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. 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 the chemical element found naturally in Earth’s crusts and extracted with the help of electrolysis. It is soluble in water and has a deep red color and a pungent odor. Bromine is widely utilized to make organobromine compounds, which find extensive applications in manufacturing halon fire extinguishers that prevent fire breakouts in museums, airports, tanks, etc. Bromine is also widely used in film photography, surface cleaning of printed circuits, disinfecting swimming pools and industrial cooling water, 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.
Market Trends:
The rising food insecurity concerns and decreasing arable land availability are primarily driving the use of bromine to improve crop yields while catering to the nutritional requirements. Besides this, the government bodies of numerous countries are encouraging the adoption of modern agricultural practices that involve long-term storage of products, including grains, cotton, fresh fruit, vegetables, etc., which is further propelling the product demand. Moreover, the increasing need to control pests from degrading products stored for extended periods is also catalyzing the utilization of bromine. Apart from this, the expanding food and beverage (F&B) industry is further bolstering the usage of bromine as an emulsifier in beverages, which is augmenting the global market. Additionally, the growing product applications in manufacturing fumigants, dyestuffs, textiles, water purification compounds, chemical intermediates, etc., are expected to bolster the bromine market in the coming years.
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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
- Others
Breakup by Application:
- Biocides
- Flame Retardants (FR)
- Bromine-Based Batteries
- Clear Brine Fluids (CBF)
- Others
Breakup by End User:
- Chemicals
- Oil and Gas
- Pharmaceuticals
- Agriculture
- Textiles
- Electronics
- Others
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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