Bromine is a chemical compound that is highly volatile and corrosive in nature. It exists in the form of red liquid at room temperature. It is widely used as a catalyst for the production of various products such as flame retardants, biocides, pharmaceuticals, agrochemicals, dyes, disinfectants, and photographic chemicals.
The global bromine market was estimated to be valued more than US$ 2.2 billion in terms of revenue in 2019 and is predicted to grow at a CAGR of 3.5% during the forecast period (2020 to 2027).
Growth in the construction industry and rapid urbanization is primarily fueling the market growth of the bromine. They are widely used in the production of flame retardant and these flame retardant find applications across textile, plastics, and electronic products. Plastic is widely used across construction and building application for roofing, windows, wall coverings, railing, insulation, decks, piping, fences, and plastic house wrap. Hence, growth in the construction industry is projected to propel the market growth of the bromine.
Increasing use of hydrogen bromide in flow batteries is projected to bring new market opportunities over the forecast period. It is a rechargeable battery and is cost-effective. They are reliable sources of large-scale energy storage. They are also gaining demand on the account of fast kinetics and the ability to perform highly reversible reactions. Thus, growing demand for hydrogen bromide inflow batteries are projected to propel the market growth.
Limited resources available and strict mining rules for bromine is projected to hamper market growth. For instance, under the Stockholm Convention on Persistent Organic Pollutants, the majority of countries including the U.S., Germany, Canada, and the U.K. have banned and restricted the use of certain brominated flame retardants in plastics and electronics products due to its persistence in environment.
On the basis of application, flame retardant dominated the global bromine market in 2019 with around 50% of market share in terms of revenue, followed by oil and gas drilling and others.
Growing demand for cosmetic products due to rising fashion trend among consumers is projected to accelerate the market growth of bromine. Bromine is used in the manufacturing of biocides which is further used in the cosmetic products for extending the shelf-life of the products by safeguarding product quality. Hence, growing demand for cosmetic products is expected to bolster the market growth of the bromine.
The growing use of pesticides in the agriculture is a current trend in the agriculture industry. This is attributed to rising demand for high-yield crops due to the growing demand for food around the globe. The market growth of bromine largely depends on the expansion of the agriculture industry coupled with the rising adoption of advanced agriculture practices. Hence, the growing use of pesticides is projected to foster the market growth of bromine.
Global Bromine Market - Impact of Coronavirus (Covid-19) Pandemic
Companies engaged in manufacturing of chemicals used in pharmaceutical industry have witnessed a huge surge in demand for specialty chemicals. Bromine & its derivatives are used in production of drugs which are used for treating pneumonia. This is expected to boost the demand of bromine market in pharmaceutical industry for next few years till end quarter of 2021.
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
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By End-use Industry
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