Bromine Market to grow by USD 860.4 Million from 2024-2028, driven by oil & gas industry growth, with market insights enhanced by AI - Technavio
NEW YORK, Oct. 18, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The Global Bromine Market size is estimated to grow by USD 860.4 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 3.5% during the forecast period. Growth of oil and gas industry is driving market growth, with a trend towards rising mercury emission control. However, fluctuation in prices of crude oil poses a challenge - Key market players include Agrocel Industries Pvt. Ltd., Albemarle Corp., Archean Chemical Industries Ltd., BEACON ORGANOSYS, Dhruv Chem Industries, Gulf Resources Inc., Hindustan Salts Ltd., Honeywell International Inc., Israel Chemicals Ltd., Lanxess AG, Mody Chemi Pharma Ltd., Morre Tec Industries, Pacific Organics Pvt. Ltd., Sahayamatha Salterns Pvt. Ltd., Sangfroid Chemicals Pvt. Ltd., Solaris Chemtech, Tata Chemicals Ltd., TETRA Technologies Inc., Tosoh Corp., and Yogi Intermediates Pvt. Ltd..
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Forecast period | 2024-2028 |
Base Year | 2023 |
Historic Data | 2018 - 2022 |
Segment Covered | Derivative Type (Hydrogen bromide, Organobromine compounds, Bromine fluids, and Others), Application (Flame retardants, Drilling fluids, Water treatment, Agriculture, and Others), and Geography (APAC, Middle East and Africa, Europe, North America, and South America) |
Region Covered | APAC, Middle East and Africa, Europe, North America, and South America |
Key companies profiled | Agrocel Industries Pvt. Ltd., Albemarle Corp., Archean Chemical Industries Ltd., BEACON ORGANOSYS, Dhruv Chem Industries, Gulf Resources Inc., Hindustan Salts Ltd., Honeywell International Inc., Israel Chemicals Ltd., Lanxess AG, Mody Chemi Pharma Ltd., Morre Tec Industries, Pacific Organics Pvt. Ltd., Sahayamatha Salterns Pvt. Ltd., Sangfroid Chemicals Pvt. Ltd., Solaris Chemtech, Tata Chemicals Ltd., TETRA Technologies Inc., Tosoh Corp., and Yogi Intermediates Pvt. Ltd. |
Key Market Trends Fueling Growth
Bromine compounds play a crucial role in controlling mercury emissions from coal-fired power plants. When bromine comes in contact with mercury in the presence of flue gases, it forms mercuric bromide, which is more easily captured in flue-gas scrubbers than mercuric chloride. The US Environmental Protection Agency (EPA) has established regulations to limit mercury, acid gases, and other toxic pollutants from power plants. This will boost the demand for bromine and its compounds to mitigate mercury emissions during the forecast period. Lanxess' GeoBrom, a new bromine derivative product, efficiently removes mercury emissions from coal-fired boilers and power plant installations through clean coal technology. These initiatives will fuel the growth of the bromine market.
The Bromine market is experiencing significant growth due to increasing demand for bromine compounds in various industries. In coal-fired power plants, bromine is used for flue gas treatment to reduce mercury emissions, making it an essential component in mercury emission control. Bromine compounds, such as organobromides and brominated flame retardants, are widely used in construction materials, plastics, and electronics. Bromine also plays a crucial role in water treatment, disinfection, and agriculture applications. In water treatment, bromine is used as a disinfectant to kill bacteria and viruses. In agriculture, it is used as a fumigant and biocide to protect crops from pests and diseases. Bromine is also used in the medical field for cancer treatment, anesthetics, and as a resource for producing energy-dense flowless ZincBromine batteries. However, concerns over health effects, including toxicological effects and endocrine disruption, have led to regulations on the use of bromine and its compounds, such as organobromides and brominated flame retardants. The demand for bromine is also driven by the unconventional hydrocarbon resources industry, particularly in hydraulic fracturing, where bromine-based technologies are used as drilling and completion fluids. Additionally, bromine is used as a fertilizer additive and in pesticides. Overall, the Bromine market is expected to continue growing due to its diverse applications and increasing demand in various industries.
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Market Challenges
The bromine market is primarily driven by the use of bromine and its derivatives as drilling fluids in the petroleum industry. The price of crude oil, a key factor influencing the demand for drilling fluids, has been volatile. In 2010, the price was around USD79.61 per barrel, dropping to USD54.25 by 2017, and rising to approximately USD70.86 in 2021. The average price in 2023 is around USD80 per barrel. This volatility can impact the bromine market, as heavy investments in crude oil extraction increase demand for bromine-based drilling fluids. Vendors are implementing cost-cutting measures to maintain profitability amidst changing market conditions, which may hamper market growth during the forecast period.
