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Organobromide is Most Widely Produced Derivative in Bromine Market
Valued at $1,864.3 million in 2019, the global bromine market is projected to grow to witness a CAGR of 5.7% during the forecast period (2020–2030). The key drivers for the market are the increasing usage of bromine compounds to bring down mercury emissions, rising consumption of clear brine fluids for oil and gas drilling activities, and adoption of eco-friendly polymeric flame retardants.
Segmentation Analysis of Bromine Market
The organobromide category held the largest share in the bromine market, based on derivative, in 2019. This is attributed to the heavy consumption of organobromides, such as styrene bromide, ethylene dibromide, vinyl bromide, allyl bromide, and propylene bromide, in the production of pesticides, flame retardants, catalysts, solvents, intermediates for organic synthesis, gasoline antiknock agents, and fumigants.
During the forecast period, the clear brine fluids category is projected to witness the highest CAGR in the market, on the basis of application, due to the rising usage of this material during oil and gas drilling activities.
Asia-Pacific (APAC) dominated the bromine market during the historical period (2014–2019), primarily owing to the high production and consumption of these derivatives in China. Seeing the abundance of naturally occurring bromine, cost-effective labor, and consumers, many companies from outside are setting up derivative manufacturing plants in the country. Further, with the rising disposable income of the people as well as swift urbanization in the region, the demand for bromine-based flame retardants, for electronic and plastic products and insulation, is escalating.
Consumption of Clear Brine Fluids in Oil and Gas Drilling Driving Market
The major bromine market driver is the rising consumption of clear brine fluids in oil and gas drilling activities. This is because clear brine fluids have the ability to reduce the bottom-hole temperature and pressure in the well bores. Taking into consideration the freeze points, densities, clarity, and pressure/temperature freeze points, a number of soluble salts, in a specific concentration, are added to these fluids. Over other drilling fluids, brines display improved wellbore stability in the salt, fast shale penetration rates, and less fine-hole gauge, fill, and formation damage. Further, with the use of brine, the initial cost of setting up the casing for the mud, for drilling, is decreased.
|Market Size by Segments||Derivative, Application|
|Market Size of Geographies||U.K., Ukraine, Germany, Belgium, France, U.K., Spain, China, India, Japan, Israel, Jordan|
|Market Players||Gulf Resources Inc., LANXESS AG, Jordon Bromine Company Limited, Hindustan Salts Limited, Tetra Technologies Inc., Tosoh Corporation, Israel Chemicals Limited, Albemarle Corporation, Perekop Bromine, Tata Chemicals Limited, Solaris Chemtech Industries Limited|
Bromine-based Storage Technology for Grids Offers Market Opportunities
A key opportunity for the players in the bromine market is the adoption of bromine-based storage technology for grids. With the increasing production of renewable power, the need for efficient storage technologies is also rising. With research and development (R&D), the bromine-based technology has emerged as a cost-effective solution to storing the clean energy produced. Batteries using this technology do not require a change in their electroactive materials for recharging, which is why it is being adopted in grids.
Capacity Expansion is Strongest Strategic Move in Market
To increase their revenue by catering to the rising demand for the gas and its derivatives, bromine market players are radically expanding their manufacturing capacity. For instance, in September 2019, the Industrial Products division of Israel Chemicals Limited announced its intentions to increase the annual production capacity of the gas and its derivatives, such as tetrabromobisphenol A, to around 25,000 tons by 2021.
Similarly, LANXESS AG announced capacity expansion plans for phosphorus- and bromine-based flame retardants, in December 2018, to strengthen its bromine asset base.
Major players in the global bromine market are Gulf Resources Inc., LANXESS AG, Jordon Bromine Company Limited, Hindustan Salts Limited, Tetra Technologies Inc., Tosoh Corporation, Israel Chemicals Limited, Albemarle Corporation, Perekop Bromine, and Tata Chemicals Limited.
Market Size Breakdown by Segment
The bromine market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Derivative
Based on Application