Carbon Tetrabromide Market Trends

Global Carbon Tetrabromide Market Overview

Carbon Tetrabromide Market Size was valued at USD 1.7 Billion in 2022. The Carbon Tetrabromide industry is projected to grow from USD 1.8 Billion in 2023 to USD 2.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.70% during the forecast period (2024 - 2032). Rising usage of carbon tetrabromide in improved oil recovery (EOR) and to create photochemical chemicals is the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Carbon Tetrabromide Market Trends

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  Rapid growth of the cleaning industry is driving the market growth

  
  

The cleaning industry has a huge need for carbon tetrachloride due to its use in dry cleaning, reducing, spot removal, and other processes. A number of growth drivers, including an increase in the public's awareness of cleanliness and hygiene, a strong market for cleaning supplies, and rising income levels, have an impact on the cleaning industry's profitable expansion. For instance, the British Cleaning Council (BCC) reports that in the UK, the output of toilet preparation, cleaning and polishing products, scents, and soap and detergents increased by 1.2% in 2021 over 2020. The European Cleaning & Facilities Service Industry (EFCI) Report estimates that the cleaning sector in Europe would generate US$135 billion in revenues in 2020–21, a growth of 8%. Tetrachloromethane or carbon tetrachloride is increasingly being used as a solvent in dry cleaning, cleaning agents, and spot removal due to rising revenue and demand for cleaning goods. This keeps its demand rising and propels the carbon tetrachloride market.

The agricultural business uses carbon tetrachloride extensively in the production of fertilizers, pesticides, and other agricultural chemicals. The agriculture industry is growing profitably as a result of factors like increased production of grains, cereals, and other foods, increased need for fertilizer and pesticides, and government initiatives to support agricultural development. For instance, the agribusiness sector in India is anticipated to grow to US$24 billion by 2025, according to the India Brand Equity Foundation (IBEF). The United Kingdom's agricultural output climbed by 2.6% in volume in 2021, with grain production increasing by 23% and crop products by 24%, according to the Office for National Statistics. The demand for carbon tetrachloride is rising due to its increasing use in fertilizer, pesticides, grain fumigation, and other agricultural applications due to the industry's robust production. As a result, the market for carbon tetrachloride is growing and expanding.

Numerous businesses employ carbon tetrabromide for various purposes. As a chemical catalyst in the Appel reaction, carbon tetrabromide transforms alcohols into alkyl bromides. Along with triphenylphosphine, carbon tetrabromide is also utilized in the initial phases of the Corey-Fuchs reaction to convert aldehyde molecules into terminal alkynes. Photochemical compounds are also created using carbon tetrabromide. Additionally, Carbon Tetrabromide is used as an electron acceptor in organic synthesis processes. Carbon Tetrabromide is utilized in industrial settings as a grease, wax, and other industrial oil solvent. The manufacturing of fire-resistant compounds uses carbon tetrabromide as an ingredient because it is neither flammable nor combustible. In the rubber industry, carbon tetrabromide is used as a vulcanizing agent, while in the plastics industry, it is used as a blowing agent. Agrochemicals are also produced using carbon tetrabromide as a chemical intermediary. The market for carbon tetrabromide is therefore anticipated to be driven in the near future by demand from applications in the chemical, industrial, and agrochemical sectors. Thus, driving the Carbon Tetrabromide market revenue.

Carbon Tetrabromide Market Segment Insights

Carbon Tetrabromide Type Insights

The Carbon Tetrabromide market segmentation, based on type, includes carbon tetrabromide powder, carbon tetrabromide granules, and carbon tetrabromide suspension. Carbon tetrabromide suspension segment accounted for the largest revenue share in 2022. One typical component of liquid grain fumigation is carbon tetrachloride. When used as a liquid, this mixture volatilizes and produces the most concentrated vapor for controlling insect infestation in grains that have been kept. As a pesticide, carbon tetrachloride is also utilized to eradicate insects that are present in grain. The use of carbon tetrachloride has decreased because of some health issues.

Carbon Tetrabromide Application Insights

The Carbon Tetrabromide market segmentation, based on application, includes chemical reagent, chemical intermediate, solvent, additive, and others. Chemical reagent segment dominated the Carbon Tetrabromide market in 2022.Tetrachloromethane, often known as carbon tetrachloride, is a chemical intermediate used to make chlorine, agrochemicals, fire extinguishers, fertilizers, insecticides, and other substances. It serves as a solvent in the production of various chemical products, including organic and inorganic compounds. Due to development drivers such rising organic and inorganic chemical production, increased demand for specialized chemicals, and an established chemical manufacturing base, the chemical industry is experiencing profitable expansion. For instance, the American Chemistry Council (ACC) predicts that the output of all chemicals produced in the United States will increase by 1.9% in 2024, while the output of agricultural chemicals will increase by 1.1%. The National Investment Promotion & Facilitation Agency reports that the production of main chemicals increased by 14.09% in India in 2021–22 compared to 2020–21, with inorganic chemicals expanding by 7.5%, pesticides & insecticides growing by 19.51%, and organic chemicals growing by 3.75%. The need for carbon tetrachloride as a chemical feedstock for producing chemicals is expected to increase due to the rising demand for a variety of chemical products and the blossoming consumption of organic & inorganic chemicals and others. Thus, it is projected that it would accelerate the segment's growth in chemical manufacturing during the course of the forecast year.

