Enjoy complimentary customisation on priority with our Enterprise License!
The bromine market size is forecast to increase by USD 860.40 million at a CAGR of 3.5% between 2023 and 2028. The market is driven by the growth of the oil and gas industry, as bromine is extensively used in the production of various oilfield chemicals such as bromine-based drilling fluids and bromine-based solvents. Firstly, the expansion of the oil and gas industry plays a pivotal role, driving the demand for flame retardant chemicals used in various applications within this sector. Additionally, the increasing awareness of mercury emission control regulations is propelling market growth, as bromine is a key component in the production of mercury control technologies. Additionally, the increased focus on safety and regulatory compliance fuels the need for flame-retardant chemicals across industries. However, the market is also challenged by the fluctuation in prices of crude oil, which impacts the cost of bromine production due to its close association with oil. Furthermore, the volatility in the supply of bromine due to geopolitical instability and natural disasters in major producing countries can negatively impact market growth. Overall, these factors create a complex market landscape for bromine, with both opportunities and challenges for market participants.
To learn more about the market report, Request Free Sample
The bromine market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market share growth by the hydrogen bromide segment will be significant during the forecast period. The inorganic chemical with the formula HBr is hydrogen bromide. It is a hydrogen halide made up of hydrogen and bromine. It is a colorless gas that dissolves in water to generate hydrobromic acid, which is saturated at room temperature to provide 68.85% HBr by weight.
Get a glance at the market contribution of the end-user segments. Request Free Sample
The hydrogen bromide segment showed a gradual increase in the market share of USD 1.16 billion in 2018. Hydrogen bromide and its aqueous solution are popular reagents used in the synthesis of bromide compounds. Hydrogen bromides are created by mixing hydrogen and bromine at temperatures ranging from 200 Celsius to 400 Celsius. Platinum is generally used to accelerate the process. Inhaling HBr is extremely corrosive and unpleasant. This segment holds the largest market share and is expected to remain the dominant segment of the bromine market during the forecast period.
APAC is estimated to contribute 43% to the growth of the global market during the projection period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.
For more insights on the market share of various regions, Request Free Sample
The market is witnessing significant growth due to its extensive applications in various industries. In the pharmaceuticals industry, Bromine-based compounds are used in the production of essential medicines and therapeutic agents. The Flame retardants industry is another major consumer of Bromine, utilizing it in the production of halogenated compounds for fire safety. Bromine is also used in the halogenation processes for the synthesis of organic compounds. In the agriculture sector, bromine serves as a vital fumigant for pest control. Governmental policies encouraging the adoption of renewable energy are driving the demand for flow batteries, which offer long cycle life, flexible design, and energy storage requirements suitable for energy grids. It is also used in the automotive industry as a coolant and lubricant in automotive fluids. Medical equipment manufacturers use bromine for sterilization purposes. Waste streams from various industries provide opportunities for the recovery and recycling of bromine. After-use applications of bromine include its use in the production of brominated polymers for various end-use industries.
The market is influenced by various factors, including flue gas treatment and the management of elemental mercury due to its toxicological effects. The presence of brominated flame retardants raises health concerns related to their environmental persistence and potential for bioaccumulation. Recycling of bromine products is essential for promoting resource efficiency and reducing waste. The extraction of Br2 is critical for the production of bromine-based products used in applications such as water disinfection and in the construction industry to meet fire safety regulations. Organobromides and clear brine fluid are key products in oil & gas drilling, while the construction and water treatment industries rely on bromine for their chemical needs. Additionally, understanding the health effects and potential for endocrine disruptors is vital as bromine consumption increases in sectors like the water treatment sector and as the market expands, highlighting the need for effective electrochemical reaction technologies to enhance energy density. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growth of the oil and gas industry is notably driving bromine market growth. The increase in oil and gas exploration activities in the US, Brazil, Mexico, Saudi Arabia, China, Russia, Norway, and other oil and gas-rich countries and the extensive use of bromine as drilling fluid for extracting petroleum products will contribute to the growth of the market.
Furthermore, the increased acceptance of horizontal drilling and hydraulic fracturing techniques will fuel the consumption of bromine and bromine derivatives during the forecast period. This is supported by oil & gas drilling, energy storage solutions, renewable sources, and versatile properties. According to the US EIA, oil production through hydraulically fractured wells in the US accounted for 64% of the total oil and natural gas wells drilled in the country in 2021. Hydraulically fractured horizontal wells are increasingly used for developing crude oil and natural gas. These factors will accelerate the growth of the bromine market during the forecast period.
