The size of the Bromine Market is predicted to progress from USD 4.5 billion in 2022 to USD 6.3 billion by 2028, with a compound annual growth rate of 7.2% from 2023 to 2028.
Industry expansion is driven by the cultivation call of Bromine in flame retardants, mercury emission control, water treatment, and oil and gas drilling. Bromine is an element that exists as a red liquid at room temperature. It is the third-largest halogen-bearing element with an atomic number of 35. Bromine is a broadly employed catalyst for the production of a range of goods. The Dead Sea is considered the main source of bromine, while the United States and Israel are the main producers in the world
Among the various derivatives segments in the bromine industry, organobromine is predicted to be the main segment of the industry and to show a considerable CAGR during the foreseen years. In addition, stringent fire safety regulations around the world are predicted to further fuel expansion in the segment. Furthermore, the rising call for organobromine as biocides, especially in agrarian nations, is another engine for expansion in the segment.
Bromine Market Drivers:
Globally, multi-million dollar properties are lost each year due to fire-related accidents. Insurance companies have to use a significant part of their income to settle claims on assets, infrastructure, and human lives lost in fire accidents. This makes anti-inflammatory agents or flame retardants crucial chemicals, as they minimize the risk of fire for almost all manufactured products. They release carbon dioxide or free radicals that combine with oxygen molecules, stopping the oxidation process.
Brominated compounds, such as flame retardants, have been consistently added to consumer products such as electronics, plastics, and more for several decades, as part of a successful effort to reduce related injuries, fire, and property damage. Recently, concerns about this class of chemicals have escalated due to the harmful and toxicological effect it has on health and the environment. The widespread production and use of brominated flame retardants (BFRs) lead to further pollution of the environment. These compounds also have a detrimental effect on animals and wildlife. However, current toxicological databases do not allow an understanding of the risk. Many of the existing studies involve commercial mixtures but do not represent human exposure. The future course of these studies should focus on congeners, and potentially their metabolites or breakdown products, to understand the risk associated with commercially available bromine derivatives.
Hydrogen bromide flow batteries are included in the category of high-power density membrane flow batteries. EnStorage Inc. (Israel), a developer of large-scale electricity storage solutions, produced 50.0 KW hydrogen-bromine flux (HBr) grid-connected batteries, which were connected to the company's test site in the south of Israel to deliver up to 100.0 kWh of energy. The network became operational in March 2018. EnStorage Inc. flow batteries use HBr and H2 as storage chemicals. Hydrogen and bromine flux batteries are a reliable source of durable energy for large-scale industrial units. They are currently employed as reliable energy storage solutions in various industrial units worldwide.
Challenges in the Bromine Market:
In the oil and gas industry, clear brine fluids (CBFs) are widely employed in the completion and reconditioning of well drilling activities. CBF's activities are highly dependent on oil and gas prices. The number of platforms in the Gulf of Mexico is a useful indicator of future call for CBF products. The number of rigs in the Gulf of Mexico fell in 2019 due to low oil and natural gas prices and remained low in early 2020. As a result, call for CBF products in the terrestrial and international industries was have been affected by low prices. There has been a significant drop in natural gas and oil prices since the beginning of 2019.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022-2028 |
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Base Year |
2022 |
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Forecast Period |
2023-2028 |
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CAGR |
7.2% |
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Segments Covered |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
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Market Leaders Profiled |
Israel Chemicals Limited (Israel), Albemarle Corporation (US), LANXESS Corporation (Germany), Tosoh Corporation (Japan), Tata Chemicals Limited (India), Gulf Resources Inc. (China), TETRA Technologies, Inc. (US). |
Bromine Market Segmentation as per the research report until 2028.
Bromine Market - By Application:
Depending on the application, the flame retardant segment accounted for the majority of the bromine industry in 2020. Strict Fire safety standards implemented by regulators increase the consumption of flame retardants in various end-use industries.
Bromine Market - By Derivative:
On the basis of derivatives, the organobromine sector has led the industry in 2019, as it is broadly employed in the making of brominated flame retardants.
Bromine Market - By Region:
The Bromine Market report includes the segmentation of Regions with their respective Nations.
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
By region, Asia Pacific is predicted to be the largest bromine industry in 2020. Bromine call in this region is primarily due to its escalating use in China, Japan, and India. The escalating development of infrastructure and escalating disposable incomes of the middle-class population in the Asia Pacific have fueled calls for flame retardants, which are widely employed in insulation and in the manufacture of plastic and electronic components. China is predicted to be the dominant and fastest-rising industry for bromine in the Asia-Pacific region, mainly due to the escalating call for brominated flame retardants in the country.
The European region is predicted to show moderate expansion and is mainly driven by a well-developed automotive and cosmetic industry. In addition, escalating oil and gas drilling activities, primarily in Russia, are predicted to accelerate industry expansion. In addition, escalated construction and call for consumer electronics are predicted to increase calls for bromine in developing nations in Latin America and the Middle East and Africa.
Bromine Market Key Players:
Israel Chemicals Limited (Israel)
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