Global Bromine Derivatives Market is estimated to be valued at US$ 4761.9 Mn in 2022, according to the Global Bromine Derivatives Market Report, By Application (Flame Retardant, Organic Intermediates, Oil & Gas Drilling, Bodices, PTA synthesis, Others), By Derivatives (Sodium Bromide, Calcium Bromide, Zinc Bromide, TBBPA, DBDPE, Others), By End-use Industry (Chemical, Construction, Oil & Gas, Pharmaceutical, Electronics Others), by Region (North America, Europe, Asia-pacific, Latin America, Middle East & Africa), published by Coherent Market Insights.
Global bromine derivatives market was valued at US$ 4761.9 Mn in 2022. Bromine derivatives market is expected to register a CAGR of 5.97 % over the forecast period (2023–2030), to reach US$ 7575.4 Mn by 2030.
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Key Trends and Analysis of the Global Bromine Derivatives Market:
- The rising number of strategic collaboration for expanding the product portfolio among players is expected to augment the market growth over the forecast period. For instance, in February 2020, ICL, a leading specialty minerals, and specialty chemicals company and Albemarle Corporation, manufacture and marketing of flame retardants, announced that they have entered into a long-term agreement for the supply of polymeric flame retardant. The product is manufactured at ICL's facilities in the Netherlands and in Israel utilizing technology licensed from Dow Global Technologies LLC, a subsidiary of The Dow Chemical Company. Albemarle will supply ICL with bromine for the production of GreenCrest, associated with the agreement. Rising investment in research and development activities to improve product quality is further expected to fuel market growth. Moreover, the growing demand for organic intermediate from chemical industry coupled with the rising demand for purified terephthalic acid for manufacturing high-performance multi-purpose plastic is polybutyl terephthalate (PBT) and polyethylene is further projected to foster the market growth of bromine derivative over the forecast period.
Key Takeaways of the Global Bromine Derivatives Market:
- The new product launches, merger & acquisitions, strategic partnership expansion, and research & development activities for the intelligent pigging are key strategies adopted by players in the global intelligent pigging market. For instance, in May 2020, Tosoh Corporation is developing a test reagent to detect antibodies related to SARS-CoV-2, the strain of coronavirus responsible for the Covid-19 pandemic. The company aims for a simple, high-throughput means of detecting anti SARS-CoV-2 antibodies utilizing its patented AIA-CL series analyzers in combination with the regent it has under development.
- Based on derivatives, the bromine derivatives market is segmented into Sodium bromide, Calcium Bromide, Zinc Bromide, TBBPA, DBDPE, and other derivatives. In 2019, TBBPA accounted for the largest revenue share of 38.3% in the global bromine derivatives market, followed by calcium bromide and sodium bromide
- Players active in the global bromine derivatives market include 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.