PUBLISHER: The Business Research Company | PRODUCT CODE: 1391059
PUBLISHER: The Business Research Company | PRODUCT CODE: 1391059
“Bromine Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on bromine market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for bromine? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The bromine market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Bromine is a chemical element characterized by its deep red color and is a toxic liquid with an irritating and offensive odor. It finds diverse applications in the production of dyes, fumigants, flame-proofing agents, sanitizers, water purification compounds, agents for photography, vegetable oil, and serves as an emulsifier in citrus-flavored soft drinks. Additionally, its damaging effects on microorganisms make it valuable as a disinfectant for surfaces.
The main types of derivatives derived from bromine include organobromine, clear brine fluids, and hydrogen bromide. Organobromine comprises organic compounds containing carbon bonded to bromine. These derivatives have various applications, such as biocides, flame retardants (FR), bromine-based batteries, and clear brine fluids (CBF), and are utilized in industries such as oil and gas, automotive, agriculture, pharmaceuticals, cosmetics, textiles, and others.
The bromine market research report is one of a series of new reports from The Business Research Company that provides bromine market statistics, including bromine industry global market size, regional shares, competitors with a bromine market share, detailed bromine market segments, market trends and opportunities, and any further data you may need to thrive in the bromine industry. This bromine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The bromine market size has grown rapidly in recent years. It will grow from $4.78 billion in 2023 to $5.26 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth observed during the historical period can be attributed to several factors, including the increasing demand for flame retardants in construction materials and electronics, the expansion of the oil and gas industry, growth in the pharmaceutical industry for the production of medicines, regulatory support favoring the use of bromine in water treatment applications, and a rise in demand for clear brine fluids in oil and gas production.
The bromine market size is expected to see strong growth in the next few years. It will grow to $7.61 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The anticipated growth in the forecast period can be attributed to environmental regulations favoring the use of bromine in flame retardants, the expansion of the energy storage and electric vehicle markets, the rising use of bromine compounds in energy-efficient cooling systems, enhanced demand for bromine in water treatment due to increased urbanization, and the adoption of bromine in energy storage solutions such as flow batteries. Major trends expected during this period include a shift toward eco-friendly flame retardants, the practice of bromine recycling, the intersection of urbanization and water treatment, the incorporation of bromine in energy-efficient electronics, and the utilization of bromine in energy storage solutions.
The bromine market is experiencing substantial growth due to increased demand in oil and gas drilling operations. Clear brines containing bromine serve a crucial role in maintaining the necessary pressure balance during drilling, preventing pore closure in porous stone formations. With global oil and gas drilling activity surging by 12% from 2020 to 2021, reaching around 54,000 wells drilled, the heightened demand for bromine is evident. This trend is anticipated to propel the bromine market forward, aligning with the growing needs of the oil and gas exploration sector.
A significant driver of growth in the bromine market is the rising demand within the textile industry. Brominated flame retardants (BFRs), which are bromine-based compounds, play a pivotal role in enhancing fire resistance in textiles. These compounds are incorporated into fabrics, such as curtains, upholstery, and protective clothing, reducing the risk of ignition and slowing down the spread of flames. The textile industry's continuous need for fire-safe materials is reflected in the increasing demand for bromine. As of May 2023, the US textile and apparel exports reached $34 billion in 2022, marking a substantial increase from the previous year's $28.4 billion. This demand for bromine in the textile sector is poised to drive the overall growth of the bromine market.
A notable trend in the bromine market is the prevalence of strategic partnerships and collaborations among key industry players. Companies operating in the bromine sector are actively engaging in partnerships to expand their operational footprint and establish leadership in the industry. An illustrative example is the acquisition of Albemarle Corporation by W. R. Grace and Company in February 2021 for $570 million. This strategic move significantly bolstered W. R. Grace and Company's presence in the pharmaceutical services industry. Albemarle Corporation, a chemical manufacturing company specializing in bromine, refining catalysts, lithium, and applied surface treatments, became an integral part of W. R. Grace and Company's growth strategy through this collaboration.
Key players in the bromine market are actively making strategic investments in the expansion of bromine facilities to drive revenue growth. This strategic approach not only provides financial benefits but also contributes to long-term growth, diversification, and addressing environmental concerns in the supply chain. An example of such investment is Albemarle, a prominent US-based chemical company specializing in bromine. In November 2022, Albemarle announced a substantial investment of up to $540 million for the expansion and modernization of two bromine facilities located in Magnolia, Arkansas. This significant investment is poised to enhance the company's capacity and capabilities in bromine production.
In strategic move within the industry, WR Grace and CO, a distinguished US-based chemical company, acquired the fine chemistry business of Albemarle in June 2021. While the financial details remain undisclosed, this acquisition positions WR Grace and CO to better cater to its customers by providing high-value solutions across various stages of the development cycle. Albemarle, the seller in this acquisition, is known for its expertise in manufacturing bromine, further emphasizing the industry trend of strategic investments for growth and market positioning.
Major companies operating in the bromine market include ICL Group Limited, Albemarle Corporation, Lanxess AG, Tosoh Corporation, TATA Chemicals Ltd., Gulf Resources Inc., Solaris Chemtech Industries Limited, Honeywell International Inc., Perekop Bromine, Hindustan Salts Ltd., Chemtura Corporation, Chemada Industries Ltd., Jordan Bromine Company Ltd., Shandong Weifang Longwei Industrial Co. Ltd., Agrocel Industries Pvt. Ltd., Israel Chemicals Ltd., TETRA Technologies Inc., Sujay Synthorg Chemicals Pvt. Ltd., Shandong Haiwang Chemical Co., Neogen Chemicals Ltd., Shandong Ocean Chemical Co. Ltd., Krishna Solvachem Ltd., Merck KGaA, Mody Chemi Pharma Ltd., Pacific Organics Pvt. Ltd., Thermo Fisher Scientific Inc., Tokyo Chemical Industry Co. Ltd.
The Asia-Pacific was the largest region in the bromine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bromine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the bromine market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
The bromine market consists of sales of bromine for use in agriculture and as a fire retardant. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.