New York, United States , Nov. 06, 2023 (GLOBE NEWSWIRE) -- The Global Bromine Market Size to Grow from USD 3.61 Billion in 2022 to USD 5.17 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.89% during the forecast period.
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A red vapour is produced when bromine, a volatile substance, evaporates quickly at ambient temperature. Its density is almost three times more than that of water. Bromine is corrosive and can burn flesh when it comes into touch with it. Additionally, it is easily soluble in organic solvents and has a low boiling point. The use of this type of technology in the workplace and at home is a growing trend. It is largely employed in the manufacture of flame retardants, which are substances that are put to furniture, plastics, and fabrics in order to lower the risk of fire. Bromine is a chemical that is used in the production of many different items, including medications, water treatment products, and agricultural chemicals. In addition to being utilised as a catalyst in chemical reactions, the usage of these compounds in the production of fuel additives is also common.
COVID 19 Impact
The bromine industry experienced supply chain disruptions on a global scale, similar to many other industries, as a result of lockdowns, travel restrictions, and lower production productivity. These snags have a detrimental effect on the production and transportation of bromine and related compounds. The demand for bromine and its byproducts is influenced by a number of industries, including medicines, water treatment, oil and gas drilling fluids, and flame retardants. The pandemic caused slowdowns and decreased demand in some industries, including the construction and automobile sectors, which had an impact on the market for products containing bromine. On the other hand, the increase in demand for medicines and chemicals for water treatment brought on by the pandemic reaction may have partially offset the decline in other industries. The bromine market experienced price instability as a result of the pandemic's effects on the supply chain and variations in demand. Because demand and supply dynamics for bromine and its derivatives are uncertain in the future, prices have varied.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on "Global Bromine Market Size, Share, and COVID-19 Impact, By Derivative (Organo Bromine, Clear Brine Fluids, Hydrogen Bromide), By Application (Flame Retardants, Oil & Gas Drilling, PTA Synthesis, Water Treatment), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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Derivative Insights
Organo bromine holds the highest market share over the forecast period
Based on the derivative insights, the global bromine market is segmented into Organo Bromine, Clear Brine Fluids, and Hydrogen Bromide. Among these, organo bromine holds the highest market share over the forecast period. Many industries, including textiles, electronics, automotive, and construction, use organo bromine compounds as flame retardants on a regular basis. They effectively reduce materials' flammability and improve fire safety. Due to stricter fire safety regulations and growing customer demand for flame-resistant products, the use of organo bromine flame retardants has expanded, supporting the segment's growth. The electronics industry demands flame retardant materials for a variety of components and devices.
Application Insights
Flame retardants segment is dominating the market over the forecast period
On the basis of application, the global bromine market is segmented into Flame Retardants, Oil & Gas Drilling, PTA Synthesis, Water Treatment, and Others. Among these, flame retardants segment is dominating the market over the forecast period. The need for flame retardants is rising as a result of the rapid industrialization, urbanisation, and infrastructure development taking place in developing nations like Asia-Pacific and Latin America. Newly created applications, such as textiles, wire and cable coatings, electrical and electronic devices, and wire and cable, are also driving the demand for flame retardants. The building and automotive industries are two major consumers of flame retardant materials. Due to the rise of these industries, which is being propelled by urbanisation, the building of infrastructure, and increased car demand, flame retardants are now more important than ever to maintain fire safety in buildings and automotive components. As a result, the flame retardants market has grown.
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Regional Insights
Asia Pacific region is dominating the market with the largest market share
Among all other regions, Asia Pacific region is dominating the market with the largest market share. Asia-Pacific is home to some of the world's leading bromine producers, including China, which is also the largest. India, South Korea, and Japan are a few other prominent producers in the region. These producers boost the Asia-Pacific bromine market's capacity for cost-effectiveness and supply chain effectiveness.
North America, on the other hand is witnessing the fastest market growth over the forecast period. The region has a strong presence in the automotive, building, electronics, textile, oil and gas, and other industries. Among other products based on bromine, these industries are key users of flame retardants, drilling fluids, water treatment chemicals, and pharmaceutical intermediates. These industries' steady growth has led to an increase in the bromine market in North America.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Companies Covered: Albemarle Corporation, Chemada Industries Ltd., Gulf Resources Inc., Hindustan Salts Limited, Honeywell International Inc., ICL Group Ltd., Jordan Bromine Company Limited, Lanxess AG, Solaris Chemtech Industries Limited (Agrocel Industries Pvt. Ltd.), Tata Chemicals Limited, TETRA Technologies Inc., Tosoh Corporation and Other Key Vendors.
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Recent Market Developments
In September 2019, Israel Chemicals Ltd. intended to raise manufacturing capacity to about 25000 tonnes. A 50-million-dollar investment is anticipated, but it might bring in as much as 110 million dollars. This choice was made in the midst of contracts being inked with numerous clients across Asia.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Bromine Market based on the below-mentioned segments:
Bromine Market, Derivative Analysis
- Organo Bromine
- Clear Brine Fluids
- Hydrogen Bromide
Bromine Market, Application Analysis
- Flame Retardants
- Oil & Gas Drilling
- PTA Synthesis
- Water Treatment
- Others
Bromine Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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