The new report by Expert Market Research titled, ‘Global Bromine Market Size, Share, Demand, Report and Forecast 2021-2026’, 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.
Bromine Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2016-2026)
Historical Market Size (2020): USD 3.6 Billion
Forecast CAGR (2021-2026): 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.
Expanding the opening of new offices by significant producers for extending business presence is a latest thing on the lookout, and this is supposed to increase the market development. For example, in Walk 2020, TrustCapital LLC – a bromine and bromine compound maker situated in Russia – opens another bromine plant in Krasnokamsk (Volga Government Locale) with an expected limit of 1,700 tons sodium bromide each month.
Organization and understanding among central parts for extending item portfolios is a critical pattern on the lookout for. For example, in September 2019, ICL’s Modern Creation division (ICL-IP) consented to vital arrangements with its Asian clients to grow the limit of bromine compounds. The arrangements will see expansion in the creation limit of its TBBA bromine compound by up to 25,000mtpa.
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.
Bromine Market 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.
Based on type, the market is divided into:
Hydrogen Bromide
Organobromine
Bromide Salts
Others
Bromine finds wide application in the following segments:
Biocides
Flame Retardant
Bromine-Based Battery
Clear Brine Fluids (CBF)
Fine Chemicals
Agriculture Products
Others
The global regions for bromine market include:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Bromine Market Trends
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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