Bromine Derivatives Market Analysis, Growth, COVID-19 Overview, Demand and Industry Forecast 2023

 

Bromine Derivatives Market Synopsis

The global bromine derivatives market is expected to register a CAGR of 4.41% during the review period. Bromine is found in high concentration in seawater, salt lakes, and underground brines. Bromine derivatives find use in numerous applications such as electronics, construction, chemicals, water treatment, and oil & gas, among others. The global demand for bromine derivatives is primarily driven by widespread use as a flame retardant in numerous electronics products and construction applications. The use of bromine-based products has increased in controlling mercury emissions from coal-fired power plants and industrial boilers.

Bromine Derivatives Market Segmentation

The global bromine derivatives industry has been segmented by product type, application, end-use industry, and region.

On the basis of product type, the global market has been classified into calcium bromide, sodium bromide, zinc bromide, hydrogen bromide, decabromodiphenyl ethane (DBDPE), tetrabromobisphenol A (TBBPA), and others. Zinc and calcium bromides are widely used in the production of non-damaging fluid with densities ranging from 15.1 lb/gal to 19.2 lb/gal and 11.7 lb/gal to 15.1 lb/gal, respectively. Both zinc bromide and calcium bromide possess thermal and chemical stability and can also be blended with other solutions containing bromides and chloride. Sodium bromide is used in numerous applications including oilfield, water treatment, pulp & paper, and pharmaceuticals. Decabromodiphenyl ethane (DBDPE) and Tetrabromobisphenol A (TBBPA) are used as bromine flame retardants in the electrical & electronics and construction industries.

Based on application, the global market has been divided into flame retardants, organic intermediate, oil & gas drilling, biocides, PTA synthesis, and others. The flame retardants segment accounted for the largest share of the global bromine derivatives market growth in 2018 owing to increasing use in various electronic products and construction applications. However, rising concern about the use of flame retardants on human health and environment is likely to affect the growth of the global bromine derivatives market. Bromine compounds are being widely used as organic intermediates in producing other chemicals. The oil and gas drilling segment is expected to register significant growth during the review period on account of the increase in oil and gas exploration activities in the developing countries. Bromine compounds are also being used in agrochemicals to prevent crop damage and in the transportation industry as specialty rubber for tire manufacturing to improve tire strength and resistance to leakage.

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Bromine Derivatives Market Regional Analysis

Based on region, the global bromine derivatives market growth has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The market in Asia-Pacific accounted for the largest share of the global bromine derivatives market and is expected to register continuous growth during the review period on account of the growth of the major end-use industries such as electrical & electronics, construction, chemicals, and oil & gas.

Europe is also expected to be a prominent market on account of the expanding water treatment industry in the region with increasing regulations for treating wastewater to meet the rising water scarcity in the region.

Bromine Derivatives Market Competitive Analysis

Some of the key players operating in the global bromine derivatives market are Albemarle Corporation (US), Tosoh Corporation (Japan), PACIFIC ORGANICS PVT Ltd (India), BEACON ORGANOSYS (India), Honeywell International Inc.(US), APK (India), LANXESS (Germany), TETRA Technologies, Inc. (US), ICL (Israel), and Neogen Chemical Limited (India).

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