Global Bromine Market Size, Forecast, and Trend Highlights Over 2022 - 2031
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Base Year |
2021 |
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Forecast Year |
2022-2031 |
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CAGR |
~4% |
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Base Year Market Size (2021) |
USD 3 Billion |
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Forecast Year Market Size (2031) |
USD 6 Billion |
The global bromine market is estimated to garner revenue of USD 6 Billion by the end of 2031 by growing at a CAGR of ~4% over the forecast period, i.e., 2022 – 2031. Further, the market generated revenue of USD 3 Billion in the year 2021. The growth of the market can be primarily attributed to the rising demand for bromine in oil and gas drilling. Oil and gas are extracted from porous stones by drilling holes into them. Through the use of clear brines containing bromine, it is possible to compensate for gravity's role in maintaining the required pressure so that pores drilled in porous stone do not close. A high amount of bromine is required for the growing oil and gas drilling activity. For instance, the number of oil and gas wells drilled worldwide increased by 12% from 2020 to 2021. Thus, the increasing demand for bromine in oil and gas drilling is expected to fuel the global bromine market growth over the forecast period.
Bromine is naturally found in seas, lakes, and underground wells. Dead Sea is the richest source of bromine, containing 10-12 grams per liter. It is extensively used as a catalyst and reactant in the production of wide variety of products, including agrochemicals, dyes, completion fluids, flame retardants, and photographic chemicals. Furthermore, growing demand for bromine in drugs along with the expansion of the pharmaceutical industry is estimated to create massive market opportunities. Ingredients containing bromine are widely used in the production of both over-the-counter and prescription drugs. Globally, the Indian pharmaceutical industry is worth USD 42 billion. The Indian pharmaceutical market has grown at an annual rate of 17.7% since July 2021, compared to 13.7% in July 2020. As per India Ratings & Research, the Indian pharmaceutical market revenue is expected to increase by more than 12% in the financial year 2022. Moreover, the growing investments in oil and gas industries, developments in bromine derivatives, increase in polymer fabrication, demand for disinfectants, and utilization of hydrogen bromide in flow batteries are market trends anticipated to drive the global bromine market growth over the forecast period.
Global Bromine Market: Growth Drivers and Challenges
Growth Drivers
- Rising Exports and Imports of Bromine Worldwide - according to the statistics by the International Trade Organization, the global value of exports of bromine and fluorine in the year 2021 was recorded to be USD 455,350 thousand, which was an increase from USD 390,352 thousand in 2020.
An increase in exports and imports of bromine owing to its diverse applications in agriculture and water treatment systems, is expected to propel bromine demand over the forecast period. Furthermore, rising funding in the agricultural sector in order to provide better access to daily resources for consumers is another factor expected to broaden the global bromine market size in coming years.
- Rapid Expansion of the Chemical Industry - It was observed that, in 2020, global chemicals sales were valued at USD 3550 billion. A total of USD 3800 billion was generated by the world's chemicals industry in 2018. Compared to 2017, global sales grew by ~3% to USD 3800 billion in 2018. Consequently, bromine market growth is predicted to be driven by growth in the chemical industry.
- Increasing Production of Bromine around the World- It was observed that Israel produced 170,000 metric tons (MT) of bromine in 2021, leading the world in production of this commodity. The production of bromine on a global scale reached 380,000 metric tons in 2021.
- Rapid Increase in the Food and Agriculture Industry - In 2020, the agriculture and food industries contributed USD 1 trillion to the U.S. gross domestic product (GDP), which is 5% of GDP.
- Growing Application of Hydrogen Bromide in Flow Batteries - For instance, a developer of large-scale electricity storage solutions, EnStorage Inc. (Israel), constructed grid-connected hydrogen-bromine (HBr) flow batteries, which provide up to 100.0 kWh of power at the company's test site in southern Israel.
Challenges
·High Toxicity of Brominated Compounds
- Governmental Regulations on Usage of Bromine
- Hazardous Risk Associated With the Bromine Elements
The global bromine market is segmented and analyzed for demand and supply by application into flame retardants, biocides, organic intermediates, PTA synthesis, plasma etching, and oil and gas drilling. Out of these segments, the flame retardants segment is anticipated to capture the largest market size in the global bromine market. Brominated flame retardants (BFRs) are compounds containing bromine that slow down the rate of ignition of substances. Since bromine derivatives exhibit fire-resistant properties, they are widely used in flame retardants. This factor is expected to drive segment growth over the forecast period. The investment and development in flame retardants are expected to drive the segment's growth in the future. For instance, Clariant announced the investment of ~USD 60 million in 2021 to expand production of the Exolit OP flame retardants at its first Chinese production facility in Daya Bay, Huizhou in the province of Guangdong
Major Macro-Economic Indicators Impacting the Market Growth
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.
Global Bromine Market Regional Synopsis
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:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global bromine market includes the following segments:
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By Derivative |
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By Application |
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By End User |
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Top Featured Companies Dominating the Global Bromine Market
- Albermarle Corporation
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Israel Chemicals Ltd
- Jordan Bromine Company Ltd
- Lanxess AG
- Tosoh Corporation
- Chemtura Corporation
- Tetra Technologies Inc.
- Hindustan Salts Ltd
- Tata Chemicals India
- Gulf Resources Inc.
