Global Bromine Market, By Derivatives (Clear Brine Fluids, Hydrogen Bromide, Organobromines), By Application (Flame Retardants, Biocides, Oil and Gas Drilling, Plasma Etching, PTA Synthesis, Others), By End-use Industry (Oil and Gas, Chemicals, Pharmaceuticals, Electronics, Textiles, Others (Water Treatment, Cosmetics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) was valued at US$ 3.76 Bn in 2023 and is expected to exhibit a compound annual growth rate (CAGR) of 4.5% during the forecast period (2024-2031), as highlighted in a new report published by Coherent Market Insights.
Bromine is a chemical compound that is highly volatile and corrosive in nature. It exists in the form of a 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.
Global Bromine Market – Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic has impacted the market. Pandemic has led to supply chain disruptions, price instability, and changes in demand from various industries. Despite these challenges, the market is still expected to experience significant growth.
Companies engaged in the manufacturing of chemicals used in the pharmaceutical industry have witnessed a huge surge in demand for specialty chemicals
The COVID-19 pandemic has significantly affected the supply chain in the bromine industry. The market experienced supply chain disruptions on a global scale due to lockdowns, travel restrictions, and reduced production productivity. These disruptions had a detrimental effect on the production and transportation of bromine and related compounds. The pandemic caused slowdowns and decreased demand in some industries, such as construction and automotive sectors, which in turn impacted the market for products containing bromine. However, the increase in demand for medicines and chemicals for water treatment due to pandemic partially offset the decreased demand in other industries. The pandemic also led to price instability in the bromine market due to the effects on the supply chain and variations in demand and supply dynamics for bromine and its derivatives.
Key Developments
- In November 2022, Albemarle Corporation announced its plan to expand and modernize two bromine facilities in Magnolia, Arkansas, U.S. The investment is designed to meet the growing demand for fire safety and specialty products in various industries, including technology, safety, transportation, and green energy. Albemarle Corporation is a leading specialty chemicals producer that focuses on lithium, bromine, refining catalysts, and applied surface treatments.
- In June 2020, Tosoh Corp. announced plans to expand its production capacity for bromine for use in flame retardants, fungicides, medicines, and agrochemicals at its Nanyo Complex in Shunan City, Yamaguchi Prefecture. Tosoh Corporation is a Japan-based multinational chemical and specialty materials company.
Browse 24 Market Data Tables and 28 Figures spread through 150 Pages and in-depth TOC on “Global Bromine Market ”- Forecast to 2031, Global Bromine Market, By Derivatives (Clear Brine Fluids, Hydrogen Bromide, Organobromines), By Application (Flame Retardants, Biocides, Oil and Gas Drilling, Plasma Etching, PTA Synthesis, Others), By End-use Industry (Oil and Gas, Chemicals, Pharmaceuticals, Electronics, Textiles, Others (Water Treatment, Cosmetics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East,and Africa).
Link - https://www.coherentmarketinsights.com/market-insight/bromine-market-884
Key Takeaways of Global Bromine Market :
- Global bromine market was valued at US$ 3.76 Bn in 2023, and is forecast to reach a value of US$ 5.12 Bn by 2031, exhibiting a CAGR of 4.5% between 2024 and 2031
- On the basis of application, flame retardants segment dominated the market in 2019 with around 50% of market share in terms of revenue, followed by oil and gas drilling and others
