Bromine Market by Derivative (Organobromine, Clear Brine Fluids and Hydrogen Bromide), Application (Flame Retardants, PTA Synthesis, Water Treatment & Biocides, HBR Flow Batteries), End-user & Region - Global Forecast to 2029
The bromine market is projected to grow from USD 2.6 billion in 2024 to USD 3.3 billion by 2029, at a CAGR of 4.6% from 2024 to 2029. Continuous research and development efforts lead to innovative bromine-based products with enhanced properties and applications. Advancements in bromine extraction techniques, synthesis methods, and formulation technologies are expanding the market opportunities for bromine across industries. This technological progress is contributing to the overall growth of the bromine market.
Attractive Opportunities in the Bromine Market
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Bromine Market Dynamics
Driver: Use of bromine compound to mitigate mercury emission
The use of bromine compounds to mitigate mercury emissions is a significant driver of the bromine market. Bromine compounds, such as brominated activated carbon, are utilized in flue gas treatment processes to capture and remove mercury emissions from industrial sources, particularly coal-fired power plants. These compounds chemically react with elemental mercury, forming stable complexes that can be easily captured and removed from the flue gas stream. With increasing regulatory pressure to reduce mercury emissions due to environmental and health concerns, the demand for bromine compounds as effective mercury control agents is growing, thereby driving the expansion of the bromine market.
Restraint: Toxicological effects of brominated compounds
The toxicological effects of bromine compounds significantly restrain the bromine market. Bromine compounds, particularly certain brominated flame retardants, have been associated with adverse health effects such as developmental and reproductive toxicity, endocrine disruption, and neurotoxicity. Concerns regarding the environmental persistence and bioaccumulation of bromine compounds further exacerbate these health risks. Consequently, stringent regulations and bans on using certain bromine compounds in consumer products and growing awareness among consumers about the potential hazards limit the market growth of bromine-based products. Manufacturers are increasingly under pressure to develop safer alternatives to bromine compounds, thereby challenging the growth prospects of the bromine market.
Opportunity: Recycling of bromine products
The recycling of bromine products presents a significant opportunity for the bromine market. Bromine-containing products, such as flame retardants used in electronics, textiles, and construction materials, often end up in waste streams at the end of their lifecycle. However, advancements in recycling technologies have enabled the recovery and reuse of bromine from these waste streams, reducing the need for virgin bromine production and minimizing environmental impact. By promoting circular economy principles and resource efficiency, bromine recycling conserves valuable resources and mitigates potential ecological and health risks associated with bromine disposal. This presents a promising avenue for the bromine market to capitalize on sustainable practices and meet the growing demand for environmentally responsible solutions.
Challenge: Significant fluctuations in oil gas pricing
Significant fluctuations in oil prices present challenges for the bromine market. Oil and natural gas are key raw materials for bromine production, and price fluctuations can impact the cost structure of bromine production. When oil prices are high, the cost of extracting bromine from brine wells or seawater increases, leading to higher production costs for bromine and its derivatives. Conversely, during periods of low oil prices, the profitability of bromine producers may be affected due to reduced demand for alternative energy sources such as shale oil and gas, resulting in lower investment in bromine production facilities. Additionally, volatility in oil prices can disrupt supply chains and logistics, leading to uncertainties in the availability and pricing of bromine products. Therefore, the bromine market faces challenges in managing the impact of oil price fluctuations on production costs, profitability, and market stability.
Bromine Market : Ecosystem
Based on the derivative, the organobromine segment will hold the most significant share during the forecast period.
Based on derivative, the organobromine segment held the largest share in 2023. Organobromine compounds find widespread applications across various industries, including pharmaceuticals, agrochemicals, flame retardants, and water treatment. In the pharmaceutical sector, organobromine compounds synthesize active pharmaceutical ingredients (APIs) for drugs treating conditions such as cancer, epilepsy, and psychiatric disorders. Additionally, these compounds play a crucial role in agrochemical formulations, acting as pesticides, herbicides, and fungicides, contributing to agricultural productivity and crop protection. The versatility of organobromine compounds in different industries underscores their significance in driving market growth.
Based on application, flame retardant is expected to be the largest bromine market segment during the forecast period.
In 2023, the flame retardant segment held the most significant portion of the bromine market by application. The construction industry is a major consumer of bromine-based flame retardants, particularly in products like insulation materials, coatings, and foams. As urbanization and infrastructure development projects continue to expand globally, especially in emerging economies, the demand for flame retardants to enhance fire safety in buildings and structures is increasing, thereby driving the growth of the bromine market.
