According to the most recent Future Market Insights report, the global bromine market is expected to be worth US$ 2.4 billion in 2021. Bromine and its derivatives are in high demand in the United States due to their large share of oil and drilling applications.
In the United States, where drilling and exploration for oil is increasing, there is a high demand for bromine derivatives and Clear Brine Fluids (CBFs).
Despite the ongoing pandemic, players in the bromine market are making strategic purchases of bromine and its derivatives to protect their margins. Manufacturers are also attempting to secure long-term strategic alliances with their customers and partners in order to offtake production and keep plants operational in the interim.
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Key Takeaways of Bromine Market
- Flame retardants account for the largest share in the bromine market. Despite stringent regulations banning brominated flame retardants, this segment will showcase strong growth through 2031
- Asia Pacific was the largest regional market for Bromine in 2019. Within this region, China accounted for 13% of bromine production
- With the high uptake of bromine as a flame retardant in electronics manufacturers are re-shoring to regions within Asia Pacific on the back of cost-effective raw materials and cheap labor
- The high recyclability of hydrogen bromide along with virgin bromine brines is upping the overall production of bromine globally
COVID-19 to Compound Challenges of Refiners
Bromine and in particular, the chemicals industry, will feel the impact of COVID-19 in the near term. The bromine market like other major chemical sectors will continue to face supply chain disruptions owing to outbreaks in various regions.
Regions such as Asia Pacific, North America, and Europe which have now remained key producers of bromine may feel the adversarial effects of the pandemic and prevailing uncertainty in capital markets.
Slackening growth in consumer goods, automotive and the construction sector is also impacting the demand for brominated flame retardants in these end-use industries. Refineries producing bromine are facing significant challenges with facility shutdowns.
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Bromine Market – Competitive Intelligence
The market structure for bromine is highly consolidated with leading stakeholders’ producers accounting for three-fourths of the supply. With technological advancements in bromine and its derivatives as well as collaborative ventures between major players, the market is witnessing high growth in pharmaceuticals, construction, electronics, and oil & gas.
- Israel Chemicals Ltd, headquartered at Tel Aviv, is one of the leading players in the market manufacturing elemental bromine. With an estimated capacity of 280,000 MT of bromine per year, the company serves diverse sectors such as construction, pharma, energy and automotive. To reduce its overall operating cost the company looks at establishing new pumping stations in locations around the Dead Sea to maintain bromine production. The company also collaborated with Albermarle Corporation to develop a new generation of polymeric flame retardants with reduced emissions
- Lanxess AG, headquartered in Germany offers brominated flame retardants which are primarily being used in building insulation. The company recorded a strategic milestone with its acquisition of Chemtura, a US company which has made it one of the most important players in the additive market and has also given it a foothold in urethanes and organometallics divisions
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Want to Know More?
Future Market Insights has published a market research report on the bromine market that contains a global industry analysis for 2016–2020 and an opportunity assessment for 2021–2031. The report provides an insightful analysis of the bromine market through four different segments- product type, source, application, and region.
The bromine market report also provides demand trends of different types across industry verticals, a comprehensive list of service providers in the market, various projects around the world, along with a detailed overview of the parent market.
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