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Segment Overview
This bromine market report extensively covers market segmentation by
Derivative Type
1.1 Hydrogen bromide
1.2 Organobromine compounds
1.3 Bromine fluids
1.4 Others
Application
2.1 Flame retardants
2.2 Drilling fluids
2.3 Water treatment
2.4 Agriculture
2.5 Others
Geography
3.1 APAC
3.2 Middle East and Africa
3.3 Europe
3.4 North America
3.5 South America
1.1 Hydrogen bromide- Hydrogen bromide, an inorganic chemical with the formula HBr, is a hydrogen halide composed of hydrogen and bromine. This colorless gas dissolves in water to form hydrobromic acid, which is saturated at room temperature to provide 68.85% HBr by weight. Hydrogen bromide and its aqueous solution are widely used in the synthesis of bromide compounds. The production process involves heating hydrogen and bromine between 200 degrees C to 400 degrees C, with platinum used to accelerate the reaction. Due to its corrosive and unpleasant nature, the production and handling of hydrogen bromide require safety precautions. This factor is expected to drive the growth of the hydrogen bromide segment in the global bromine market.
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Research Analysis
The Bromine market encompasses the production, application, and trade of Bromine compounds. Bromine is primarily used in the production of brominated flame retardants for various industries, including construction and electronics. In coal-fired power plants, Bromine is employed for flue gas treatment to reduce mercury emissions. However, the use of Bromine compounds in flame retardants and disinfectants raises health and environmental concerns due to their toxicological effects, environmental persistence, and bioaccumulation. Bromine's high energy density makes it an essential component in water treatment and disinfection processes. Organobromides are used as intermediates in the production of pharmaceuticals and agrochemicals. The market for Bromine-based products is vast, with applications ranging from water treatment to flame retardants. Despite its benefits, the production and use of Bromine compounds have negative impacts on public health and the environment. Exposure to Bromine and its compounds can lead to health effects, including endocrine disruption and developmental toxicity. The environmental persistence and bioaccumulation of Bromine compounds pose a significant threat to aquatic life and ecosystems. To address these concerns, there is a growing focus on resource efficiency and the development of alternative technologies for Br2 extraction and the production of brominated flame retardants. The market for Bromine-based products is expected to grow, driven by increasing demand for flame retardants and water treatment applications. However, the industry must prioritize the development of sustainable and eco-friendly production methods to mitigate the negative impacts on public health and the environment.
Market Research Overview
The Bromine market encompasses the global trade of Bromine compounds, primarily used in various industries for diverse applications. Mercury emissions from coal-fired power plants are a significant concern, leading to the adoption of Flue gas treatment technologies that utilize Bromine compounds. Bromine's toxicological effects on human health and the environment, including bioaccumulation and environmental persistence, are key considerations. Bromine finds extensive use in the production of Brominated flame retardants, organobromides, and water disinfection. Agrochemicals, drilling fluids, and completion fluids also rely on Bromine. Br2 extraction processes are used to produce Bromine, while bromine-based technologies find applications in water treatment, construction, and energy storage in flowless ZincBromine batteries. Bromine consumption is driven by demand for flame retardants, disinfectants, and mercury emission control. Health concerns, including endocrine disruptors, have led to increased scrutiny of Bromine use. Alternatives, such as Aluminum hydroxide and Calcium carbonate, are being explored to improve resource efficiency. Bromine Market Report provides insights into the latest trends, growth drivers, and challenges in the market. The leading Bromine producers are continuously innovating to meet the evolving demands of various industries. Applications in agriculture, fumigant, biocide, medical, and cancer treatment sectors are expanding, offering significant growth opportunities. Bromine's role in hydraulic fracturing and unconventional hydrocarbon resources is a developing area, with Bromine-based technologies gaining traction in the energy sector. Pesticides, fertilizer additives, and methyl bromide are other significant applications for Bromine. In summary, the Bromine market is diverse, with applications spanning various industries, from power generation to agriculture, healthcare, and energy storage. The market is driven by demand for flame retardants, disinfectants, and mercury emission control, while health and environmental concerns continue to shape the market dynamics. The future of the Bromine market lies in innovation, resource efficiency, and the development of sustainable alternatives.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Derivative Type
Application
Geography
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
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SOURCE Technavio