As per the recently published report by MarketsandMarkets™, the “Bromine Market by Derivative (Organobromine, Clear Brine Fluids and Hydrogen Bromide), Application (Flame Retardants, PTA Synthesis, Water Treatment & Biocides, HBR Flow Batteries), End-User & Region – Global Forecast to 2028″, is expected to grow from USD 3.6 billion in 2023 to USD 4.4 billion by 2028, at a CAGR of 4.2%. The major factors driving the bromine market is extensive consumption in diversified applications, such as flame retardants, plasma etching, water treatment, pesticide formulation, among others.
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- 391 Market data Tables
- 51 Figures
- 321 Pages and in-depth TOC on “Bromine Market – Global Forecast to 2028″
This report also provides a comprehensive analysis of the companies listed below:
The major players operating in the bromine market include ICL Group Ltd. (Israel), Albemarle Corporation (US), LANXESS AG (Germany), Tosoh Corporation (Japan), TETRA Technologies, Inc. (US), Solaris Chemtech Industries Ltd. (India), TATA Chemicals Ltd. (India), Hindustan Salts Ltd. (India), Honeywell International Inc. (US), Gulf Resources, Inc. (China), Agrocel Industries Pvt Ltd. (India), Satyesh Brinechem Pvt. Ltd. (India) and others.
Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the bromine market.
Recent Developments in Bromine Market
- In November 2022, Albemarle Corporation announced its plan to expand and modernize two bromine facilities in Magnolia.
- In June 2021, Gulf Resources Inc. has set up a new chemical factory at Bohai Marine Fine Chemical Industrial Park, Shandong Province, China.
- In June 2020, Tosoh Corporation has decided to expand its production capacity for bromine for use in flame retardants, fungicides, medicines, and agrochemicals.
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By derivative, the organobromine segment accounted for the highest share of bromine market during 2023 to 2028.
The organobromine segment, by derivative, market accounted highest share. Flame retardants and biocides are some of the major applications of organobromine. Some organobromine derivatives are also used in water treatment applications, such as cleaning up pools and spas. Organobromine is used in various industries such as electronics, textiles, and plastics.
By application, the flame retardants segment accounted for the highest share of the bromine market during 2023 to 2028.
The flame retardants segment, by application, market accounted for the highest share. Brominated flame retardants such as polybrominated diphenyl ethers (PBDEs), polybrominated biphenyl (PBB), and brominated cyclo-hydrocarbons are used for various applications. Stringent fire safety regulations and expanding shipbuilding industries drive demand for flame retardants worldwide. Brominated flame retardants are used in computer, television, home appliances, electrical wires and many other products.
Asia Pacific is the largest region in the Bromine market.
Increasing use of flame retardants in various countries is the major driving factor of the bromine market in the region. The region is one of the major manufacturers and importers of bromine and its related products. The market in Asia Pacific is witnessing the highest growth rate due to the rapid economic expansion of various countries and the increasing consumption of bromine by major industries such as automobile, oil & gas, among others. China is one of leading market of bromine in the region. Due to the growing demand of brominated flame retardants, the demand of organobromine derivative of bromine is increasing in the region.