Chicago, July 05, 2024 (GLOBE NEWSWIRE) -- The Global Bromine Market is projected to grow from USD 2.4 billion in 2024 to USD 3.3 billion by 2029, at a CAGR of 4.6% from 2024 to 2029, as per the recent study by MarketsandMarkets™. Bromine compounds are widely used as flame retardants in various electronics, construction, and automotive industries. With growing concerns about fire safety regulations and standards worldwide, the demand for bromine-based flame retardants is on the rise, which in turn leads to the growth of the bromine market.
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Browse in-depth TOC on “Bromine Market”.
391 - Market Data Tables
51 - Figures
309 - Pages
List of Key Players in Bromine Market:
- ICL Group Ltd. (Israel)
- Albemarle Corporation (US)
- LANXESS AG (Germany)
- Tosoh Corporation (Japan)
- TETRA Technologies, Inc. (US)
- TATA Chemicals Ltd. (India)
- Hindustan Salts Ltd. (India)
- Honeywell International Inc. (US)
- Gulf Resources, Inc. (China)
- Agrocel Industries Pvt Ltd. (India)
- Satyesh Brinechem Pvt. Ltd. (India)
Drivers, Restraints, Opportunities and Challenges in Bromine Market:
- Drivers: Use of bromine compound to mitigate mercury emission
- Restraints: Toxicological effects of brominated compounds
- Opportunity: Recycling of bromine products
- Challenges: Significant fluctuations in oil gas pricing
Key Findings of the Study:
- By application, Flame Retardant is estimated to hold the most significant share of the global bromine market.
- By derivative, the organ bromine segment will lead the bromine market during the forecast period.
- During the forecast period, Asia Pacific will lead the global bromine market.
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Based on the application, the bromine market is segmented into Flame Retardants, Oil & gas drilling, PTA Synthesis, Water treatment & biocides, Mercury emission control, Pesticides, HBr Flow batteries, Plasma Etching, Pharmaceutical, Butyl Rubber, and Others. The growth of the bromine market for flame retardant application is dominating as bromine compounds are highly effective in reducing the flammability of materials, making them indispensable in fire safety applications.
The bromine market is segmented by derivative: organ bromine, clear brine fluids, and hydrogen bromide. With the proliferation of electronic devices and appliances, the electronics industry has a rising demand for organ bromine derivatives. Brominated flame retardants are commonly used in electronic products to enhance fire safety and prevent the spread of fires caused by electrical malfunctions or overheating. The continuous innovation and miniaturization of electronic devices further drive the demand for organ bromine derivatives.
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The bromine market in the Asia Pacific region is projected to hold the most significant market share. The region has been witnessing a growing demand for bromine across various industries, including pharmaceuticals, oil and gas, agriculture, and flame retardants. This demand is fuelled by rapid industrialization, urbanization, and infrastructure development in countries like China, India, and Southeast Asian nations.
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