Bromine market is expected to grow from USD 3.46 billion in 2021 to USD 4.71 billion by 2028 at a CAGR of 4.4% during the forecast period of 2022-2028. The major factor driving the market is the growing demand for bromine in flame retardants, mercury emission control, water treatment, and oil gas drilling applications.
Segments' Analysis
Stratview Research has segmented the Bromine Market by Derivative Type (Organobromine, Clear Brine Fluids, and Hydrogen Bromide), by Application Type (Flame Retardants, Water Treatment, Mercury Emission Control, Oil Gas Drilling, HBR Flow Batteries, Pta Synthesis, Pesticides, Plasma Etching, Pharmaceuticals, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
Based on the derivative type, the market is segmented as organobromine, clear brine fluids, and hydrogen bromide. Organobromine is widely used in the manufacturing of brominated flame retardants, pesticides, fumigants, and biocides for water treatment, making it the largest segment of the market in 2019, and it is expected to remain dominant during the forecast period. Recent initiatives are being taken by major players such as Albemarle and Israel Chemicals Ltd. to develop and market polymeric substitutes to hexabromocyclododecane (HBCD) flame retardants, due to toxicity concerns in the later.
Based on the application type, the market is segmented as flame retardants, water treatment, mercury emission control, oil gas drilling, HBR flow batteries, Pta synthesis, pesticides, plasma etching, pharmaceuticals, and others. The flame retardants segment dominates the market, as the demand for bromine compounds as flame retardants has significantly increased due to their extensive use in domestic and industrial applications. Despite increasing regulations on some of the bromine-based flame retardants, the segment still dominates the market, due to its effective fire controlling properties. Few examples of flame-retardant chemicals that are made using bromine are polybrominated diphenyl ether, polybrominated biphenyl, decabromodiphenyl ether, hexabromocyclododecane, and tetrabromobisphenol.
In terms of regions, Asia-Pacific is estimated to be the largest as well as fastest-growing market for bromine during the forecast period, with China, Japan, and India being the major countries with lucrative growth opportunities. One of the major drivers of the Asia-Pacific’s bromine market is the growing automotive and construction industries in the region and their increasing consumption of bromine. China is expected to drive the region’s market due to increased dependence on imports to meet its domestic requirements, post the ban of bromine and its related compounds into the country. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
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