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 growth in the forecast period can be attributed to environmental regulations favoring the use of bromine in flame retardants, expansion of the energy storage and electric vehicle markets, rising use of bromine compounds in energy-efficient cooling systems, enhanced demand for bromine in water treatment due to increased urbanization, and adoption of bromine in energy storage solutions like flow batteries. Major trends in the forecast period include shift toward eco-friendly flame retardants, bromine recycling, urbanization and water treatment, bromine in energy-efficient electronics, and energy storage solutions.
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Scope Of Bromine Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Bromine Market Overview
Market Drivers –
The increase in demand for bromine in oil and gas drilling is significantly contributing to the growth of the bromine market. The oil and gas are extracted from porous stones by drilling a hole into the area. Bromine used in the form of clear brines can compensate for the gravity required to balance the pressure needed to avoid closing the pores that are drilled in porous stone. The increasing oil and gas drilling activity requires a high amount of bromine. For instance, according to Rystad Energy, a US-based energy research and business intelligence company, global oil and gas drilling activity increased by 12% from 2020 to 2021, with around 54,000 wells drilled. Therefore, the increase in demand for bromine in oil and gas drilling is expected to propel the growth of the bromine market going forward.
Market Trends –
Strategic partnerships and collaborations have emerged as a trend gaining popularity in the bromine market. Major companies operating in the bromine sector are focused on partnerships and collaborations in order to expand their operations into new areas and become industry leaders. For instance, in February 2021, W. R. Grace and Company, a US-based chemical company, acquired Albemarle Corporation for $570 million. This acquisition significantly steps up W. R. Grace and the company’s modest footprint in the pharmaceutical services industry. Albemarle Corporation is a US-based chemical manufacturing company that specializes in bromine, refining catalysts, lithium, and applied surface treatments.
The bromine market covered in this report is segmented –
1) By Derivative: Organobromine, Clear Brine Fluids, Hydrogen Bromide
2) By Application: Biocides, Flame Retardants (FR), Bromine-Based Batteries, Clear Brine Fluids (CBF), Other Applications
3) By End User: Oil And Gas, Automotive, Agriculture, Pharmaceuticals, Cosmetics, Textiles, Other End Users
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Regional Insights –
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 include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
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.
Table of Contents
1. Executive Summary
2. Bromine Market Report Structure
3. Bromine Market Trends And Strategies
4. Bromine Market – Macro Economic Scenario
5. Bromine Market Size And Growth
…..
27. Bromine Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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