LONDON, Aug. 18, 2016 /PRNewswire/ -- "An increasing demand of bromine for oil & gas drilling and production of flame retardants used in the automobile and electronics industries is driving the demand for bromine"
The market size for bromine is projected to reach USD 9.82 billion by 2021, registering a CAGR of 12.4% between 2016 and 2021. Increasing demand from the end-use industries such as automotive, agricultural, electronics, and oil & gas are the major drivers of the bromine market. The automotive, water treatment, electronic, and drilling activities are growing in the emerging markets of Asia-Pacific such as China, India, and other Southeast Asian countries. With the increasing usage of bromine in the production of flame retardants, biocides, and PTA synthesis in some major economies, such as India, China, and Japan, the market is expected to grow further. Hence, bromine is increasingly used in various end-use industries, and is expected to grow rapidly in the near future.
Oil & gas is the largest and the fastest-growing application of the bromine market
Bromine is used widely in the oil & gas drilling industry in the form of clear brine fluids. The types of clear brine fluids, besides being a derivative of bromine are calcium bromide, zinc bromide, and sodium bromide fluids. These fluids are extensively used in the oil & gas well-drilling industry for high-density, solids-free completion, packer, and workover fluids to reduce the likelihood of damage to the well bore and productive zone. Brine fluids have a high density, thus prevent migration of fluids between underground formations through the well bore. The consumption of brine fluids is expected to grow in regions that are witnessing an increased oil- & gas-drilling activity. Some important regions witnessing an increase in demand for drilling fluids are Gulf of Mexico, offshore (U.S.), shale gas wells in the U.S. as well as oil and wells in Alberta and Canada. The Orinoco belt in Venezuela and offshore wells in Brazil are important markets for brine fluids in South America.
Asia-Pacific, the largest market for bromine
Asia-Pacific is the most favorable market for chemicals, power, and fuels and is anticipated to be the same in the coming future. The continuous rise in the production of bromine for the electronics, automobiles, and agricultural industries within the region, and for exports drives a huge demand for the bromine in terms of derivative as well as application. The excessive growth in the end-use industries and modernization along with the industry consolidations are expected to ascertain a bright future for the bromine industry in the region.
This study has been validated through primaries conducted with various industry experts globally. These primary sources have been divided in three categories: by company; by designation; and by region.
- By Company Type - Tier 1 - 25%, Tier 2 - 33%, and Tier 3 - 42%
- By Designation:- Managers- 37%, Consultants - 13%, Directors - 10%, and Sales Executive - 40%
- By Region - Asia-Pacific - 30%, Europe - 27%, North America - 25%, and Latin America and the Middle East & Africa - 18%
The report also includes company profiles and competitive strategies adopted by the major market players, such as Albemarle Corporation (U.S.), Chemtura (U.S), Jordan Bromine Ltd (Jordan), Tosoh Corporation (Japan), and Israel Chemical Ltd (Israel).
Reasons to buy the report:
- To understand the global, regional, and national scenarios
- To understand the market trends and dynamics along with key factors affecting
- To identify the present and upcoming market opportunities
- To identify the potential markets in various regions for bromine
- To track the recent developments in the bromine market
- To understand the competitive background of the industry and positioning of participants in the market
Download the full report: https://www.reportbuyer.com/product/4070745/
About Reportbuyer
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers
http://www.reportbuyer.com
For more information:
Sarah Smith
Research Advisor at Reportbuyer.com
Email: query@reportbuyer.com
Tel: +44 208 816 85 48
Website: www.reportbuyer.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bromine-market-by-derivative-application-and-by-region---global-forecast-to-2021-300315713.html
SOURCE ReportBuyer
Share this article