Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Bromine Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)" report has been added to ResearchAndMarkets.com's offering.
According to the latest market projections, the global Bromine market is set to achieve a valuation of US$ 2.86 billion by the end of 2024. The market is on a steady growth trajectory and is expected to reach a substantial value of US$ 3.59 billion by 2031.
Versatile Bromine: A Key Player in Halogen Market
Bromine, as the third lightest halogen element, is a versatile compound, existing as a fuming red-brown liquid at normal temperatures. It is widely used in various end-use industries, contributing over 10% to the revenue of the global halogen market, with chlorine being the most dominant halogen element.
Growing Demand for Water Treatment Chemicals
The demand for water treatment chemicals has surged due to expanding water treatment regulations. Halogen compounds, including bromine, have become essential in water treatment processes. The increasing awareness of the hazards associated with chlorine usage has led to a rising demand for safer alternatives.
Bromine has emerged as a viable substitute for chlorine in water treatment applications, particularly in hot tubs, spas, swimming pools, and other sectors. The growth of industrial development in emerging nations is further boosting demand for industrial water treatment chemicals, including bromine.
Mercury Emission Control: An Untapped Market Potential
The utilization of bromide-based solutions to reduce mercury emissions from coal-fired power plants presents a significant opportunity for the industry. Bromide compounds have proven to be cost-effective in comparison to other alternatives, such as chlorine, fluorine, or iodine-based compounds.
Stringent domestic and international regulations aimed at reducing mercury emissions, such as the EPA's Mercury and Air Toxics Standards (MATS) and the UN Environment Program's Minamata Convention on Mercury, offer substantial growth potential for bromine compounds.
Challenges Related to Health and Environment
Despite its widespread usage, concerns have arisen regarding the health and environmental impacts of brominated compounds, such as flame retardants. These compounds, added to consumer products for fire prevention, have raised health and environmental concerns due to their toxicological effects.
Exposure to brominated flame retardants (BFRs) has been linked to various health hazards, and these toxins also pose risks to wildlife and animals. Future research should focus on congeners, metabolites, and breakdown products to fully understand the risks associated with these bromine derivatives.
Country-wise Insights
China: China is poised to become the largest consumer of bromine and its derivatives globally. With a high concentration of chemical companies and a robust production capacity, China is expected to drive significant demand growth in the global bromine industry. However, the country remains dependent on imports from the MEA region, particularly from countries around the Dead Sea, such as Jordan and Israel.
Competitive Landscape
Key manufacturers in the market are gearing up to meet the anticipated demand growth by increasing their production capacities and forming strategic collaborations to maximize opportunities.
Key Companies Profiled
- 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
- Tetra Technologies Inc.
- Shandong Haiwang Chemical Co. Ltd.
- Vinyl KFT
Bromine Market Segmentation
By Derivative, the Bromine market is segmented as:
- Organobromine
- Hydrogen Bromide
- Clear Brine Fluids (CBF)
By Application, the Bromine market is segmented as:
- Biocide
- Flame Retardant
- Oil & Gas Drilling
- Plasma Etching
- PTA Synthesis
- Fumigant Synthesis
- Others
By End-Use, the Bromine market is segmented as:
- Oil & Gas
- Chemicals
- Pharmaceuticals & Cosmetics
- Electronics & Consumer Goods
- Textile
- Medical
- Agricultural & Pesticides
- Automotive
- Building & Construction
- Water Treatment
- Other Industrial
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/y1q242
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
