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Bromine Market Application Development Potential, Market Share & Forecast, 2016 – 2024

Bromine Market Application Development Potential, Market

Global Bromine Market size is likely to reach close to USD 9 billion by 2024 projecting a CAGR of around 13% over the projected time frame.

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Bromine is a naturally occurring element and is widely used as a reactant, catalyst, and an element for synthesizing various products such as biocides, water disinfectant, agrochemicals, flame retardants, dyes, photographic chemicals, completion fluids and pharmaceutical intermediates. This is due to continually rising production of bromine for automobile, agriculture and electronic industry where as oil and gas contributes the most for growing market. Strong growth in oil and gas drilling sector contributes as a major driving force for the market due to requirement of product derivatives as completion fluid to mitigate possibility of damage to well bore.

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The market is broadly classified based on its end users which are Chemicals, Pharmaceuticals, Automotive, Cosmetics, Pesticides, Textile, Construction, Oil and Gas, Water treatment, Agriculture, Ship building and others. Chemical segment is likely to project growth of over 3.5 % amongst end users during the forecast period. Oil and gas end user is probable to grow due to high demand of Organobromines and clear brine fluids in drilling sector henceforth contributing to increasing demand of the product globally.

The product has widespread application as Flame retardants, Oil and Gas drilling, Biocides, Plasma etching, Medicinal, HBr flow battery, Fumigant synthesis, PTA synthesis and others. Oil and gas is anticipated to grow at a CAGR of over 3% during the forecast period henceforth contributing to the rise in product demand globally.

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Asia Pacific is a booming market and is anticipated to show considerable growth, China being the major player and largest producer of the product after US. North America and Europe are already mature market due to limited consumption of the product as flame retardant is banned on environmental safety grounds. The product consumption is likely to grow in Latin America due on going oil exploration activity in Mexico resulting in massive growth of the industry over the globe.

The key global players of the bromine and its derivatives market are Chemtura Corporation, Albemarle Corporation, Sanofi S.A, Honeywell International Inc., Tata Chemicals, Jordan Bromine Company, Gulf Resources, Tosoh Corporation, Perekop Bromine, Hindustan Salts Ltd., and Tetra Technologies Inc. The market is highly consolidated and majority of growth is predicted in Asia Pacific region due to industrial expansion to meet demand.

Browse complete summary of Bromine Market report @ https://www.gminsights.com/industry-analysis/bromine-market

About Global Market Insights, Inc.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1 888-689-0688
Email: sales@gminsights.com
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