Figure 1: Carbon Tetrabromide Market, by Application, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Carbon Tetrabromide Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Carbon Tetrabromide Market dominated this market in 2022 (45.80%). The market for carbon tetrachloride is expanding fastest in North America. However, the use of carbon tetrachloride must be prohibited by government rules and regulations since it has a negative impact on the environment because it releases chlorofluorocarbons (CFCs), which are to blame for the ozone layer's ozone layer depletion. Further, the U.S. Carbon Tetrabromide market held the largest market share, and the Canada Carbon Tetrabromide market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: CARBON TETRABROMIDE MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Carbon Tetrabromide market accounted for the healthy market share in 2022.Demand for carbon tetrachloride is increasing as a result of its utilization. Over the past few years, developing nations like Spain and Italy have organized significant international chemical industry events. The demand for diverse chemicals in the local market has been further increased by the way that Europe is modernizing and industrializing. Further, the German Carbon Tetrabromide market held the largest market share, and the U.K Carbon Tetrabromide market was the fastest growing market in the European region.

The Asia Pacific Carbon Tetrabromide market is expected to register significant growth from 2023 to 2032. The established foundation for the chemical industry, thriving manufacturing base, and rising urbanization all have an impact on the region's profitable growth potential for carbon tetrachloride. Due to factors like expanding specialized, petrochemical, and agrochemical demand as well as an established production base and urbanization, the chemical sector is experiencing tremendous growth in APAC. For instance, the chemical industry in India is projected to develop at a 9.3% CAGR to reach US$304 billion by 2025, according to the India Brand Equity Foundation (IBEF). The European Chemical Industry Council (CEFIC) estimates that in 2020, chemical sales in China, the United States, and the European Union collectively totaled US$1,549 billion, US$427 billion, and US$499.67 billion, respectively. In 2021–22, chemical production in Japan increased 1.7% over the previous year, according to BASF's annual report. The use of Carbon Tetrachloride for solvent, blowing agents, organic and inorganic chemicals, agrochemicals, and other purposes is expanding as a result of the burgeoning production of chemicals and their derivatives. These elements are anticipated to cause the carbon tetrachloride market in the Asia-Pacific region to expand throughout the course of the projected year. Moreover, China’s Carbon Tetrabromide market held the largest market share, and the Indian Carbon Tetrabromide market was the fastest growing market in the Asia-Pacific region.

Carbon Tetrabromide Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Carbon Tetrabromide market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Carbon Tetrabromide industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Carbon Tetrabromide industry to benefit clients and increase the market sector. In recent years, the Carbon Tetrabromide industry has offered some of the most significant advantages to medicine. Major players in the Carbon Tetrabromide market, including Shanghai Qian Chemical, Hangzhou Dayangchem, Toronto Research Chemicals, Acme Chemical, Alfa Aesar, American Elements, Acros Organics (Fisher Scientific), Aladdin, and Tokyo Chemical Industry, are attempting to increase market demand by investing in research and development Types.

Manufacturer of speciality chemicals and adsorption medium, Acme Chemical produces chemicals for water treatment. The company offers mobile effluent treatment services, enabling mobile environmental services, and is involved in the formulation, manufacturing, and provision of specialty chemicals in a number of industries, including oil and gas exploration, production, refining, and petrochemicals, municipal and industrial water treatment.

Research chemicals are produced and supplied by Alfa Aesar for use in production, pilot-scale, and research applications. The company offers rare earth, nanomaterials, biochemicals, fuel cell products, pure metals and elements, organic and inorganic compounds, and organometallic compounds, as well as analytical goods and certain laboratory equipment.

Key Companies in the Carbon Tetrabromide market include

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  Shanghai Qian Chemical

  
  


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  Hangzhou Dayangchem

  
  


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  Toronto Research Chemicals

  
  


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  Acme Chemical

  
  


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  Alfa Aesar

  
  


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  American Elements

  
  


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  Acros Organics (Fisher Scientific)

  
  


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  Aladdin

  
  


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  Tokyo Chemical Industry

  
  

Carbon Tetrabromide Industry Developments

June 2023: A gas production firm named SOL Group has received the ISCC PLUS accreditation and is working to establish a carbon dioxide recovery facility in Wanze, Belgium. By encouraging garbage recycling, the company will be able to convert to a carbon-neutral energy source and protect the environment and biodiversity.

Carbon Tetrabromide Market Segmentation

Carbon Tetrabromide Type Outlook

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  Carbon Tetrabromide Powder

  
  


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  Carbon Tetrabromide Granules

  
  


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  Carbon Tetrabromide Suspension

  
  

Carbon Tetrabromide Application Outlook

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  Chemical Reagent

  
  


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  Chemical Intermediate

  
  


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  Solvent

  
  


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  Additive

  
  


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  Others

  
  

Carbon Tetrabromide Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  • Mexico
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • UK
  
  
  • France
  
  
  • Italy
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • India
  
  
  • Japan
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Middle East & Africa
  
  
  
  • Saudi Arabia
  
  
  • Qatar
  
  
  • UAE
  
  
  • Rest of Middle East & Africa
  
  
  
  


• South America
  
  
  
  • Brazil
  
  
  • Argentina
  
  
  • Rest of South America