Bromine is a red-brown colored fuming liquid, which is highly reactive between iodine and chlorine. It is obtained naturally as bromine salt found in sea water, earth’s crust or brine wells. The demand for brominated flame retardants is increasing in consumer products applications such as building materials, electrical goods, and furniture. According to Central Pollution Control Board (CPCB), brominated flame retardants (BFR) are widely consumed and BFR accounted for 23% of the global consumption in 2012 and is expected to increase rapidly due to its high performance and efficiency.
The global bromine market was valued at US$ 2.22 billion in 2017 and is expected to reach US$ 4.09 Billion by 2025, witnessing a CAGR of 8.07% over the forecast period (2018 – 2025), according to Bromine Market Report, by Derivative Type (Organobromides, Clear Brine Fluids, Hydrogen Bromide, and Others), by Application (Flame Retardants, Mercury Emission Control, Oil and Gas Drilling, Hydrogen Bromide Flow Batteries, Water Treatment, PTA Synthesis, Pesticides, and Others), and by End-use Industry (Automotive, Agriculture, Pharmaceuticals, Cosmetics, Textile, and Others) published by Coherent Market Insights.
Key Trends and Analysis of the Bromine Market:
Among application, flame retardants segment accounted for the highest market share in 2017. Bromine is widely used as flame retardant, owing to stringent fire safety and various infrastructure developments. According to the India Brand Equity Foundation (IBEF), Japan and India teamed up for the infrastructure development in north-eastern states in India, in August 2017. Also, India-Japan Coordination Forum has been set up in the same year for the development of North-east to undertake strategic infrastructure projects.
In February 2018, the European Union banned exports of four brominated flame retardant (tetra, penta, hexa, and heptabromodiphenyl ethers) in order to control trading of hazardous chemicals under Prior Informed Consent (PIC) amendment. This is expected to hamper growth of the flame retardant segment.
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Key Takeaways of the Market:
According to Coherent Market Insights’ analysis, Asia Pacific held the largest market share both in terms of value and volume in the global bromine market in 2017, owing to the growing automobile industry in the region. According to India Brand Equity Foundation (IBEF), in India, the automobile market was valued at US$ 74 billion in 2015 and is expected to reach up to US$ 300 billion by 2026.
North America is expected to exhibit significant growth in the global bromine market over the forecast period. This is attributed to increasing demand for bromine in waste water treatment plants. According to American Society of Civil Engineers (ASCE), in 2017, around 76% of the population in the U.S. rely on waste water treatment plants, which is expected to increase by 23% by 2032. Furthermore, growing production and import of bromine for consumption is propelling growth of the market in the region. According to United States Geological Survey (USGS), 58,000 metric tons of bromine was imported in the U.S. in 2015, which increased up to 70,000 metric tons in 2016.
Key market players are focusing on organic and inorganic strategies such as mergers & acquisitions, plant expansions, and new product launches to enhance their business and product portfolio in the bromine market. For instance, in 2017, Great Lake Solutions, LLC, a subsidiary of Chemtura Corp., expanded its facility in EI Dorado, to manufacture chemical intermediates by using bromine.
Key players operating in the bromine market include Israel Chemicals Limited, Albemarle Corporation, Chemtura Corporation, Tosoh Corporation, Tata Chemicals Ltd, Gulf Resources Inc., TETRA Technologies, Inc., Hindustan Salts Limited, Honeywell International Inc., and Perekop Bromine Factory.
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