Global Bromine Market Poised to Reach US$ 4.1 Billion by 2026, at a CAGR of 4.5%, Finds MarketsandMarkets™

October 06 16:30 2022
Global Bromine Market Poised to Reach US$ 4.1 Billion by 2026, at a CAGR of 4.5%, Finds MarketsandMarkets™
Browse 346 market data Tables and 53 Figures spread through 305 Pages and in-depth TOC on “Bromine Market
Bromine Market by Derivative (Organobromine, Clear Brine Fluids, Hydrogen Bromide), Application (Flame Retardants, Oil & Gas Drilling, PTA Synthesis, Water Treatment& Biocides, HBR Flow Batteries) & Region

The global bromine market size is projected to grow from USD 3.2 billion in 2020 to USD 4.1 billion by 2025, at a CAGR of 4.5% from 2020 to 2025. The increasing demand for bromine in flame retardants, mercury emission control, water treatment, and oil & gas drilling is expected to drive the bromine industry growth

Based on application, the bromine market has been segmented into flame retardants, oil & gas drilling, PTA synthesis, water treatment & biocides, mercury emission control, pesticides, HBr flow batteries, plasma etching, pharmaceuticals, and others. The market is witnessing growth due to the increasing use of bromine for mercury emission control in coal-fired power plants and the growing demand for flame retardants, globally, due to stringent fire safety frameworks. The extensive consumption of bromine in diversified applications, such as plasma etching, water treatment, and pesticide formulation, is also expected to drive its market globally. 

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However, the growth of the organobromine segment is anticipated to be stagnant owing to the continuous phasing out of traditional bromine-based flame retardants and methyl bromide due to their toxicological effects. Bromine market players, such as Albemarle (US) and Israel Chemicals Ltd (Israel), are taking initiatives to develop polymeric alternatives to hexabromocyclododecane (HBCD) flame retardants, which are being phased widely out due to toxicological concerns.

Asia Pacific, North America, and Western Europe are significant regional markets for bromine. The Asia Pacific market is expected to witness the fastest growth between 2019 and 2024. This region also dominated the global bromine market in terms of value and volume in 2018. Massive economic expansion and the flourishing electronics, semiconductor, automotive, and textile industries in some Asia Pacific countries, such as China, India, Japan, South Korea, and Taiwan, are responsible for the market’s high growth rate in the region. 

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Israel Chemicals Limited (Israel), Albemarle Corporation (US), LANXESS Corporation (Germany), Tosoh Corporation (Japan), Tata Chemicals Limited (India), Gulf Resources Inc. (China), TETRA Technologies, Inc. (US), Hindustan Salts Limited (India), Honeywell International Inc. (US), and Perekop Bromine (Republic of Crimea) are some of the leading players operating in the bromine market. These players have adopted the strategies of expansion, new product development, partnership, and collaboration to enhance their position in the market. 

In line with the rising demand for bromine, in September 2019, Israel Chemicals Ltd. announced that it plans to expand its bromine compounds capacity to approximately 25,000 metric tons annually. The company will invest approximately USD 50 million for this expansion and is expecting a return of USD 110 million. This expansion comes amidst the company’s strategic agreements signed with many customers from Asia. 

LANXESS Corporation, in July 2019, announced the completion of its plant expansion of Emerald Innovation 3000. The debottlenecking project increases the sustainable output from 10,000 to 14,000 MT per year. Emerald Innovation 3000 is now being used as a flame retardant for expanded (EPS) and extruded (XPS) polystyrene instead of hexabromocyclododecane (HBCD), which has been banned. This product is manufactured via the bromination of an alternating polystyrene butadiene copolymer. 

LANXESS Corporation, in December 2018, announced its plan to invest EUR 200 million over the next three years, i.e., till 2021, to strengthen its global asset base for flame retardant additives. The company has significantly expanded its market position for flame retardant additives after integrating the former Chemtura businesses with brominated flame-retardant additives, bromine, and bromine derivatives. Due to their high effectiveness as flame retardants, these substances are used in the construction industry. They also complement the already existing LANXESS business of phosphorus-based flame-retardant additives.

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