Austin, Sept. 11, 2024 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that The Bromine Market size is projected to reach USD 5.4 billion by 2032 and grow at a CAGR of 4.2% over the forecast period of 2024-2032.
Growing Use in Pharmaceuticals and Agrochemicals Drive Market Growth.
Bromine derivatives, particularly organobromines, have seen rising demand in the pharmaceutical and agrochemical sectors due to their applications in pest control and various therapeutic formulations. Organobromines are used as intermediates in the synthesis of pharmaceuticals, particularly in the production of sedatives, and are also integral to the formulation of pesticides and fumigants in agriculture.
In 2023, ICL Group launched new bromine-based biocides specifically designed for agriculture, targeting improved pest control efficiency with reduced environmental impact. Similarly, Albemarle Corporation expanded its production of brominated compounds to meet the growing needs of the agrochemical industry. According to the U.S. Department of Agriculture (USDA), the use of bromine-based pesticides has increased in the last five years, driven by the need for more effective pest control solutions amid rising agricultural demands. These developments underscore Bromine's expanding role in critical sectors, supported by both innovation and regulatory compliance.
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Key Players:
- LANXESS AG
- TETRA Technologies, Inc.
- ICL Group Ltd.
- TATA Chemicals Ltd.
- Albemarle Corporation
- Solaris Chemtech Industries Ltd.
- Hindustan Salts Ltd.
- Tosoh Corporation
- Honeywell International Inc.
- Satyesh Brinechem Pvt. Ltd.
Oil & gas drilling activities have expanded significantly, especially in offshore exploration, which has ramped up the demand for bromine-based clear brine fluids. These fluids are highly significant in the completion of wells along with reducing pressure & preventing blowouts during different operations of drilling. Due to the strong global emphasis on fulfilling the increased energy demands of the ever-growing world population, regions like North America and the Middle East have enhanced their drilling and exploration activities.
For 2022, the United States Energy Information Administration reported a 7% increase in offshore drilling in the Gulf of Mexico, highlighting the increasing requirement for bromine in the drilling fluids. In addition to this, the Middle East’s increasing focus on the drilling of deep and highly complex wells has also raised the demand for the fluid owing to its increased performance under extreme drilling conditions. This is expected to continue as different happenings also push energy producers to enhance their exploration activities to ensure stable supplies of oil and gas in the long term.
Bromine Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 3.7 Billion |
| Market Size by 2032 | US$ 5.4 Billion |
| CAGR | CAGR of 4.2% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Derivatives (Hydrogen Bromides, Organobromines, and Clear Brine Fluid) • By Applications (Oil & Gas Drilling, PTA Synthesis, Pesticides, Flame Retardants, Mercury Emission Control, HBr Flow Batteries, Water Treatment & Biocides, Pharmaceuticals, and Others) • By End-Users (Agriculture, Textiles, Pharmaceuticals, Oil & Gas, Electrical & Electronics, Automotive, Cosmetics, and Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| KEY DRIVERS | • Increasing demand for flame retardants in construction and automotive industries, where bromine compounds are extensively used. • Increasing the usage of bromine compounds to cut down emissions of mercury |
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Segmentation Analysis
By Derivatives
Organobromines held the largest market share around 45% in 2023. Because these substances find their application in flame retardants and pesticides, they are notable to be highly effective in suppressing combustion. LED and other types of electronic devices, electric vehicles, and a plethora of other products that run on batteries or electric injection are highly popular in the Asia-Pacific and North America regions. That has made organobromines critical for consumer fire safety. Besides, international and local governments are putting more pressure on industries which results in the tightening of fire safety standards. Accordingly, REACH regulations in the EU require the use of brominated flame retardants as a means to reduce fire hazards. Finally, organobromines are widely used in pesticides where they increase the overall effectiveness of crop increase.
By Application
Flame Retardants held the largest market share around 32% in 2023. This is due to the bromine-containing retardants which is widely used in consumer electronics. Providers of smartphones, laptops, and other personal devices aim to increase their safety every year, and the prohibition of fire spreading is one of the critical functions of retardants. Moreover, the Asia-Pacific region actively expands the production of consumer electronics and employs these chemicals. Second, the growing use of electric vehicles is also boosting the use of retardants. The segment of EVs is expanding very fast, and their batteries are the most dangerous fire risk in the construction of such vehicles, so manufacturers have to increase EV safety. Total bans like the one imposed by the EU will make this use only continue, and other regions implement similar safety standards.
Regional Landscape:
Asia Pacific held the largest market share around 38% in 2023. The Asia-Pacific region leads the global market for bromine due to its strong industrial base, rapid urbanization, and growing demand across key sectors. Countries such as China, India, and Japan are major hubs for the manufacture of consumer electronics, which require brominated flame retardants due to stringent government regulations to ensure fire safety. The region’s thriving automotive sector, particularly the vast network of electric vehicle production, also propels demand for bromine-based chemicals. Further, Asia-Pacific has seen increased activities related to oil and gas exploration, particularly offshore drilling, which requires bromine-based clear brine fluids to work. The Chinese government has focused on increasing its industrial capacity, and the regulatory environment has been favorable in driving technological innovation. Additionally, the cost-effective manufacturing presence in the region and the ample supply of bromine in countries such as China contribute to the region’s dominance in the global market.
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Recent Developments
- July 2023: Albemarle Corporation, a leading player in the bromine market, announced plans to expand its production capacity by 20% at its Jordan Bromine facility. This expansion aligns with the growing demand for flame retardants and water treatment chemicals across the Middle East and Europe.
- March 2023: ICL Group launched an innovative bromine-based flame retardant that offers enhanced environmental sustainability. This product, designed to meet stringent European Union regulations, reduces toxic emissions during manufacturing and use, making it highly attractive for the automotive and electronics industries.
Key Takeaways:
- The global bromine market is set for substantial growth, supported by rising demand from the flame retardants, oil & gas, and water treatment sectors.
- Recent developments, including capacity expansions and environmentally sustainable product launches, have strengthened the competitive landscape.
- Asia-Pacific dominates the market, while North America and Europe are also experiencing steady demand, driven by industrial growth and regulatory measures.
Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Production Capacity and Utilization, by Country, by Type, 2023
5.2 Feedstock Prices, by Country, by Type, 2023
5.3 Regulatory Impact, by l Country, by Type, 2023.
5.4 Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by region
5.5 Innovation and R&D, by Type, 2023
6. Competitive Landscape
7. Bromine Market Segmentation, by Derivatives
8. Bromine Market Segmentation, by Application
9. Bromine Market Segmentation, by End-Users
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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