phosphorus, Potassium and crucial micronutrients, designed to fulfill specific crop nutrient requirements.
How Is the Bromine Market Segmented?
The bromine market covered in this report is segmented -
1) By Derivative: Organobromine, Clear Brine Fluids, Hydrogen Bromide
2) By Application: Biocides, Flame Retardants (FR), Bromine-Based Batteries, Clear Brine Fluids (CBF), Other Applications
3) By End User: Oil And Gas, Automotive, Agriculture, Pharmaceuticals, Cosmetics, Textiles, Other End Users
Subsegments:
1) By Organobromine: Flame Retardants, Biocides, Others
2) By Clear Brine Fluids: Calcium Bromide, Sodium Bromide, Zinc Bromide
3) By Hydrogen Bromide: Industrial Grade, Chemical Grade, Others
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Which Companies Are Leading the Charge in Bromine Market Innovation?
Major companies operating in the bromine market include 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., 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.
Which Regions Are Leading the Global Bromine Market in Revenue?
Asia-Pacific was the largest region in the bromine market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bromine market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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