Asia Pacific is projected to hold the most significant market share during the forecast period.
Asia Pacific accounted for the most significant global bromine market share in 2023. Bromine finds diverse applications in different sectors. In the pharmaceutical industry, it is used to produce various drugs, especially sedatives and antiseptics. In the oil and gas sector, bromine compounds are utilized for drilling fluids and completion fluids. Bromine-based flame retardants are also extensively employed in electronics, construction materials, and automotive components.
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Key Market Players
ICL Group Ltd. (Israel), Albemarle Corporation (US), LANXESS AG (Germany), Tosoh Corporation (Japan), TETRA Technologies, Inc. (US), TATA Chemicals Ltd. (India), Hindustan Salts Ltd. (India), Honeywell International Inc. (US), Gulf Resources, Inc. (China), Agrocel Industries Pvt Ltd. (India), Satyesh Brinechem Pvt. Ltd. (India) are one of the major players in the global bromine market. These players have been focusing on expansion, acquisition, and agreement strategies that help them expand their businesses in untapped and potential markets. They have adopted various organic and inorganic growth strategies to enhance their position in the bromine market.
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- Latest News, Updates & Trend analysis
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Report Metric |
Details |
|
Market Size Available for Years |
2019 to 2029 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2029 |
|
Forecast Units |
Value (USD Million/Billion), Volume (Kiloton) |
|
Segments Covered |
Derivative, Application, and Region |
|
Geographies Covered |
North America, Western Europe, Eastern & Central Europe, Asia Pacific, South America, and Middle East & Africa |
|
Companies Covered |
ICL Group Ltd. (Israel), Albemarle Corporation (US), LANXESS AG (Germany), Tosoh Corporation (Japan), TETRA Technologies, Inc. (US), TATA Chemicals Ltd. (India), Hindustan Salts Ltd. (India), Honeywell International Inc. (US), Gulf Resources, Inc. (China), Agrocel Industries Pvt Ltd. (India), Satyesh Brinechem Pvt. Ltd. (India) and others. |
This research report categorizes the bromine market based on derivative, application, and region and forecasts revenues and analyzes trends in each submarket.
Based on derivative, the bromine market is segmented into:
- Organobromine
- Clear Brine Fluid
- Hydrogen Bromide
Based on application, the bromine market is segmented into:
- Flame Retardants
- Oil & Gas drilling
- PTA Synthesis
- Water Treatment & Biocides
- Mercury Emission Control
- Pesticides
- HBr Flow Batteries
- Plasma Etching
- Pharmaceuticals
- Butyl Rubber
- Others
Based on the region, the bromine market has been segmented as follows:
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North America
- US
- Canada
- Mexico
-
Western Europe
- Germany
- UK
- France
- Rest of Western Europe
-
Eastern & Central Europe
- Russia
- Turkey
- Rest of Eastern & Central Europe
-
Asia Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Rest of Asia Pacific
-
South America
- Brazil
- Argentina
- Rest of South America
-
Middle East & Africa
-
GCC Countries
- UAE
- Saudi Arabia
- Rest of GCC
- South Africa
- Rest of the Middle East & Africa
-
GCC Countries
Recent Developments
- In January 2023, ICL Group Limited launched a new product, BromoQuel, a bromine neutralization system. Its main component is an extinguisher comprising a custom-made bromine complexing agent formulation solution that can treat liquids and gases.
- In July 2019, LANXESS developed Emerald Innovation 3000 as a flame retardant for expanded (EPS) and extruded (XPS) polystyrene instead of hexabromocyclododecane (HBCD). Emerald Innovation 3000 is mainly used as a flame retardant in electronics and electrical applications. This product, manufactured via bromination of an alternating polystyrene butadiene copolymer, decreases the use of hexabromocyclododecane (HBCD), which is hazardous for health.
- In August 2022, TETRA Technologies, Inc. partnered with KMX Technologies LLC and Hyrec Holdings Company W.L.L. to recycle produced water for beneficial reuse, including agricultural and crop irrigation, industrial, power generation, construction, groundwater recharge, cooling towers, and dust control applications.
Frequently Asked Questions (FAQ):
What is the key driver and opportunity for the bromine market?
Increasing demand for flame retardants in electronics, consumer goods, and textile industries and increasing use of bromine in flow batteries are the primary drivers and opportunities.
