The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Bromine Market.
It was estimated prior to this unanticipated outbreak that the Bromine Market was expected to grow at a CAGR of 5.8% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Bromine is a colourless, soluble, crystalline mineral halide salt extracted from brine pools and made commercially available. It is a naturally occurring element which is present in seas, lakes, and underground wells, dead-sea being the primary source. It is a highly volatile and corrosive chemical element, and possesses the qualities of both iodine and chlorine. At room temperature, it is a fuming red brown liquid which readily evaporates forming metals at extreme pressures.
Bromine exists in different types such as organobromine compounds, hydrogen bromide, bromine fluids, and others.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the derivative type, the market is segmented as organobromine, clear brine fluids, and hydrogen bromide. Organobromine is widely used in the manufacturing of brominated flame retardants, pesticides, fumigants, and biocides for water treatment, making it the largest segment of the market in 2019, and it is expected to remain dominant during the forecast period. Recent initiatives are being taken by major players such as Albemarle and Israel Chemicals Ltd. to develop and market polymeric substitutes to hexabromocyclododecane (HBCD) flame retardants, due to toxicity concerns in the later.
Based on the application type, the market is segmented as flame retardants, water treatment, mercury emission control, oil & gas drilling, HBR flow batteries, Pta synthesis, pesticides, plasma etching, pharmaceuticals, and others. The flame retardants segment dominates the market, as the demand for bromine compounds as flame retardants has significantly increased due to their extensive use in domestic and industrial applications. Despite increasing regulations on some of the bromine-based flame retardants, the segment still dominates the market, due to its effective fire controlling properties. Few examples of flame-retardant chemicals that are made using bromine are polybrominated diphenyl ether, polybrominated biphenyl, decabromodiphenyl ether, hexabromocyclododecane, and tetrabromobisphenol.
In terms of regions, Asia-Pacific is estimated to be the largest as well as fastest-growing market for bromine during the forecast period, with China, Japan, and India being the major countries with lucrative growth opportunities. One of the major drivers of the Asia-Pacific’s bromine market is the growing automotive and construction industries in the region and their increasing consumption of bromine. China is expected to drive the region’s market due to increased dependence on imports to meet its domestic requirements, post the ban of bromine and its related compounds into the country. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Some of the major players in the bromine market are-