Press release
Bromine Market to Grow at 9.8% CAGR, Reaching $8.22 Billion by 2029
Bromine
Bromine Market Outlook: How is the Market Expected to Grow by 2025?
The bromine market has seen robust growth in recent years. The market's growth is expected to rise from $5.23 billion in 2024 to $5.65 billion in 2025, with a compound annual growth rate (CAGR) of 8.0%. This previous growth can be linked to the increased demand for flame retardants used in building materials and electronics, the growth of oil and gas industries, advancements in the pharmaceutical industry for drug manufacturing, supportive regulations for bromine usage in water treatment processes, and an increased demand for clear brine fluids in oil and gas production.
Bromine Market Forecast: What Size Will It Reach By 2029?
Anticipations point to a robust expansion of the bromine market in the upcoming years. The market is projected to escalate to $8.22 billion in 2029, with a compound annual growth rate (CAGR) of 9.8%. The surge in the projected timeline can be traced to ecological directives advocating the application of bromine in flame retardants, widening of the energy storage and electric car sectors, increased utilization of bromine derivatives in energy-saving cooling systems, augmented demand for bromine for water treatment tied to rising urbanization, and usage of bromine in energy retention systems like flow batteries. Key trends within the forecast period entail a shift towards environmentally friendly flame retardants, bromine recycling, urbanization and water treatment, bromine in energy-efficient electronics, and energy storage solutions.
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Which Key Market Drivers Will Shape Bromine Industry Trends in 2025-2029?
The surge in the need for bromine in oil and gas drilling operations has significantly boosted the bromine market's growth trajectory. The extraction of oil and gas from porous rocks involves drilling a hole into the targeted area. Clear brines that contain bromine can provide the essential gravity needed to maintain the necessary pressure and prevent the blockage of drilled pores within the porous rock. The escalating activities involving oil and gas drilling call for substantial quantities of bromine. For example, data from the Energy Information Administration, a governmental agency based in the United States, indicates a surge in crude oil production to 12.1 million barrels per day (b/d) by December 2022, reflecting an approximate 3.4% annual increase. Consequently, this amplified necessity for bromine within the oil and gas drilling sector is anticipated to be a catalyst for the bromine market's future growth.
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What Are the High-Growth Segments in the Bromine Market?
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
Which Global Trends Are Driving Bromine Market Expansion?
Leading firms in the Global Bromine Market are centering their efforts on technological advancements. This includes high-purity production methods to improve product quality, enhance efficiency, and serve the rising demand for bromine-derived compounds in various uses, such as flame retardants, water purification, and pharmaceuticals. High-purity signifies a product with exceptionally low impurities, often surpassing 99% purity. For instance, in June 2023, ICL GROUP LTD, a specialty minerals company based in Israel, launched Water-Soluble Micronutrient and N-P-K Fertilizers. These products deliver high-quality, water-soluble Nitrogen, Phosphorus, Potassium (N-P-Ks) and essential microelements, precisely customized to meet individual crop nutrient needs.
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Who Are the Fastest-Growing Companies in the Bromine Industry?
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.
What Is the Regional Outlook for the Bromine Market by 2029?
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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