Bromine Market Report

Market Insights

Bromine market is expected to grow from USD 3.46 billion in 2021 to USD 4.71 billion by 2028 at a CAGR of 4.4% during the forecast period of 2022-2028.

What is bromine?

Bromine is a colourless, soluble, crystalline mineral halide salt extracted from brine pools and made commercially available. It is a naturally occurring element which is present in seas, lakes, and underground wells, dead sea being the primary source. It is a highly volatile and corrosive chemical element and possesses the qualities of both iodine and chlorine. At room temperature, it is a fuming red brown liquid which readily evaporates forming metals at extreme pressures. Bromine exists in different types such as organobromine compounds, hydrogen bromide, bromine fluids, and others.

Market Drivers

The major factor driving the market is the growing demand for bromine in flame retardants, mercury emission control, water treatment, and oil & gas drilling applications.

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Segment Analysis

By Derivative Type

Based on the derivative type, the market is segmented as organobromine, clear brine fluids, and hydrogen bromide. Organobromine is widely used in the manufacturing of brominated flame retardants, pesticides, fumigants, and biocides for water treatment, making it the largest segment of the market in 2021, and it is expected to remain dominant during the forecast period. Recent initiatives are being taken by major players such as Albemarle and Israel Chemicals Ltd. to develop and market polymeric substitutes to hexabromocyclododecane (HBCD) flame retardants, due to toxicity concerns in the later.

By Application Type

Based on the application type, the market is segmented as flame retardants, water treatment, mercury emission control, oil & gas drilling, HBR flow batteries, Pta synthesis, pesticides, plasma etching, pharmaceuticals, and others. The flame retardants segment dominates the market, as the demand for bromine compounds as flame retardants has significantly increased due to their extensive use in domestic and industrial applications. Despite increasing regulations on some of the bromine-based flame retardants, the segment still dominates the market, due to its effective fire controlling properties. Few examples of flame-retardant chemicals that are made using bromine are polybrominated diphenyl ether, polybrominated biphenyl, decabromodiphenyl ether, hexabromocyclododecane, and tetrabromobisphenol.

By Region

In terms of regions, Asia-Pacific is estimated to be the largest as well as fastest-growing market for bromine during the forecast period, with China, Japan, and India being the major countries with lucrative growth opportunities. One of the major drivers of the Asia-Pacific’s bromine market is the growing automotive and construction industries in the region and their increasing consumption of bromine. China is expected to drive the region’s market due to increased dependence on imports to meet its domestic requirements, post the ban of bromine and its related compounds into the country. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The bromine market is segmented into the following categories. 

By Derivative Type:

• Organobromine
• Clear Brine Fluids
• Hydrogen Bromide (HBr)

By Application Type:

• Flame Retardants
• Water Treatment
• Mercury Emission Control
• Oil & Gas Drilling
• HBR Flow Batteries
• Pta Synthesis
• Pesticides
• Plasma Etching
• Pharmaceuticals
• Others

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Key Players

Some of the major players in the bromine market are-

• Israel Chemicals Limited
• Albemarle Corporation
• LANXESS Corporation
• Tosoh Corporation
• Tata Chemicals Limited
• Gulf Resources Inc.
• TETRA Technologies, Inc.
• Hindustan Salts Limited
• Honeywell International
• Perekop Bromine

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the derivative types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com