The global bromine market is projected to reach USD 3.96 Billion by 2022, at a CAGR of 8.4% between 2017 and 2022. By volume, it is projected to reach 716.18 kilotons by 2022. The growing use of bromine in mercury mitigation, increasing demand for flame retardants due to stringent fire safety standards and extensive consumption of bromine in diverse applications are the key factors driving the global bromine market.
Organobromine was the largest segment of the global bromine market, by derivative in 2016. Organobromine is used extensively in the flame retardants and in fumigant synthesis. Drugs containing organobromines are used for treating pneumonia and cocaine addiction. Thus, the extensive consumption of organobromine in flame retardants, fumigants, and drug formulations makes it the largest derivative of bromine used in the world.
Flame retardants were the largest application of bromine market in 2016. Bromine and its related products are required in flame retardants in textiles, electronics & consumer goods and automotive industries. A large number of properties every year are destroyed due to fire. Thus, increasing awareness regarding fire accidents is leading to boosting the demand for flame retardants which drives the market for bromine globally.
The Asia Pacific region led the global bromine market, in terms of both, value and volume, in 2016. China is the largest market for bromine in the Asia Pacific region, and accounted for a major share in terms of value, in 2016. The growing demand for flame retardants for the automotive industry and insulation applications, easy availability of raw material and consumers, and increasing number of new production facilities to meet the growing demand for bromine are the key growth drivers in the bromine market in this region.
The global bromine market is witnessing moderate growth. Factors restraining and challenging the growth of the bromine market are the significant decrease in oil & gas prices in the past years, emergence of non-halogenated flame retardants, and toxicological effects of brominated compounds.