NEWARK, Del, Nov. 02, 2023 (GLOBE NEWSWIRE) -- The bromine derivative market valuation is US$ 4.57 billion in 2023. In 2022, the market was valued at US$ 4.40 billion. The market is predicted to grow at a CAGR of 3.9% from 2023 to 2033. The valuation of the bromine derivative market is expected to reach US$ 6.71 billion by 2033.
The significance of bromine derivates in the global manufacturing scenario has been experiencing a considerable surge in recent years due to its fire safety properties in factory units. With the rapid rise in the pharmaceutical industry since the pandemic, the market for bromine derivatives, too, is expanding across the globe. Pharmaceutical companies utilize bromine-based catalysts to synthesize antiviral drugs, sedatives, anesthetics, and cardiovascular medications.
The rising demand for bromine derivatives can also be attributed to stringent government regulations regarding the safety of workers in the units. Apart from the pharma industry, the electronics industry harnesses the potential of bromine derivatives, such as TBBPA (Tetrabromobisphenol), during the production of printed circuit boards and electronic devices to prevent the fire risk caused by electric malfunctions and short circuits.
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Fire retardant manufacturers form one of the largest consumer pools in the bromine derivative market. With key players investing billions of dollars in research and development activities, bromine derivatives are also used in wastewater treatment plants to decontaminate the industrial water before it is used again. Bromine derivatives are also used to manufacture pesticides in agricultural countries like India and China.
“The bromine derivative market is still nascent with concerns about sustainable production methods. Key players in the market are developing eco-friendly ways to procure and manufacture bromine to fulfill the demands of eco-conscious consumers and business owners”, says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
Key Takeaways from the Bromine Derivative Market Report
- The bromine derivative market is expected to grow at a 3.9% CAGR from 2023 to 2033.
- TBBPA dominates the global bromine derivative market, with an overall revenue share of 26.3%.
- When it comes to application, the flame retardants industry captures a significant 46.3% share of the global bromine derivative market revenue.
- China is leading the market for bromine derivatives, with an expected CAGR of 5.3% from 2023 to 2033.
- The anticipated CAGR of markets in India is 4.80%, Germany is 4.50%, and the United Kingdom is 4.20%, respectively, over the forecast period.
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Competitive Landscape
The bromine derivative landscape is dominated by numerous international players who have been around for ages and have built a loyal customer base. They mainly serve large-scale industries that prioritize fire safety.
Manufacturers are tapping markets like China and India that bear the potential in the agriculture sector, and that's why international companies are making a big marketing push in these regions. On the other hand, smaller local businesses need help competing with these industry giants' prices. The future of the bromine derivative market depends on finding sustainable ways to produce these products.
Recent Developments
- Palmer Holland, a specialty chemical distributor in North America, has expanded its distribution agreement with LANXESS' Polymer Additives Business, offering flame retardants from bromine derivatives.
- JM Financial has recently partnered with Archean Chemical Industries Ltd (ACIL), one of India's largest producers of bromine-based products, providing an opportunity for companies seeking alternatives to Chinese suppliers.
Key Companies in the Bromine Derivative Market
- Israel Chemicals Limited
- Albemarle Corporation
- Tosoh Corporation
- Tata Chemicals Limited
- LANXESS AG
- Sumitomo Chemical Co.Ltd
- Perekop Bromine
- Archean Group
- Jordan Bromine Company
- Gulf Resources Inc.
- Hindustan Salts Limited
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Key Segments in the Bromine Derivative Market
By Derivative:
- Sodium Bromide
- Calcium Bromide
- Zinc Bromide
- TBBPA
- DPDPE
- Others
By Application:
- Flame Retardants
- Organic Intermediates
- Oil & Gas Drilling
- Biocides
- PTA Synthesis
- Others
By End Use:
- Chemicals
- Pharmaceuticals and Cosmetics
- Electronics and Consumer Goods
- Textile
- Medical
- Agricultural and Pesticides
- Automotive
- Building and Construction
- Water Treatment
- Other Industrial
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in the Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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