According to IMARC Group latest report titled “Bromine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on bromine market report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global bromine market reached a value of US$ 3.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 4.2 Billion by 2027, exhibiting a CAGR of 4.5% during 2022-2027.
Bromine refers to a chemical element found naturally in the crusts of the Earth and extracted via electrolysis. It is soluble in water and has a deep red color with an intense odor. Bromine is utilized to make organobromine compounds across the globe. These compounds are extensively used for manufacturing halon fire extinguishers that prevent fire breakouts in places, including airports, museums, and tanks. Bromine is also utilized in surface-cleaning printed circuits and rubber in car tires, film photography, and disinfecting swimming pools. As such, it finds widespread applications across various sectors, such as pharmaceutical, chemical, oil and gas, textiles, electronics, etc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The escalating product demand in the agriculture industry to improve crop yields and cater to the nutritional needs of consumers is among the primary factors driving the bromine market. Besides this, the elevating requirement for this element to prepare over-the-counter (OTC) and prescription drugs and treat chronic diseases and ailments, including thyroid, heart problems, hysteria, hyperactivity, seizures, etc., is further augmenting the market growth. Apart from this, the growing popularity of bromine in the electronics sector for making textiles, water purification compounds, chemical intermediates, fumigants, dyestuffs, furniture foam, and plastic casings is also catalyzing the global market. Moreover, the rising product utilization in the food and beverage (F&B) industry as an emulsifier in drinks is anticipated to propel the bromine market over the forecasted period.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Albemarle Corporation
- Chemada Industries Ltd.
- Gulf Resources Inc.
- Hindustan Salts Limited
- Honeywell International Inc.
- ICL Group Ltd.
- Jordan Bromine Company Limited
- Lanxess AG
- Solaris Chemtech Industries Limited (Agrocel Industries Pvt. Ltd.)
- Tata Chemicals Limited
- TETRA Technologies Inc.
- Tosoh Corporation
Bromine Market Segmentation:
Our report has categorized the market based on region, derivative, application and end user.
Breakup by Derivative:
- Hydrogen Bromide
- Organobromine Compounds
- Bromine Fluids
Breakup by Application:
- Flame Retardants (FR)
- Bromine-Based Batteries
- Clear Brine Fluids (CBF)
Breakup by End User:
- Oil and Gas
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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