Rising mercury emission control is a major trend in the market. Bromine compounds are used to control mercury emissions from coal-fired power plants, as emissions of air pollutants such as mercury and arsenic are primary environmental concerns. Bromine is used to mitigate mercury emissions. When bromine compounds come in contact with mercury in the presence of flue gases, they form mercuric bromide. Mercuric bromide can be more easily captured in flue-gas scrubbers than the mercuric chloride that is produced at many facilities.
Furthermore, the US Environmental Protection Agency (EPA) has set certain standards to limit the emissions of mercury, acid gases, and other toxic pollutants from power plants; this will increase the use of bromine and its compounds to reduce mercury emissions during the forecast period. The product helps remove mercury emissions from coal-fired boilers and power plant installations efficiently. These initiatives will drive the demand for bromine and bromine derivatives during the forecast period.
The increased demand for non-halogenated flame retardants is a major challenge impeding bromine market growth. Non-halogenated flame retardants are based on elements such as phosphorus and nitrogen. Phosphorus-containing flame retardants are extensively used in standard and engineering plastics, thermosets, coatings, polyurethane foams, and textiles. Flame retardants manufactured using phosphate esters are mainly used in engineering plastics, phenolic resins, and coatings. Though ammonium polyphosphate flame retardants are primarily used in intumescent coatings, they are effective in rigid and flexible polyurethane foams and injection-molded polyolefins in formulations for phenolics, epoxies, unsaturated polyesters, and coatings for textiles.
Furthermore, nitrogen-based melamine cyanurate is used in nylon and polypropylene intumescent formulations in conjunction with ammonium polyphosphate. These flame retardants are used in abundance, which poses a threat to the demand for halogenated flame retardants; this will reduce the consumption of bromine and bromine derivatives during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Tosoh Corp. - The company offers operations that include the manufacture and sale of caustic soda, vinyl chloride monomer, polyvinyl chloride, high-performance polyurethane, and cement. The company's key offerings include bromine.
The bromine market forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Bromine is a red-brown, volatile, and versatile element with a pungent odor and a temperature at room temperature close to that of water. It is a halogen, and is the second lightest and the second most reactive of the halogens. It is widely used in various industries, including oil & gas, textile, aerospace, automobiles, cosmetics, and electronics, with applications extending to aerospace testing for materials that require fire resistance and durability under extreme conditions. In the oil & gas industry, bromine is used as a catalyst in the production of gasoline and jet fuel. In textiles, it acts as a flame retardant. The demand for bromine is driven by its use in flame retardants, water disinfectants, insecticides, and organobromides.
Furthermore, the bromine market is driven by diverse applications, including agrochemicals such as pesticides and fertilizer additives, along with medical applications like anesthetics and cancer treatment. Key products include completion fluids, brominated powdered activated carbon, and flowless zinc-bromine batteries. The demand for flame retardants and bromine-based technologies remains strong, particularly with aluminum hydroxide and calcium carbonate. As leading bromine producers adapt to shifts in oil and gas pricing and explore unconventional hydrocarbon resources, the market continues to evolve, emphasizing public health and environmental safety. The market for bromine is expected to grow due to its use in lithium batteries, catalysts, energy storage solutions, and renewable sources such as zinc-bromine batteries. Bromine also finds applications in the plastics industry and as a flame retardant in electronics. Its high reactivity and effective heat stabilization properties make it a valuable element in various industries.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
176 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 3.5% |
|
Market growth 2024-2028 |
USD 860.4 million |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
3.3 |
|
Regional analysis |
APAC, Middle East and Africa, Europe, North America, and South America |
|
Performing market contribution |
APAC at 43% |
|
Key countries |
China, US, Japan, India, and Saudi Arabia |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Agrocel Industries Pvt. Ltd., Albemarle Corp., Archean Chemical Industries Ltd., BEACON ORGANOSYS, Dhruv Chem Industries, Gulf Resources Inc., Hindustan Salts Ltd., Honeywell International Inc., Israel Chemicals Ltd., Lanxess AG, Mody Chemi Pharma Ltd., Morre Tec Industries, Pacific Organics Pvt. Ltd., Sahayamatha Salterns Pvt. Ltd., Sangfroid Chemicals Pvt. Ltd., Solaris Chemtech, Tata Chemicals Ltd., TETRA Technologies Inc., Tosoh Corp., and Yogi Intermediates Pvt. Ltd. |
|
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for Market forecast period. |
|
Customization purview |
If our bromine market forecast report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this bromine market research and growth report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Derivative Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
Get the report (PDF) sent to your email within minutes.