Bromine Market Analysis by Derivative (Clear Brine Fluids, Hydrogen Bromide, Organobromines); by Application (Flame Retardants, Biocides, Organic Intermediates, PTA Synthesis, Plasma Etching, Oil and Gas Drilling); and by End-User (Pharmaceuticals, Cosmetics, Textile, Pesticides, Automotive and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031
Buy Now Report ID: 182 | Published Date: Feb 14, 2023
Regionally, the global bromine market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2031. The demand for bromine in this region is largely driven by its increased use in developing countries such as China, Japan, and India. Property Losses from fire-related incidents are increasing every year in the region, which encourages the use of flame retardants. This factor is anticipated to boost the demand for bromine during the forecast period. Flame retardants are extensively used in the production of plastic and electronic equipment. Furthermore, economic growth and rising disposable personal income have pushed the use of flame retardants in Asia Pacific. It was observed that, China's per capita disposable income reached USD 5500 in 2021, up 9.1% from the previous year.
The global bromine market is further classified on the basis of region as follows:
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Our in-depth analysis of the global bromine market includes the following segments:
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In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: Rising demand for bromine in oil and gas drilling, utilization of hydrogen bromine in flow batteries and rising exports of bromine worldwide are the major factors driving the market growth.
Ans: The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022 – 2031.
Ans: Governmental regulations on usage of bromine and hazardous risk associated with the bromine elements are challenges expected to hinder market growth.
Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
Ans: The major players in the market are Albermarle Corporation, Israel Chemicals Ltd, Jordan Bromine Company Ltd, Tosoh Corporation, Chemtura Corporation, Tetra Technologies Inc., Hindustan Salts Ltd, Tata Chemicals India, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by derivative, application, end user, and by region.
Ans: The flame retardants segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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