Bromine Derivatives market size is poised to reach USD 58 billion by the end of 2036, growing at a CAGR of 8% during the forecast timeframe, i.e., 2024-2036. In the year 2023, the industry size of the bromine derivatives was valued at USD 23 billion. This boost is anticipated by the slated demand for flame retardants owing to the growing construction industry. According to a report, the construction industry is set to register a gain of about 1.4 trillion USD by 2025.
Moreover, flame retardants play a substantial role in influencing the fire resistance of various materials used in construction, such as insulation materials, and plastics, coupled with coatings. In addition, credited to the lucrative growth in construction activities worldwide and a significant emphasis on safety standards, the demand for bromine-based flame retardants has witnessed a substantial surge.
Additionally, the estimated advancements in urbanization along with population expansion, more buildings and structures are being observed, attributed to which there is significant awareness of the need for enhanced fire safety measures. Bromine derivatives are chemical compounds that contain bromine as part of their molecular structure, they itself is a halogen element and are widely used in various industries, including pharmaceuticals, flame retardants, oil & gas drilling, and water treatment.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
8% |
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Base Year Market Size (2023) |
USD 23 Billion |
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Forecast Year Market Size (2036) |
USD 58 Billion |
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Regional Scope |
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Derivatives (Sodium Bromide, Calcium Bromide, Zinc Bromide, Hydrogen Bromide)
The sodium bromide segment is estimated to gain the largest market demand of about 41% in 2036. The reason behind this growth is its application in the oil & gas industry, as sodium bromide is a major key component in the formulation of drilling fluids, where it enhances the performance of drilling operations by stabilizing wellbores while controlling pressure.
According to a report, there would be a rise of about 6% in global oil demand between 2022 and 2028, and this would cross about 105.7 million barrels per day, such expansion of oil & gas drilling activities acts as a major growth driver for sodium bromide.
Additionally, sodium bromide finds application in the pharmaceutical industry, particularly in the production of sedatives and anticonvulsant medications. The pharmaceutical sector's continuous growth, driven by an aging global population and increased healthcare needs, contributes to the rising demand for sodium bromide. Its role as an active pharmaceutical ingredient (API) in certain medications positions it as a growth driver in this segment.
End User (Chemical, Construction, Oil & Gas, Pharmaceuticals, Electronics)
The chemical segment is set to garner a notable share shortly and is likely to remain the second largest segment in the end-user of the bromine derivatives market expansion impelled by the growth in the healthcare and pharmaceutical sector. Chemicals serve as essential raw materials in the production of pharmaceuticals, including active pharmaceutical ingredients (APIs) and intermediates, coupled with the continuous advancements in medical treatments and the global demand for healthcare solutions, the chemical industry has experienced growth as a key supplier to the pharmaceutical landscape.
Additionally, companies that follow these standards not only avoid legal issues but also gain trust and credibility in the market revenue. The growth of the chemical segment is propelled by the increasing demand for specialty chemicals. Specialty chemicals cater to specific applications and industries, offering unique properties and functions.
Our in-depth analysis of the market includes the following segments:
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Derivatives |
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End-user |
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Application |
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APAC Market Statistics
The bromine derivatives market in the APAC region is expected to hold the largest share with a revenue share of about 47% by the end of 2036. The landscape growth in the region is expected on account of the surge in rapid industrialization and significant infrastructure development, as countries in the region continue to invest in construction projects, the demand for bromine derivatives, especially flame retardants for building materials, increases.
According to a report, APAC is estimated to gain a growth of about USD 2.5 trillion in the construction landscape, in the coming years. The Asia Pacific region is a hub for electronics manufacturing, with several countries being major contributors to global electronic production. Bromine derivatives, particularly in flame retardants and other electronic applications, are in high demand in the electronics industry, and due to the continuous growth of electronic manufacturing in the region, they serve as a significant driver for the market.
North America Market Analysis
The North American region will also encounter a huge influence on the bromine derivatives market expansion during the forecast period and will account for the second position attributed to the demand for electronic devices continues to rise, led by technological advancements, the need for bromine derivatives in the electronics landscape contributes to the overall growth of the industry. Water treatment applications represent a growth driver for the market in North America.
Author Credits: Rajrani Baghel
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