Farmington, Jan. 19, 2023 (GLOBE NEWSWIRE) -- The Global Bromine Market size was valued at USD 3.20 Billion in 2022 and is projected to reach USD 4.83 Billion by 2030, growing at a CAGR of 5.13% from 2023 to 2030. In the group of halogens, bromine is the third-largest element. It is a red liquid with the atomic number 35 that is solid at room temperature. Bromine is used in many places around the world as a reactant and a catalyst. Bromine is used to make medicines, disinfectants, biocides, agrochemicals, dyes, chemicals for taking photos, and flame retardants. The most bromine comes from the Dead Sea. It is found in Israel and the United States, among other places. People everywhere think that these two places are the most productive. In this way, the growth of the global bromine market is being driven by the rising demand for bromine. End-user industries like oil and gas, textiles, aerospace, cars, cosmetics, and drugs are becoming more interested in this global market. Aside from this, environmental worries about how bromine is used are slowing the growth of the global market in a big way.
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Recent Developments:
- In June 2020, Tosoh Corporation decided to increase the amount of bromine it could make at its Nanyo Complex in Shunan City, Yamaguchi Prefectur. Bromine is used in flame retardants, fungicides, medicines, and agrochemicals. The company spent about USD 90 million on the expansion project, which will increase production by about 30% over what it could do before. The project should be done by January 20, 2023.
- In July 2019, LANXESS AG started using Emerald Innovation 3000 instead of the now-banned hexabromocyclododecane (HBCD) as a flame retardant for expanded (EPS) and extruded (XPS) polystyrene. Before, Emerald Innovation 3000 was mostly used as a flame retardant in electronics and electrical applications. This product, which was made by brominating an alternating polystyrene-butadiene copolymer, helped reduce the use of the harmful chemical hexabromocyclododecane (HBCD).
Segment Overview
By Derivatives:
The global bromine market is divided into different segments based on the different types of derivatives, such as hydrogen bromides, organobromines, clear brine fluid, and others.
Most people think that the organobromides derivatives will have the biggest share of the global market. Also, over the next few years, the goal for this segment was to have the highest CAGR.
By Applications:
Based on the different types of uses, the global bromine market includes oil and gas drilling, pesticides, flame retardants, mercury emission control, BHR flow batteries, water treatment, and other uses.
The bromine market price report also says that the increasing number of oil and gas-related activities around the world is driving up demand on the world market.
By End-user:
The global bromine market is split into agriculture, textiles, pharmaceuticals, oil and gas, automotive, cosmetics, and other markets.
During the reviewed period, the automotive, oil, electronics, and gas end-use industries are most likely to grow the market.
Regional Outlook:
The latest market survey by CDI shows that China is likely to be the country that uses the most bromine and its derivatives. More than half of all bromine and its derivatives are made in the chemical and oil and gas industries. China should have a strong demand over the next few years because the chemical industry is the biggest user.
Because there are so many chemical companies in China, it is known as the centre of the chemical industry. Over the next few years, the country is expected to create a huge opportunity for the global bromine industry because businesses that use bromine are expected to grow. The country's manufacturers should be able to make enough to meet most of the needs of the country.
But the country has to rely on imports from the MEA region, especially from Jordan and Israel, which are close to the Dead Sea, which has the largest bromine reserve in the world.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 5.13% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 4.83 Billion |
| By Derivatives | Hydrogen bromides, Organobromines, Clear brine fluid, Other |
| By End-users | Agriculture, Textiles, Pharmaceuticals, Oil & gas, Automotive, Cosmetics, Other |
| By Application | Oil and gas drilling, Pesticides, Flame retardants, Mercury emission control, BHR flow batteries, Water treatment, Others |
| By Companies | ICL Group Limited (Israel), Albemarle Corporation (US), LANXESS AG (Germany), Tosoh Corporation (Japan), TATA Chemicals Limited (India), Gulf Resources Inc. (China), TETRA Technologies Inc. (US), Solaris Chemtech Industries Ltd. (India), Honeywell International Inc. (US), Perekop Bromine (Russia) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Trends:
Hydrogen bromide flow batteries are a type of flow battery with a high power density and no membrane. EnStorage Inc. in Israel, which makes large-scale electricity storage solutions, made grid-connected 50 kW hydrogen-bromine (HBr) flow batteries, which were connected at the company's test site in southern Israel to provide up to 100 kWh of energy. The grid started being used in March 2013. EnStorage Inc.'s flow batteries use HBr and H2 as storage chemicals. Flow batteries that use hydrogen and bromine are a reliable way for big industrial machines to get power that won't run out. They are used in many industrial units around the world as reliable ways to store energy.
Around the world, fires destroy property worth billions of dollars every year. Insurance companies have to give a lot of their money to people who have lost their homes, businesses, or lives in fires. Anti-inflammatory agents and flame retardants are important chemicals because they make almost all manufactured goods less likely to catch fire. Flame retardants put out fires by making a layer of free radicals that slows down the burning process. They either give off carbon dioxide or free radicals that join with oxygen molecules to stop the oxidation process.
Market Challenges:
Since the 1970s, flame retardants and other brominated compounds have been added to consumer products like electronics, plastics, and many others to cut down on fire-related injuries and property damage. More people are worried about this group of chemicals because they can be dangerous and are bad for health and the environment. Brominated flame retardants (BFRs) are made and used everywhere, which makes the environment dirtier. Animals and other wildlife are also hurt by these chemicals. But the toxicology databases we have now don't give us enough information to understand the risk. Many of the studies that have been done so far have used commercial mixtures, which don't show how people are exposed.
Key Segments Covered:
Top Market Players:
ICL Group Limited (Israel), Albemarle Corporation (US), LANXESS AG (Germany), Tosoh Corporation (Japan), TATA Chemicals Limited (India), Gulf Resources Inc. (China), TETRA Technologies Inc. (US), Solaris Chemtech Industries Ltd. (India), Honeywell International Inc. (US), Perekop Bromine (Russia), and others.
By Derivatives
- Hydrogen bromides
- Organobromines
- Clear brine fluid
- Other
By End-users
- Agriculture
- Textiles
- Pharmaceuticals
- Oil & gas
- Automotive
- Cosmetics
- Other
By Application
- Oil and gas drilling
- Pesticides
- Flame retardants
- Mercury emission control
- BHR flow batteries
- Water treatment
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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