Bromine Market to Reach $4.1 billion by 2026 : Asia Pacific is projected to register the fastest growth

CITY, Country, 2021-Oct-07 — /EPR Network/ —

The report “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 – Global Forecast to 2026″, is projected to grow from USD 3.3 billion in 2021 to USD 4.1 billion by 2026, at a CAGR of 4.5% from 2021 to 2026. The market growth is driven by the increasing demand for bromine in flame retardants, PTA synthesis, water treatment & biocides, and oil & gas drilling.

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On the basis of application, the flame retardants segment is projected to grow at the highest CAGR from 2021 to 2026.

By application, the flame retardants segment accounted for the largest share of the bromine market in 2020. Brominated flame retardants (BFRs) are bromine containing compounds that are added to substances to inhibit or reduce their rate of combustion. BFRs are more widely used than other commercialized chemical flame retardants. Polybrominated Diphenyl Ethers (PBDEs), Polybrominated Biphenyl (PBB), and Brominated Cyclo-hydrocarbons are some of the examples of BFRs. The growing demand from electronics and automotive industries (due to stringent fire safety regulations) and the expanding shipbuilding industries are driving the market for flame retardants across the globe.

On the basis of derivative, the organobromine segment accounted for the largest share of the bromine market in 2020.

By derivative, the organobromine segment accounted for the largest share of the bromine market in 2020. Organobromine compounds, such as tetrabromobisphenol-A, hexabromocyclododecane, and the bromodiphenyl ethers, are used as flame retardants in many industries, mainly electronics, textile, and plastics. The major applications of organobromine are flame retardants and biocides. Some organobromine derivatives are also used in water treatment applications, such as the cleaning up of pools and spas. They are an important ingredient for making dyes. Organobromines are used as intermediates for preparing pharmaceuticals like nicergoline and brotizolam. and as an anticancer agent pipobroman. Bromoform and dibromodimethylhydantoin organobromine are used in water treatment applications, to prevent the growth of algae, bacteria, and other microorganisms as well as for the prevention of foul odor in water. The flourishing electronics & telecommunication, textile, plastic, and construction industries are expected to drive the market for organobromine.

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Asia Pacific is projected to register the fastest growth from 2021 to 2026

The Asia Pacific region accounted for the largest share of the bromine market in 2020. China, India, Japan, and South Korea are key countries contributing to the increased demand for bromine in this region. Substantial development in infrastructure and increasing demand for flame retardants in the automobile and building & construction end-use industry are expected to drive the bromine market in this region.

ICL Group Ltd. (Israel), Albemarle Corporation (US), LANXESS AG (Germany), Tosoh Corporation (Japan), Solaris Chemtech Industries Ltd. (India), Gulf Resources Inc. (China), TETRA Technologies, Inc. (US), TATA Chemicals Limited (India), Honeywell International Inc. (US), and Perekop Bromine (Russia) are some of the leading players operating in the bromine market.

COVID-19 Impact on the Global Bromine Market

The bromine market includes major Tier I and II suppliers like ICL Group Ltd. (Israel), Albemarle Corporation (US), LANXESS AG (Germany), and Tosoh Corporation (Japan), among others. These suppliers have their manufacturing facilities spread across various countries across Asia Pacific, Europe, North America, South America, and RoW. COVID-19 has impacted their businesses as well.

• In March 2020, ICL’s manufacturing facilities in China resumed operations post a mandatory shutdown initiated since January 2020 in order to control the spread of the infection
• In April 2020, Albemarle Corporation has set up a cross-functional Global Response Team to tackle the challenges presented by the new coronavirus. The Covid-19 pandemic has affected operations globally and hence the company has restricted all business-related travel and recommended the work from home option to its employees. The company has limited its manufacturing operations and project expansions based on severity of infection.
• In March 2020, LANXESS increased its production capacity at its manufacturing site in Sudbury, UK to boost the manufacture of its Vikron sanitizer. The company added a second shift at the manufacturing facility due to the increased demand for the product from China and other countries affected severely by the Covid-19 pandemic.
• In May 2020, Tosoh Corporation is developing a test reagent to detect antibodies related to SARS-CoV-2, the strain of coronavirus responsible for the Covid-19 pandemic. The company aims for a simple, high-throughput means of detecting anti SARS-CoV-2 antibodies utilizing its patented AIA-CL series analyzers in combination with the regent it has under development

The emergence of the COVID-19 pandemic had a negative impact on the business performance of companies. Revenues decreased mainly due to lower demand for products such as clear brine fluids due to a significant decline in oil prices and demand. Lower activity in the automotive and electronics industries also decreased demand for brominated flame retardants, which contributed to the slump in revenue of these companies.

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