Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Bromine is a chemical compound with atomic number 35 and a third-lightest halogen compound. It is a fuming red-brown liquid at room temperature and its properties are almost similar to chlorine and iodine. Bromine derivatives are widely used in the controlling mercury emission and halogenated flame retardants. Moreover, bromine derivatives are also used in the manufacturing of rechargeable batteries. Some of the end-use application of bromine derivatives are pharmaceuticals, agriculture, and electronics, along with growing construction.
The global bromine derivatives market was valued at US$ 3,973.7 Mn in 2018 and is expected to reach US$ 5,628.9 Mn by the end of 2027, growing at a CAGR of 4.0% during the forecast period (2019 to 2027).
Growing demand for bromine derivative from automotive and consumer electronics industries is expected to fuel the market growth of bromine derivatives. Bromine derivatives are used in the production of flame retardant electronic products in the automotive industry. Moreover, the rising application of bromine derivative from the oil and gas industry in the drilling of fluid for extracting petroleum product is further expected to fuel the market growth of bromine derivatives over the forecast period. Additionally, growing number of manufacturing industries, especially in India and China, are further projected to propel the market growth.
Growing construction where it is used in the Roofing, insulation, wall coverings, windows, piping, decks, and fences, the application is projected to fuel market growth. Moreover, rising demand for plastic and rubber products is also projected to fuel the market growth of bromine derivative. Furthermore, the increasing application of bromine derivative in the textile industry coupled with the significant increase the urbanization is further projected to augment the market growth of the bromine derivative.
Figure 1. Global Bromine Derivatives Market Share, By Region, 2018
Asia Pacific region dominated the global bromine derivate market in 2018, accounting for 51.2% share in terms of value, followed by North America. Furthermore, Asia Pacific is projected to register highest CAGR of 4.7%, in terms of revenue during the forecast period (2019 to 2027) in the global bromine derivative market.
Rising usage of non-halogenated flame retardants as bromine flame retardant is banned across most of the regions such as Europe and North America, due to their neurodevelopmental toxicity, thyroid effects, and other side-effects on human health. Therefore, rising concerns over halogenated flame retardants are projected to hamper the market growth of bromine derivative over the forecast period. For instance, in February 2018, The EU banned exports of four brominated flame retardants and three other substances, under amendments made to legislation controlling the trade of very hazardous chemicals. This is expected to hinder the market growth of bromine derivative.
Also, increasing usage of magnesium hydroxide in brominated flame retardants as it exhibits the same properties and benefits as brominated flame retardants are further expected to inhibit the market growth over the forecast period. Also, in some regions phosphorus-based flame retardant such as red phosphorus is widely used non-halogenated flame retardants due to mechanical and electrical properties similar to halogenated flame retardants. This is expected to hinder the market growth over the forecast period.
Growing application of bromine derivative such as Zinc bromide (ZnBr2) which is used in the transparent shield against radiation is projected to propel the market growth of the bromine derivative. Rising demand for Zinc bromide (ZnBr2) from rechargeable batteries is also expected to foster the market growth of the bromine derivative. Furthermore, the growing application of bromine in the production of oxidizing biocides are also expected to augment the market growth over the forecast period.
Increasing demand for Sodium Bromide (NaBr) as a catalyst in TEMPO-mediated oxidation reactions as NaBr is highly stable and is, thus, used with other solutions of bromides and chlorides which is expected to offer the lucrative opportunity to the market bromine derivative. Moreover, it is also used in the generation of chemical sensitivity and the purification of water. Hence, such emerging application is expected to boost the market growth of bromine derivatives.
Figure 2. Global Biostimulants Market - Opportunity Analysis
Market Trends/Key Takeaways
Rising usage of bromine-based oxidizing biocides for cooling towers, swimming pools, sanitary disinfection, and treatment of municipal sewage is expected to augment the market growth over the forecast period. Rising investment by developed countries such as North America is also projected to fuel market growth. For instance, in July 2018, Lanxess announced multiple project expansion plans across the region by 2022, which also includes an investment of USD 60 million in the global bromine reservoir site.
Rising usage of bromine derivative in the surface treatment of rubber used for tires along with the growing usage on the formulation for cleaning surface of printed circuits is projected of fuel the market growth of bromine derivative. Also, increasing usage of bromine derivatives such as methyl bromide in the development of fertilizers and pesticides is expected to foster the market growth of bromine derivatives. Therefore, the booming agriculture industry around the globe is projected to augment the market growth of bromine derivatives over the forecast period.
Figure 3. Global Bromine Derivatives Market Share, By End-use Industry, 2018
Bromine derivatives are used in various end-use industries including chemical, construction, oil & gas, pharmaceutical, electronics, and others. In 2018, chemical segment dominated the global market for bromine derivatives, contributing a share of 58.8% in the same year, followed by oil & gas and pharmaceutical.
Israel Chemicals Limited, Albemarle Corporation, Tosoh Corporation, Tata Chemicals Limited, Chemtura Corporation, Jordan Bromine Company, Gulf Resources Inc., Hindustan Salts Limited, and Tetra Technologies Inc.
Few Recent Developments
- Albemarle Corporation
- In February 2016, the company entered into a long-term supply agreement with Israel Chemicals Limited for the manufacture of polymeric flame retardants
- Israel Chemicals Limited
- In October 2015, the company launched bromine-based battery for energy storage
- In February 2016, ICL collaborated with Albemarle Corporation, a leading global manufacturer of bromine and its compounds. This collaboration offered the company an opportunity to develop next-generation flame retardants.