Bromine Market Will Reach USD 2484.3 Million By 2028 With A CAGR of 3.3% - Valuates Reports
BANGALORE, India, March 24, 2022 /PRNewswire/ -- Bromine Market is segmented by Type - Dead Sea Brine, Brine Wells, Others, by Application - Flame Retardants, Biocides, Drilling Fluids, Chemical Intermediate, Water Treatment, Others Global Opportunity Analysis and Industry Forecast 2022 - 2028. It is published in Valuates Reports under the Chemicals Industry Category.
The global Bromine market size is estimated to be worth USD 2044.6 million in 2022 and is forecast to be a readjusted size of USD 2484.3 million by 2028 with a CAGR of 3.3% during the review period.
Major Factors Driving The Growth Of Bromine Market Are
The rising demand for bromine in flame retardants, oil and gas drilling, PTA synthesis, mercury emission control, and water treatment and biocides is propelling the market forward.
Bromine market growth is expected to be aided by rising demand for clear brine fluids (CBFs) in the oil and gas industry in North America.
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TRENDS INFLUENCING THE GROWTH OF BROMINE MARKET
Increasing demand for flame retardants due to stringent fire safety framework is expected to drive the growth of bromine market. Globally, properties worth billions of dollars are lost due to fire-related accidents every year. Insurance companies have to utilize a major share of their revenue in settling claims on assets, infrastructure, and human lives lost in fire accidents. This makes anti-inflammatory agents or flame retardants crucial chemicals since they minimize the fire-related risks for almost every manufactured commodity. Bromine Flame Retardants (BFRs) are the most prolific flame retardants used for their vapor phase inhibition properties. Bromine in particular is used because as it is heated the compound releases active bromine atoms into the gas phase, before the material reaches its ignition temperature.
The growing use of Bromine as biocide is expected to drive the bromine market. At high pH levels, bromine is more effective than chlorine. Hypobromous acid, like the other bromine compounds, is a very effective biocide, and because all bromine compounds have biocidal properties, it has a wider kill spectrum. Because several bromine compounds have biocidal properties, we can use total bromine instead of free chlorine as the target residual. Microbiological control is usually provided by total bromine. Bromine is also less corrosive than chlorine in a one-to-one comparison.
Due to bromine's ability to kill harmful contaminants by combining with bacteria and other living organisms in water, bromine-based products are ideal for water treatment applications. Bromine is effective against a wide range of bacteria as well as tough waterborne viruses like poliovirus and rotaviruses. This in turn is expected to drive the growth of the bromine market.
Clear brines containing bromine improve the efficiency and productivity of oil and gas wells. Hydrocarbons such as oil and gas are trapped in porous stone. To gain access to these hydrocarbons, a hole must be drilled into the pay zone, which is where they are stored. To avoid closing the pores of the stone while maintaining permeability, the drilling requires a specific gravity to compensate for the pressure. In comparison to other substances, fluids have significant productivity advantages. Factors such as weight, thermal and chemical stability, and lubricating ability aid in the extraction of oil and gas and help preserve the expensive equipment used in the process.
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BROMINE MARKET SHARE ANALYSIS
With a market share of around 50%, the Middle East is the largest market, followed by China and North America, both of which have a market share of over 35%. In Asia Pacific, rising infrastructure development and middle-class disposable income has boosted demand for flame retardants, which are widely used in plastic and electronic component insulation and fabrication.
Based on product, Dead Sea Brine is the largest segment, with a share over 50%.
Based on application, the largest application is Flame Retardants, followed by Chemical Intermediate, etc. Brominated flame retardants (BFRs) are bromine-containing compounds that are added to materials to slow or stop them from burning.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Market By Company
- ICL
- Albemarle
- Lanxess
- Jordan Bromine Company (JBC)
- Tosoh
- Solaris Chemtech (SCIL)
- Perekop Bromine
- Yuyuan Group
- Haiwang Chemical
- Dadi Salt Chemical Group
- Chengyuan Salt Chemical
- Lubei Chemical
- Runke Chemical
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SIMILAR REPORTS
- The global Bromine Chlorine Hydantoin market size is estimated to be worth USD 712.5 million in 2022 and is forecast to a readjusted size of USD 922.5 million by 2028 with a CAGR of 4.4% during the review period.
- The global Bromine and Its Derivatives market was valued at USD 4080.6 million in 2020 and it is expected to reach USD 6266.9 million by the end of 2027, growing at a CAGR of 6.1% during 2021-2027.
- The global Bromine Disinfectant Tablet market size is estimated to be worth USD 278.3 million in 2022 and is forecast to a readjusted size of USD 373 million by 2028 with a CAGR of 5.0% during the review period.
- The global Lithium Bromide market was valued at USD 84 million in 2020 and it is expected to reach USD 77 million by the end of 2027, growing at a CAGR of -1.1% during 2021-2027.
- The global Zinc-Bromine Battery market size is estimated to be worth USD 400.2 million in 2022 and is forecast to a readjusted size of USD 1616.7 million by 2028 with a CAGR of 26.2% during the review period.
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