In 2023, the bromine market is projected to be worth US$ 2.23 billion. By 2033, the bromine market is anticipated to have grown at a compound annual growth rate (CAGR) of 6.3% to reach US$ 4.5 billion.
Bromine is an extremely explosive and corrosive element, it is a red brown liquid at room temperature and readily evaporates to form metals when in contact with great pressures. Also, it is similar to halogen having features similar to both chlorine and iodine. Bromine is a crystalline mineral halide salt and is present in various categories of organ bromine compounds, hydrogen bromide, bromine fluids, and others. Bromine is a natural element that can be easily found in sea, lakes, and underground wells. Dead-sea is the richest resource to find bromine.
Bromine and its byproducts are more and more being popularly used in reducing the mercury discharge from smokestacks of coal-fired plants that is hazardous to humans. Actually, many governments have regulations to arrest/punish responsible for mercury emission. This as a result has caused a boost to the global bromine market. Besides, bromine is similarly used in water treatment – be it industrial water treatment or commercial water purification or residential. This is another factor driving the growth of global bromine industry.
Bromine industry is impacted negatively, due to the point that bromine is a dangerous waste. The process of disposal has to be very careful with minimum damage to the surroundings. Also, the vapor produced by bromine is highly corrosive which aggravates in the presence of moisture due to the acids formed. An important factor for Bromine is to keep it dry during transportation and storage.
The Bromine market size can be segmented on the basis of applications, end-user industry, and geography. On the basis of applications bromine market is segmented as drilling fluids, flame retardants, catalysts, biocides, water treatment and many others. Flame retardants hold the major bromine market share, owing to its wide use in range of products plastics, textiles, and electrical equipment. Bromine is also used as clear brine fluids for use in drilling fluids. By end-use industry, bromine market is divided into chemicals, oil and gas, pharmaceuticals, electronics and textiles and so on. The chemical segment is the highest contributor in the industry and is expected to show a linear growth during the forecast period. Growth in the oil and gas industry is expected due to the growing demand for clear brine fluids for oil and gas drilling. However, the electronics segment might experience some downfall due to government restrictions.
On the basis of region, the global bromine industry is segmented into North America, Latin America, Europe, Asia Pacific (APAC) and Middle East and Africa (MEA). Asia Pacific (APAC) is likely to be the fastest rising segment during the forecast period. North America and Europe are mature markets for bromine and are tending towards partial use of brominated flame retardants due to environmental regulations about its hazardous nature. Key players in the global bromine market are Israel Chemical Ltd. (ICL), Gulf Resources Inc, lbemarle Corporation, and Jordan Bromine Company Limited.
Bromine Market Scope
|Revenue forecast in 2033
|US$ 4.5 billion
|CAGR of 6.3% during 2023-2033
|End Users, Application, Product, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Israel Chemical Ltd. (ICL), Gulf Resources Inc, lbemarle Corporation, and Jordan Bromine Company Limited
The various segments of Global Bromine market are,
• Oil & gas
• Electronics and textiles
• Flame Retardants
• Drilling Fluids
• Water Treatment
Regions: North America, Latin America, Europe, Asia Pacific (APAC) and Middle East and Africa (MEA).
• North America
• Latin America
• Asia Pacific
• Middle East and Africa
What to expect from the upcoming report on ‘Global Bromine Market’:
- Future forecast and current developments of the Bromine market by the end of forecast period (2018-2025)
- Information concerning technological progressions as well as innovations across the world
- Supportive initiatives by government likely to influence the market dynamics.
- In-depth analysis of different market segmentations including regional segmentations, applications and types.
- Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market.
- Trends, drivers, opportunities, restraints, challenges and key developments in the market.