Which region is expected to hold the highest market share in the bromine market?
The bromine market in the Asia Pacific is expected to dominate the market share in 2029 due to rapid development and investment in the construction sector.
What application of bromine accounts for a significant share?
Flame retardant accounts for a significant share of the bromine market.
Who are the primary producers of bromine?
The key manufacturers operating in the market are ICL Group Ltd. (Israel), Albemarle Corporation (US), LANXESS AG (Germany), Tosoh Corporation (Japan), and TETRA Technologies, Inc. (US).
What total CAGR is expected for the bromine from 2024 to 2029?
The market is expected to record a CAGR of 4.6% from 2024-2029 in terms of value. .
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The study involved four major activities in estimating the current size of the bromine market: extensive secondary research collected information on the market, peer, and parent markets. The next step was to validate these findings, assumptions, and measures with industry experts across the bromine value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the total market size. After that, market breakdown and data triangulation were used to estimate the size of the segments and sub-segments of the market.
Secondary Research
The research methodology used to estimate and forecast the access control market begins with capturing data on the revenues of key vendors in the market through secondary research. In the secondary research process, various secondary sources, such as Hoovers, Bloomberg BusinessWeek, Factiva, World Bank, and Industry Journals, were referred to to identify and collect information for this study. These secondary sources included annual reports, press releases, investor presentations of companies, white papers, certified publications, articles by recognized authors, notifications by regulatory bodies, trade directories, and databases. Vendor offerings have also been taken into consideration to determine market segmentation.
Primary Research
The bromine market comprises several stakeholders in the supply chain, such as manufacturers, end-users, traders, associations, and regulatory organizations. The development of various end-use industries characterizes the demand side of this market. Various primary sources from the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakdown of the primary respondents:
Note: “Others” includes sales, marketing, and product managers
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Market Size Estimation
The top-down and bottom-up approaches were used to estimate and validate the total size of the bromine market. These methods were also used extensively to determine the market size of various segments. The research methodology used to estimate the market size included the following:
- The key players were identified through extensive primary and secondary research.
- Primary and secondary research determined the value chain and market size of the bromine market in terms of value and volume.
- All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.
- All possible parameters that affect the market covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
- The research included the study of reports, reviews, and newsletters of top market players, along with extensive interviews for opinions from key leaders, such as CEOs, directors, and marketing executives.
Global Bromine Market Size: Bottom-Up Approach
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Global Bromine Market Size: Top-Down Approach
Data Triangulation
After arriving at the overall market size using the market size estimation processes explained above, the market was split into several segments and subsegments. Data triangulation and market breakdown procedures were employed to complete the overall market engineering process and determine each market segment’s and subsegment’s exact statistics. The market size was calculated globally by summing up the country-level and regional-level data.
Market Definition
The bromine market refers to the commercial ecosystem centered around the production, distribution, and utilization of bromine and its derivatives. This market encompasses the extraction of bromine from natural sources such as brine wells and seawater, its processing into various forms including elemental bromine and bromine compounds, and its application across diverse industries such as pharmaceuticals, chemicals, electronics, and flame retardants. Key aspects of the bromine market include supply-demand dynamics, pricing trends, regulatory frameworks, technological advancements, and global trade flows.
Key Stakeholder
- Manufacturers of bromine
- Traders, distributors, and suppliers of bromine
- Government and research organizations
- Associations and industrial bodies
- Research and consulting firms
- R&D institutions
- Environment support agencies
- Investment banks and private equity firms
Report Objectives:
- To define, describe, and forecast the size of the global bromine market in terms of value and volume
- To provide detailed information regarding the key factors, such as drivers, restraints, opportunities, and industry-specific challenges, influencing the growth of the bromine market.
- To analyze and forecast the size of various segments (material type, insulation type, and end-use industry) of the bromine market based on six major regions—North America, Western Europe, Eastern & Central Europe, Asia Pacific, South America, Middle East & Africa—along with key countries
- To analyze recent developments and competitive strategies, such as expansions, new product developments, partnerships, and acquisitions, product launches to draw the competitive landscape of the market
- To strategically profile the key players in the market and comprehensively analyze their core competencies
Available Customizations:
With the given market data, MarketsandMarkets offers customizations according to client-specific needs. The following customization options are available for the report:
- Additional country-level analysis of the bromine market
- Profiling of additional market players (up to 5)
- Product matrix, which gives a detailed comparison of the product portfolio of each company.
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