Bromine is a naturally occurring chemical element and is primarily used as a catalyst and synthesizing agent for the production of various products which include disinfectant, flame retardants, photographic chemicals, and water disinfectant. Automobile, agriculture and electronics are some of the major end-user industries of the bromine.
The global bromine market is projected to surpass US$ 2.2 billion by the end of 2027, in terms of revenue, growing at CAGR of 3.5% during the forecast period (2020 to 2027).
Drivers
The rising demand for plastic from the automotive industry is projected to augment the market growth of the bromine. Increasing replacing of metal with plastic in the automotive industry for manufacturing of lightweight vehicle subjected to rising environmental concerns is expected to spur the market growth. Moreover, plastic is also gaining huge demand for the electronic industry for applications such as wire & cables, switches, connectors, and printed circuits boards.
Increasing demand for disinfectants and biocides is expected to foster the market growth of the bromine. Growing oil &gas related activities such as drilling fluids are another major factor propelling the market growth of bromine. Bromine is widely used as a clear brines in the oil &gas drilling process. All these factors are projected to bolster the market growth of the bromine over the forecast timeframe.
Regionally, Asia-pacific dominated the global bromine market in 2019, reporting 53% market share in terms of revenue, followed by North America and Europe, respectively.
Figure 1. Global Bromine Market, Revenue Share (%), By Region, 2019
Market Restraints
Threat due to non-halogenated flame retardants is expected to restrict the market growth of bromine. Increasing concern over halogenated flame retardants driving demand for non-halogenated flame retardants. Thus, growing demand for the non-halogenated flame is expected to curb the market growth of bromine.
Hazards associated with the brominated compounds are expected to hamper the demand for bromine. Bromine is toxic in nature which is restricting its use across various applications.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 2.2 Bn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 3.5% | 2027 Value Projection: | US$ 3.0 Bn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Albemarle Corporation, Israel Chemicals Limited, Chemtura Corporation, Tosoh Corporation, Gulf Resources Inc., Tetra Technologies Inc., Tata Chemicals Limited, and Hindustan Salts Limited |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Market Opportunities
Expansion of the chemical industry due to the growing production and consumption of chemicals is expected to serve major market opportunities over the forecast period. According to the Cefic Facts & Figures 2020, the world chemicals turnover was valued at US$ 3820 billion in 2018. Global sales grew by 2.5% from US$ 3730 billion in 2017 to US$ 3820 billion in 2018. Thus, growth in the chemical industry is projected to fuel the market growth of bromine.
Growing demand for bromine from pharmaceutical formulation coupled with the rise in the pharmaceutical industry is projected to provide enormous market opportunities. Bromine-based ingredients are widely used in the manufacturing of over-the-counter and prescription drugs. Moreover, bromine has the ability to reduce the sensitivity of the central nervous system thus it is also used in the formulation of anti-epileptics, tranquilizers, and sedatives.
Figure 2. Global Bromine Market – Opportunity Analysis
Market Trends
Increasing opening of new facility by major manufacturers for expanding business presence is a current trend in the market and this is expected to augment the market growth. For instance, in March 2020, TrustCapital LLC – a bromine and bromine compound producers located in Russia – opens a new bromine plant in Krasnokamsk (Volga Federal District) with an estimated capacity of 1,700 tons sodium bromide per month.
Partnership and agreement among major players for expanding product portfolio is a key trend in the market. For instance, in September 2019, ICL’s Industrial Production division (ICL-IP) has signed strategic agreements with its Asian customers to expand the capacity of bromine compounds. The agreements will see increase in the production capacity of its TBBA bromine compound by up to 25,000mtpa.
Figure 3. Global Bromine Market, Revenue Share (%), By Derivative, in 2019
On the basis of derivative, hydrogen bromide the global bromine market in 2019 with around 45% of market share in terms of revenue, followed by organobromides (ob) and clear brine fluids, respectively.
Global Bromine Market - Impact of Coronavirus (Covid-19) Pandemic
The market conditions has changed rapidly owing to the outbreak of Coronavirus (Covid-19) Pandemic. Bromine is widely used as anti-convulsants in pharmaceutical and is also used for formulation of sedatives, analgesics, and antihistamines medicines. This is expected to boost the growth of global bromine market for timeframe of 2021-2022.
Competitive Section
Key players are operating in the global bromine market are Albemarle Corporation, Israel Chemicals Limited, Chemtura Corporation, Tosoh Corporation, Gulf Resources Inc., Tetra Technologies Inc., Tata Chemicals Limited, and Hindustan Salts Limited
Few Recent Developments
Bromine is a nonmetal element and is a heavy, unstable, mobile, reddish-brown colored liquid that has an unpleasant odor, the vapor of which irritates the eyes and throat. Bromine is not considered essential to human health, however in the form of KBr or NaBr, it has anti-seizure properties and is considered effective in the treatment of hyperthyroid conditions. Bromine in liquid and vapor state, is highly toxic and is associated with severe irritation and burning of the eyes, respiratory organs, skin, and the gastro-intestinal tract.
Market Dynamics
The global bromine market has witnessed significant growth in recent past years, owing to the rising demand for bromine and its compounds in agriculture. Asia Pacific is expected to be the fastest-growing region in the bromine market, owing to the large availability of raw materials. Furthermore, cheap labor cost, and easy availability of manufacturing facilities in India and China is another factor propelling growth of the bromine market in this region.
Major players in the global bromine market are increasing their investment on innovative product launchings, research & development and marketing & promotional activities to capitalize on emerging trends in various end-use industries such as cosmetics & personal care, textile, oil & gas, healthcare and others. This scenario is expected to fuel the market during the forecast period.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective.
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