Bromine Market Forecasts to 2028 – Global Analysis By Derivative (Organobromines, Hydrogen Bromide (BHR)), Application (PTA synthesis, Plasma etching), Application (Textile, Oil & Gas) and By Geography

Bromine Market Forecasts to 2028 – Global Analysis By Derivative (Organobromines, Hydrogen Bromide (BHR)), Application (PTA synthesis, Plasma etching), Application (Textile, Oil & Gas) and By Geography

According to Stratistics MRC, the Global Bromine Market is accounted for $3.42 billion in 2021 and is expected to reach $5.32 billion by 2028 growing at a CAGR of 6.5% during the forecast period. Bromine is a chemical element, one of nature’s building blocks. Bromine derivatives are essential ingredients in everything from drugs and automotive tires to water purifiers, sanitizers, and additives that protect lives and property from fire. Bromine derivatives are used to explore for oil and gas, and they help us keep swimming pools and spas clean and clear. They are vital to agriculture and international trade because they protect crops from insect damage and help to keep imported commodities free of invasive pests.

The chemical consumption in China came to 1.59 trillion euros in 2020. In the United States in that same year, the consumption of chemicals amounted to some 400 billion euros. Johnson Matthey was by far the largest chemical company in the UK in 2021, with a revenue of approximately 15.67 billion British pounds. The British specialty chemicals company can trace its origins back to 1817 and has since become a multinational corporation with a workforce of nearly 14,000 people. Of this, 4,000 are based in the UK. According to the source, Johnson Matthey ranked in the top twenty global chemical companies based on revenue in 2020.

Market Dynamics:

Driver:

Growing use of hydrogen bromide in flow batteries

Due to the increasing use of hydrogen bromide in flow batteries as it is comprised under the category of membrane-less flow batteries with a high-power density. Hydrogen-bromine flow batteries are a reliable source of sustainable power for large-scale industrial units. They are currently being used as reliable energy storage solutions in various industrial units around the globe. EnStorage Inc. a developer of large-scale electricity storage solutions produced grid-connected 50.0 KW hydrogen-bromine (HBr) flow batteries, which were connected at the company’s test site in southern Israel to provide up to 100.0 kWh of energy.

Restraint:

Toxicological properties

In most of the consumer’s product such as electronics, plastics, and many more, brominated compounds have commonly been added for several decades in a successful effort to reduce fire-related injuries and property damage. Recently, concerns regarding this class of chemicals have risen because of the harmful and toxicological effect it has on health and the environment. The extensive production and use of brominated flame retardants (BFRs) lead to increased contamination of the environment. These compounds also harm animals and wildlife. However, the current toxicology databases that exist are insufficient to understand the risk.

Opportunity:

Rising demand for flame retardants

Different region countries are motivated by the execution of stringent fire safety regulations in the automotive, electronics, consumer goods, and textile industries. Hence, it is significant for the manufacturers of automobiles, electronics, consumer goods, and textiles to meet the fire safety regulations of the respective countries. These safety standards and regulations have, therefore, increased the demand for flame retardants globally. Brominated flame retardants are extensively used in everyday commodities, such as plastics, textiles, and rubber, to reduce their flammability. Therefore, growth in the consumption of these commodities, especially in the emerging markets of the Asia Pacific and the Middle East, is expected to bolster the demand for brominated flame retardants, ultimately creating ample opportunity for market growth.

Threat:

Instability in oil & gas prices

In the oil & gas industry, clear brine fluids (CBF) are widely used in well-drilling activities accomplishment and work over operations. The business of CBF significantly depends on the prices of oil and gas. Therefore, the demand for CBF products in onshore and international markets was affected by the low prices. The decline in activity in the natural gas and oil exploration and production industries resulted in a decline in the demand for CBF products and the services associated with them.

Organ bromine segment is expected to be the largest during the forecast period

The organ bromine segment is expected to be the largest during the forecast period, as it is extensively used in the manufacturing of brominated flame retardants, pesticides, fumigants, and biocides for water treatment. Moreover, the top players in the market are taking initiatives to develop and market polymeric alternatives to hexabromocyclododecane (HBCD) flame retardants, which are being phased out due to toxicological concerns.

The Flame Retardants segment is expected to have the highest CAGR during the forecast period

The Flame Retardants segment is expected to have the highest CAGR during the forecast period owing to stringent fire safety regulations implemented by the regulatory bodies augment the consumption of flame retardants in various end-use industries, such as electronics & consumer goods, building & construction, automotive, textile, rubber, and elastomer. Although brominated flame retardants are less preferred nowadays due to the growing environmental concerns associated with them, their widespread application in the aforementioned industries is sustaining their market and increasing their demand by the day.

Region with highest share:

The Asia Pacific is projected to hold the highest market share, owing to its increasing use in China, Japan, and India. Moreover, increasing infrastructural development and the rise in the disposable income of the middle-class population in the Asia Pacific have boosted the demand for flame retardants, which are used extensively in insulation and fabrication of plastic and electronic components. China is predictable to be the dominant and fastest-growing market for bromine in the Asia Pacific region, mainly due to the escalating demand for brominated flame retardants in the country.

Region with highest CAGR:

North America is projected to have the highest CAGR, as North America is a mature market for bromine and is inclined towards limited consumption of brominated flame retardants due to environmental regulations about its hazardous nature. Another key factor stoking the growth of the market in North America is sizable foreign investments made by multinational companies. These are some of the few factors propelling the market growth in this province.

Key players in the market:

Some of the key players profiled in the Bromine Market include Tosoh Corporation, Tetra Technologies Inc., Tata Chemicals Limited, Solaris Chemtech, Shandong Haiwang Chemical Co., Ltd., Sanofi SA, Morre-Tec Industries Inc., Jordan Bromine Company, Israel Chemicals Limited, Honeywell International Inc., Hindustan Salts Limited, Gulf Resources Inc., Dhruv Chem Industries, Chemtura Corporation, Aquachina Chemicals, Albemarle Corporation , Redflow.

Key developments:

In May 2020: Gulf Resources, Inc. a manufacturer of bromine, crude salt and specialty chemical products in China announced that its Factories #4 and #9 commenced commercial production. These two factories started trial production in the mid-April 2020. Based on the results of the trial production, these two factories have commenced commercial production.

In September 2019: Israel Chemicals Ltd. has announced its plan to increase its bromine compounds capacity to approximately 25,000 metric tons annually. The company will invest approximately USD 50 million for this expansion. This expansion comes amidst the company’s strategic agreements signed with many customers from Asia.

In May 2021: Redflow launches high-voltage redox flow storage solution 10 kW zinc-bromine flow batteries, plus the power conversion technology to deliver stored electricity at high voltages. The Energy Pod Z modules stem from Redflow’s AUD deal to supply 192 zinc-bromine flow batteries to waste-conversion specialist Anaergia at its Rialto Bioenergy Facility in southern California.

Derivatives Covered:
• Organ bromines
• Hydrogen Bromide (BHR)
• Clear Brine Fluids

Applications Covered:
• PTA synthesis
• Plasma etching
• Organic Intermediates
• Oil & Gas drilling
• Flame Retardants
• Catalysts
• Biocides
• Fumigant Synthesis
• Other Applications

End Users Covered:
• Textile
• Pharmaceuticals
• Oil and gas
• Cosmetics
• Chemicals
• Automotive
• Agriculture
• Other Verticals

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances