Demand for Bromine Derivatives is Surging Due to its Crucial
Role in Ensuring Fire Safety, Sustainable Pest Control, Safe and
Clean Water, and Effective Treatments for Chronic Diseases
NEWARK,
Del., July 16, 2024 /PRNewswire/ -- The bromine
derivative market is expected to experience a substantial
surge, with a remarkable Compound Annual Growth Rate (CAGR) of
5.10%. The market is predicted to reach an impressive valuation of
USD 12,037.00 million by 2034, which
is a significant increase from its current value of USD 7,292.20 million as of 2024.
Bromine derivatives are extensively used in the production of
flame retardants, which are compounds added to materials to reduce
their flammability. The demand for flame retardants has been
increasing due to the growing awareness about the importance of
fire safety in various industries, including construction,
electronics, and automotive. Bromine-based flame retardants are
highly effective, and they are widely used in a variety of
applications, including textiles, plastics, and foam products. This
has led to a significant increase in demand for bromine
derivatives, particularly in the flame retardant segment of the
market.
Bromine derivatives are also used in the production of
agricultural chemicals, including insecticides and herbicides. The
demand for bromine derivatives in agriculture has been increasing
due to the need for effective and sustainable pest control
solutions. Bromine-based agricultural chemicals are highly
effective, and they are widely used in many crops, including
fruits, vegetables, and grains. This has led to a significant
increase in demand for bromine derivatives, particularly in the
agricultural segment of the market.
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Bromine derivatives are used in the production of
pharmaceuticals, including drugs that treat cancer, HIV, and other
diseases. The demand for bromine derivatives in the pharmaceutical
industry has been increasing due to the growing prevalence of
chronic diseases and the need for effective treatments.
Bromine-based pharmaceuticals are highly effective, and they are
used in many life-saving drugs. This has led to a significant
increase in demand for bromine derivatives, particularly in the
pharmaceutical segment of the market.
Bromine derivatives are also used in the production of oil and
gas drilling fluids, which are used to lubricate and cool drilling
equipment during the drilling process. The demand for bromine
derivatives in the oil and gas industry has been increasing due to
the growing demand for energy and the need to explore new oil and
gas reserves. Bromine-based drilling fluids are highly effective,
and they are widely used in many oil and gas exploration
activities. This has led to a significant increase in demand for
bromine derivatives, particularly in the oil and gas segment of the
market.
"The increasing demand for bromine derivatives is also driven
by the growing use of bromine in water treatment. Bromine is widely
used as a disinfectant in swimming pools, hot tubs, and other water
systems. The demand for bromine-based water treatment products has
been increasing due to the need for safe and clean water. This has
led to a significant increase in demand for bromine derivatives,
particularly in the water treatment segment of the market." -
Says Nikhil Kaitwade, Associate Vice President at
Future Market Insights (FMI).
Key Takeaways from the Bromine Derivative Market
- The bromine derivative market is estimated to register
a CAGR of 5.10%, reaching a valuation of USD 12,037.00 million by 2034.
- The organobromine segment is anticipated to dominate
the market by holding a 27.60% market share in 2024.
- The market is estimated to grow at a CAGR of 2.10% in
Germany during the forecast
period.
- The market in the United
Kingdom is predicted to grow at a 2.60% CAGR between
2024 and 2034.
- The market in the United
States is expected to grow at a CAGR of 3.20% through
2034.
High Demand for Plastics from Automotive & Electronic
Industries Boosting the Market Growth?
The global electrical and electronics industry is growing at a
significant rate. Plastics play a crucial role in the manufacturing
of electrical products. Plastics are used in the industry for
applications, such as connectors, electronic housing and
components, wire & cable, switches, and printed circuit boards.
Flame retardants have become mandatory compounds, used during the
manufacturing of several products to avoid fire in the event of
resistive heating or joule heating.
The advantageous properties of advanced plastics, coupled with
government regulations on emission control from automobiles are
factors influencing OEMs to use plastics in the manufacturing of
automotive components, such as interiors.
To reduce fire risks arising from heat generation due to
overheating of the engine or due to electrical overload/shorting,
etc., almost all plastic parts in an automobile need to exhibit
good flame-retardant properties.
Demand for such components is expected to increase at a
significant rate due to the increasingly stringent government
regulations encouraging the use of flame-retardant components in
vehicles.
Alternative Usage Of Bromine Compounds In Various Industrial
Applications
Bromine derivatives are gaining high popularity worldwide, among
different end-use industries, such as chemicals, oil & gas,
pharmaceuticals, agriculture, construction, etc.
Bromine compounds, for instance, methyl bromide, are generally
used as pesticides in the farming and agriculture sectors. Bromine
is further used as a biocide and disinfectant as well in wastewater
treatment, drinking water treatment, and in swimming pools.
Bromine derivatives are used in applications, such as in the oil
& gas industry for exploration activities. For instance, zinc
bromide is used for drilling purposes and the production of
batteries, and additives for the glass industry.
With the developing oil drilling technologies, applications of
bromine-based drilling solutions have been gradually spread across
the USA, South East Asia, the UK, Africa, the Middle
East, and other countries.
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Competitive Landscape
The bromine derivative market is highly competitive due to the
presence of numerous players operating in the market. Companies
compete based on factors such as product quality, pricing,
innovation, and distribution networks. There is also a high degree
of backward integration, with several bromine
producers manufacturing downstream derivatives. Hence, players
aim to expand their market share through strategic partnerships,
collaborations, and acquisitions.
Recent Development
In 2023, Archean Chemical Industries started commercial
production at their new facility that produces bromine derivative
products. The primary objective of this facility is to cater to the
increasing demand for brominated derivatives in numerous end-use
industries, such as agrochemicals, pharmaceuticals, and flame
retardants. The facility is equipped with advanced technology and
is expected to manufacture high-quality products at a competitive
cost. The commencement of this facility is expected to help Archean
Chemical Industries expand its product portfolio and strengthen its
position in the bromine derivatives market.
Key Players in the Bromine Derivative Market
- Albemarle Corporation
- ICL Industrial Products
- Jordan Bromine Company Ltd.
- Tata Chemicals Ltd.
- Tosoh Corporation
- Gulf Resources Inc.
- Hindustan Salts Limited
- Morre-Tec Industries Inc.
- Shouguang Weidong Chemical Co. Ltd.
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Key Segmentation of the Bromine Derivative Market
By Derivative:
- Organobromine
- Hydrogen Bromide
- Lithium Bromide
- Clear Brine Fluids (CBF)
By Application:
- Biocide
- Flame Retardant
- Oil & Gas Drilling
- Plasma Etching
- PTA Synthesis
- Fumigant Synthesis
- Others
By End Use:
- Oil & Gas
- Chemicals
- Pharmaceuticals & Cosmetics
- Electronics & Consumer Goods
- Textile
- Medical
- Agricultural & Pesticides
- Automotive
- Building & Construction
- Water Treatment
- Other Industrial
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Authored By
Nikhil Kaitwade (Associate Vice President at Future Market
Insights, Inc.) has over a decade of experience in market research
and business consulting. He has successfully delivered 1500+ client
assignments, predominantly in Automotive, Chemicals, Industrial
Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research
methodology, creating a unique analysis framework, statistical data
models for pricing analysis, competition mapping, and market
feasibility analysis. His expertise also extends wide and beyond
analysis, advising clients on identifying growth potential in
established and niche market segments, investment/divestment
decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in
Mechanical Engineering. Nikhil has authored several publications
and quoted in journals like EMS Now, EPR Magazine, and EE
Times.
Have a Look at Related Research Reports of Chemicals
& Materials
The market is expected to reach US$ 4.7
Billion by 2033. The bromine market revenue is likely
to continue to expand at a CAGR of 6.3%.
Global calcium bromide market demand is anticipated to be
valued at USD 5.3 Billion in 2022,
forecast to grow at a CAGR of 5.2% to be valued at USD 8.8 Billion from 2022 to 2032.
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demand is anticipated to rise at 5.9% CAGR. The bromine flame
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the
Stevie Award, and a member of the Greater
New York Chamber of Commerce) offers profound insights into
the driving factors that are boosting demand in the market. FMI
stands as the leading global provider of market intelligence,
advisory services, consulting, and events for the Packaging, Food
and Beverage, Consumer Technology, Healthcare, Industrial, and
Chemicals markets. With a vast team of ~400 analysts worldwide, FMI
provides global, regional, and local expertise on diverse domains
and industry trends across more than 110 countries.
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