LONDON, Dec. 2, 2016 /PRNewswire/ -- Bromine is a naturally occurring element found in seas, lakes and underground wells. Bromine resources are geographically distributed, with the Dead Sea being the richest resource of bromine, with concentration of 10–12 gram per litre. Israel is the largest producer of bromine, followed by the U.S. and China. Its derivatives are widely use as reactants and catalysts for manufacturing of variety of products such as agrochemicals, biocides, water disinfectant, pharmaceuticals intermediates, dyes, completion fluids, flame retardants and photographic chemicals, among others.
Bromine derivatives produced globally are consumed by rubber and plastics industries for manufacturing various flame-retardant products. Growth of the bromine derivatives market is expected to be driven by increasing demand for plastics from the automobile and electronics industry. Demand for bromine derivatives is expected to increase owing to increasing consumption for plasma etching. Furthermore, bromine derivatives are used as clear brine fluids such as sodium bromide, calcium bromides and zinc bromides. Growth of the oil and gas industry is projected to expand at a CAGR of 1.6% in terms of value over next five years, which is anticipated to drive consumption of bromine derivatives in parallel.
Besides this, countries such as the U.S., Germany, Canada and the U.K. have either banned or restricted the use of certain brominated flame retardants in plastics and electronics products, as it adversely affects the environment and human health. Owing to this, environmental and legislative influences over the use of bromine derivatives and increasing competition from non-halogenated flame retardant manufacturers are factors restraining growth of the global bromine derivatives market.
In terms of market volume, Asia Pacific is estimated to dominate the bromine derivative market throughout the forecast period, registering a CAGR of 3.8% over 2016–2026. In 2015, China dominated the global bromine derivatives market in term of consumption, with volume share of 28.2%, and this trend is projected to continue over the forecast period. Apart from China, India and Japan are major consumers of bromine derivatives, and revenues from the bromide derivatives markets in these countries is expected to witness above average growth over the forecast period, translating into a collective incremental opportunity of US$ 263.5 Mn. Beside this, growing stringency of government regulations on the use of halogenated flame retardants in the U.S., Canada and EU countries is a factor expected to result in decreased consumption of bromine derivatives in these geographies. Owing to this, markets in North America, Europe and Africa are anticipated to exhibit sluggish revenue growth rates of between 3.4% and 3.9% respectively over the forecast period. The global bromines derivatives market is estimated to be valued at US$ 3,702.3 Mn in 2016 end, and expected to register a CAGR of 4.2% in terms of value during forecast period 2016–2026. In volume terms, global consumption of bromine derivatives is expected to stand at 873.6 KT by the end of 2016.
bromine derivatives market
covered in this study include ICL-Group, Albemarle Corporation, Chemtura Corporation, TETRA Technologies Inc., Gulf Resources Inc., Tosoh Corporation and Tata Chemicals Limited. Strategic collaborations between key players and sharing of manufacturing technology for new product development is a key growth strategy adopted by major players in the market.
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