Report Details:
15 Companies Covered
111 Pages
MRFR Press Release - Market Research Future Published a Half Cooked Research “Global Bromine Market Research Report - Forecast to 2030” - Market Analysis, Scope, Stake, Progress, Trends and Forecast up to 2030.
The Bromine Market was valued at USD 3 billion in 2022 and is projected to grow to USD 8 billion by 2030, registering a compound annual growth rate (CAGR) of 5.00% from 2023 to 2030.
Albemarle Corporation (U.S.), Chemtura Corporation (U.S.), Tosoh Corporation (Japan), Gulf Resources Inc. (China), Tata Chemicals Limited (India), Israel Chemicals Limited (Israel), Jordan Bromine Company Limited (Jordan), Tetra Technologies Inc. (U.S.), and Hindustan Salts Limited (India).
Bromine Market Highlights
Governments across the globe are focusing on the fire safety in industrial environments. Such safety concerns are resulted into government regulations and guidelines for various end use industries. With the gtowth of such industries, which include automotive, construction, electrical & electronics, bromine demand in flame retardant application is growing at faster pace. Increasing fire safety regulations in various industries is estimated to be the most prominent driving factor for the global bromine market. Large part of bromine that is produced annuallly is consumed for the flame retardant application. In 2016, around 46% of the overall bromine produced was consumed for flame retardant application.
Apart from flame retardant application, bromine is been used in wide range of applications. Bromine is also preferablly used in water treatment applications. Increasing regulation pertinent to water treatment is estimated to boost the market demand in various geographies. Conventional bromine applications include, oil & natural gas production, biocides, organic intermediates and others. Along with these applications, growing end-use industries namely personal care, cosmetics and pharmaceuticals is set to boost the bromine market demand over the forecast period. Relatively new bromine applications include, paper making, pesticides, and antibiotics. Growth of such new applications will further fuel the global bromine market demand.
However, bromine market demand growth restricted by some of the negative factors. Some of the factors are ban on methyl bromide in pesticide application, owing to the toxic properties. Methyl bromide is considerwed as an ozone depleting agent and is subjected to phase out regulations from various governments. Additionally, brominated flame retardants are being replaced by its alternatives such as aluminium trihydroxide, and magnesium hydroxide. This factor has hampered the global bromine market growth
Based on geography, global market is classified as North America, Europe, Latin America, Asia-Pacific, and Middle East & Africa. Among these regions, Asia Pacific is the largest producer aand consumer of bromine. This is attributed to the higher production and consumption bromine in China. China accounts more than 25% of the global bromine prodction. China also accounts for significant share in global bromine trade. It imports 25% of its bromine consumption. Countries namely, China, Israel, the United States, and japan cumulatively account for more than 95% of the global bromine production. Asia Pacific market is followed by North America, and Europe, respectively.
Bromine Market - Competitive Analysis
Bromine producers are concentrated in very few countries. This is attributed to the access to the raw material resources available in few regions. Leading bromine manufacturers are situated in United States & China.
Industry/ Innovation/ Related News
May 2015: Tosoh Corporation, Japan enetered into an sales agreement with Chemtura to sale it s polymer based brominated flame retardant product in Japan. This news highlights the growing demand of flame retardant in matured markets. Although, brominated flame reteradants are restricted in some of the markets, its demand is growing in major markets.
Jan 2017: Albemarle Corporation has announced the price hike by 5% for its bromine products. The company has raised the price in order to offset increased raw material price. This has underlined the manufacturers struggling to acess consistent and low price supply of raw materials
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