The new report by Expert Market Research titled, ‘Global Bromine Market Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global bromine market, assessing the market based on its segments like type, application, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 3.6 Billion
- Forecast CAGR (2023-2028): 5%
- Forecast Market Size (2026): USD 4.5 Billion
In 2020, the Asia Pacific area was one of the most important bromine markets. A increasing need for zinc-bromine flow batteries and rising use of flame-retardant products in Asia Pacific has fueled tremendous demand for organobromines. China is one of the region’s most important marketplaces.
China has one of the largest electronics manufacturing bases in the world. Smartphones, TVs, cables, and other electronic devices have seen the most increase in the electronics industry. The country not only meets domestic need for electronics, but it also exports them to other countries. Electronics production in China is predicted to increase as the middle-class population’s purchasing power grows, as does demand for electronic products exported from China. As the electronics and construction industries grow, demand for bromine-based batteries and flame retardants is likely to climb.
India is also a key market producer. Flame retardants, bromine-based batteries, translucent salt solutions, and other products employ bromine. India’s electronics market is one of the country’s largest and fastest-growing industries. As labour prices rise, many businesses are shifting production from China to India to meet rising demand. Electronics manufacturing is predicted to develop as a result of government initiatives such as Digital India. During the projection period, these factors are expected to enhance bromine demand in the region.
Industry Definition and Major Segments
Bromine is a chemical that, through a variety of derivatives and compounds, is largely utilised as a fire retardant or fire prevention agent. These flame retardants are employed as inputs and end products in the manufacturing process.
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Based on type, the market is divided into:
- Hydrogen Bromide
- Bromide Salts
Bromine finds wide application in the following segments:
- Flame Retardant
- Bromine-Based Battery
- Clear Brine Fluids (CBF)
- Fine Chemicals
- Agriculture Products
The global regions for bromine market include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Between 2021 and 2026, bromine demand is predicted to rise significantly due to growing demand from the biocides, fire retardants, oil and gas drilling, plasma grafting, and PTA synthesis segments. Demand for bromine in a variety of industries, including cosmetics, textiles, pharmaceuticals, and agro-fumigants, is likely to drive up bromine consumption. In the coming years, bromine’s use in flame retardants is projected to continue to drive market expansion.
Key Market Players
The major players in the market are Israel Chemicals Ltd (ICL), LANXESS Corporation, Albemarle Corporation, Jordan Bromine Company (JBC), Tata Chemicals Ltd., and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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