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“The bromine market is projected to grow at a CAGR of 5.0% from 2020 to 2025, in terms of value.”
The global bromine market size is projected to grow from USD 3.2 billion in 2020 to USD 4.1 billion by 2025, at a CAGR of 5.0% from 2020 to 2025. The increasing demand for bromine in flame retardants, mercury emission control, water treatment, and oil & gas drilling is expected to drive the bromine market.
“The oil & gas application segment is projected to grow at the highest CAGR during the forecast period.”
Based on the application, the oil & gas application segment is projected to grow at the highest CARG during the forecast period. Oil & gas is the fastest-growing application of bromine. Clear brine fluids, which is one of the major derivatives of bromine, is extensively consumed in the oil & gas application. They are the saline liquids that are used in various oil & gas well drilling operations. The oil & drilling market in Asia-Pacific is rapidly growing due to the presence of abundant availability of shale gas reserves in China. The ongoing drilling activities in China are expected to make it one of the largest suppliers of shale gas globally in the near future.
“The clear brine fluids derivative segment is projected to grow at the highest CAGR during the forecast period.”
Based on the derivative, the clear brine fluids segment is projected to grow at the highest CAGR during the forecast period. Clear brine fluid is a dense solution of calcium bromide (CaBr2), sodium bromide (NaBr), and zinc bromide (ZnBr2) in saltwater. It is used mainly in penetrating bore-well for drilling oil and natural gas. Calcium bromide and zinc bromide brines are used in shale inhibition and drilling salt formations. Brine fluids are used in refrigeration installations for the transportation of thermal energy. The rapidly growing demand for clear brine fluids in regions like Asia Pacific and North America can be attributed to the increasing shale gas recovery operations in China & the US, which accounts for significant shale gas reserves. This is expected to fuel the drilling & exploration activities in these regions, thus fueling the growth of the bromine.
“Asia Pacific is projected to grow the highest CAGR in the bromine market during the forecast period.”
Asia Pacific is projected to grow at the highest CAGR in the bromine market from 2020 to 2025. The bromine market in Asia Pacific has witnessed growth in the last few years, owing to the growing economies of the countries and increasing consumption of bromine in major industries, such as electronics, oil & gas, agriculture, automotive, and construction. Substantial development in infrastructure and growing demand for flame retardants in automobile and construction & insulation is expected to drive the bromine market in this region. Southeast Asia, including Indonesia, Malaysia, Thailand, and Vietnam, is also a rapidly growing market of bromine. The demand for bromine in brominated flame retardants has been increasing since the past few years, outpacing the supply of bromine.
Profile break-up of primary participants for the report:
- By Company Type: Tier 1 – 45%, Tier 2 – 22%, and Tier 3 – 33%
- By Designation: C-level Executives – 50%, Directors – 10%, and Others – 40%
- By Region: Asia Pacific – 17%, Europe – 25%, North America – 33%, Middle East & Africa- 8%, and South America – 17%
Furthermore, as a part of the qualitative analysis of the bromine market, the research provides a comprehensive review of drivers, restraints, opportunities, and challenges influencing the growth of the market across the globe. It also discusses competitive strategies adopted by the leading market players such as Israel Chemicals Limited (Israel), Albemarle Corporation (US), Lanxess (Germany), Tosoh Corporation (Japan), Tata Chemicals Ltd (India), Gulf Resources Inc. (China), TETRA Technologies, Inc. (US), Hindustan Salts Limited (India), Honeywell International Inc. (US) and Perekop Bromine (Republic of Crimea).
The report defines, segments, and projects the size of the bromine market based on application, derivative, and region. It strategically profiles the key players and comprehensively analyzes their market share and core competencies. It also tracks and analyzes competitive developments such as expansions, new product developments, partnerships, and collaborations undertaken by them in the market.
Reasons To Buy the Report:
- The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the bromine market and its segments.
- report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses, and make suitable go-to-market strategies. It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.