DUBAI, UAE /PRNewswire/ -- As per the latest study conducted by FMI, the global bromine market is estimated to reach US$ 2.4 billion in 2021. In response to the increasing application across industries such as oil & gas, chemical, electronics, and others, the market is projected to expand at a CAGR of 2.7% over the forecast period 2021-2031 in comparison to 1.5% CAGR registered between 2016 and 2031.
Sales of bromine are expected to showcase year-on-year increase of 3.2% in 2021, owing to the increasing use of bromine in water treatment, flame retardants, oil and gas drilling, and flow batteries among others. In addition to this, increasing demand from automotive and pharmaceutical sectors will accelerate the bromine sales.
Increasing number of fire accidents across the world has created a high demand for materials having fire-retarding properties. According to the National Fire Protection Association (NFPA), approximately 481,500 structure fires were reported in the U.S., causing property damages of worth US$ 12.3 billion in 2019. As bromine compounds possess high fire resistant properties, they are extensively used in flame retardants, which will continue driving the sales of bromine through the course of the report's assessment period.
The flame retardant segment is expected to remain the most remunerative category in terms of application. Increasing usage of brominated flame retardants in everyday commodities such as rubber, textiles, washing machine, computers, televisions, and others to reduce their flammability is favoring the segment growth.
"Due to the decline in availability of underground brines, leading manufacturers are adopting strategies such as smart procurement of bromine and its derivatives in order to secure their margins and maintain their production capacity," says the FMI analyst.
Key Takeaways from FMI's Bromine Market Study
- The U.K. is projected to contribute to maximum sales of bromine in the Europe market, driving regional growth at a CAGR of 2.3% through 2031.
- Favored by the rising investments in oil and gas drilling activities, the U.S. is estimated to account for the highest revenue share in North America market.
- China, being one of the leading producer and exporter of bromine, is estimated to remain the dominant market in Asia Pacific.
- Japan and South Korea will collectively hold nearly 13.5% of the global market share in 2021, driven by increasing used of brominated flame retardants.
- Based on end use, oil & gas industries is forecast to emerge as highly remunerative segment, driven by the increasing demand for bromine in oil and gas extraction process.
Key Drivers
- Surging demand for clear brine fluids (CBFs) for shale reserves in countries such as the U.S. and China is driving the market.
- Increasing usage of brominated flame retardants in electronic and automotive sector is propelling the demand for bromine.
- Increasing adoption of recyclable hydrogen bromide and virgin bromine brines is facilitating the growth of the market.
Key Restraints
- Decline in underground brines reserves is a key factor hindering the production of bromine.
- Rising concerns regarding the toxicological and harmful effect of bromine on health and the environment is hampering the growth of the market.
Competitive Landscape
As per FMI, The top five players in the global bromine market are Albemarle Corporation, Israel Chemical Ltd., Jordan Bromine Company Limited, Lanxess AG, and Tosoh Corporation. These players are estimated to hold nearly 85.5% of the overall market.
Leading players are adopting various growth strategies such as setting up new manufacturing plants, mergers and acquisitions, advanced product development, and partnerships to maintain their leading in this fragmented landscape. For instance,
- In March 2020, TrustCapital LLC, a company based in America, announced setting up a production facility in Krasnokamsk, Russia by the name, TC Bromine. The production facility is capable of manufacturing 1,700 tons of sodium bromide every year.
- In 2019, Israel Chemicals Ltd., a leading global specialty minerals company, announced plans to expand its bromine compounds capacity. The companies is now capable to produce around 25,000 metric tonnes of bromine annually.
Some of the key players in the bromine market profiled by FMI are:
- Israel Chemicals Limited
- Albemarle Corporation
- LANXESS Corporation
- Tosoh Corporation
- Tata Chemicals Limited
- Gulf Resources Inc.
- TETRA Technologies, Inc.
- Jordan Bromine Company
- Vinyl KFT
- Lanxess AG
More Insights on the Bromine Market Survey
The latest market study on the bromine market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global bromine market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
By Derivative:
- Organobromine
- Clear Brine Fluids (CBF)
- Hydrogen Bromide
By Application:
- Biocide
- Flame Retardant
- Oil & Gas Drilling
- Plasma Etching
- PTA Synthesis
- Fumigant Synthesis
- Others
By End Use:
- Oil & Gas
- Chemicals
- Pharmaceuticals & Cosmetics
- Electronics & Consumer Goods
- Textile
- Medical
- Agricultural & Pesticides
- Automotive
- Building & Construction
- Water Treatment
- Other Industrial
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia-Pacific
- Middle East & Africa
Key Questions Covered in Bromine Market Report
- The report offers detailed insights into bromine market demand outlook for 2021-2031
- The market study also highlights projected sales growth for bromine market between 2021 and 2031
- Bromine market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Bromine market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
-Ends-
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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