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The bromine market is estimated to grow by USD 964.37 million at a CAGR of 4.02% between 2022 and 2027. The market's growth is influenced by several key factors. Firstly, the expansion of the oil and gas industry plays a pivotal role, driving the demand for flame retardants used in various applications within this sector. Additionally, the increased focus on safety and regulatory compliance fuels the need for flame-retardant materials across industries. Moreover, the rise in demand from developing economies, characterized by rapid industrialization and infrastructure development, further boosts market growth. These factors collectively highlight the growing importance of flame retardants in ensuring safety and compliance across industries, particularly in regions experiencing significant economic growth.
It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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This report extensively covers market segmentation by derivative type (hydrogen bromide, organobromine compounds, bromine fluids, and others), application (flame retardants, drilling fluids, water treatment, agriculture, and others), and geography (APAC, Middle East and Africa, Europe, North America, and South America).
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.
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The hydrogen bromide segment showed a gradual increase in the market share of USD 1.14 billion in 2017. 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 degrees Celsius to 400 degrees 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 market during the forecast period.
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APAC is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
In APAC, China, Indonesia, Malaysia, and Thailand are the leading producers of oil and natural gas, and the production of crude oil has increased due to the high demand for oil and gas in these countries. Crude oil extraction in APAC will drive the consumption of these derivatives during the forecast period. Developing countries in this region are exploring oil fields for extracting natural gas and oil, which will increase the use of bromine and bromine derivatives for extracting crude oil from oil wells and offshore extraction.
Bromine is also used as a pesticide in agricultural storage units to protect crops, vegetables, and fruits from pest and insect attacks. The increasing agricultural activities in APAC will drive the demand for fertilizers during the forecast period. Furthermore, it is also used in electrical and electronic equipment. The growth of the electrical and electronics industry in the region will drive the use of manufacturing electronic appliances such as smartphones and light-emitting diode (LED) TVs. This will also contribute to the growth of the focused market during the forecast period.
The market serves diverse industries such as oil & gas, textile, aerospace, automobiles, and cosmetics. It is widely used as a flame retardant, water disinfectant, and insecticide, making it crucial for various applications. 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. With a focus on renewable sources aofnd energy storage solutions, the market is also exploring zinc-bromine technology. Despite its pungent odor, bromine's versatile properties continue to drive its demand in industries such as pharmaceuticals and the plastics industry. Our researchers analyzed the data with 2022 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 the 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.
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 focused 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. 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.
LANXESS offers brominated performance products under GeoBrom, a new bromine derivate product for clean coal technology. 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 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.
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.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
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 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.
The report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2017 to 2027.
The market plays a crucial role in various industries, including oil and gas drilling, construction, and water treatment. Companies like Chemtura Corporation are prominent players in this market, supplying bromine for use in flame retardants, disinfectants, and biocides. With its high reactivity and effective heat stabilization, bromine is also essential in the pharmaceuticals and agriculture industries. Moreover, the market is witnessing growth in energy storage solutions, particularly in bromine-based flow batteries, which offer flexible design and meet energy storage requirements for renewable energy and energy grids. Efforts are being made to ensure the safe use of bromine through governmental policies and research and development.
The market is diverse, finding applications across various industries. In construction, it is used in flame retardants for enhanced fire safety. The water treatment sector utilizes bromine for its efficacy in treating water from sources like soil, salt, and seawater. In oil and gas-related activities, bromine plays a role in drilling operations. Additionally, the pharmaceuticals and agriculture industries benefit from bromine-based compounds for various purposes. Bromine's energy storage solutions are also gaining traction, especially in bromine-based flow batteries, offering efficient energy storage and management with a long cycle life. Efforts are ongoing to ensure the safe use of bromine, particularly in automotive fluids and medical equipment, while considering waste streams and after-use applications.
Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.02% |
Market growth 2023-2027 |
USD 964.37 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.15 |
Regional analysis |
APAC, Middle East and Africa, Europe, North America, and South America |
Performing market contribution |
APAC at 40% |
Key countries |
US, Saudi Arabia, China, Japan, and India |
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 the forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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