The bromine market, projected to reach USD 2.53 billion in 2023, is expected to grow to USD 4.7 billion by 2033, with a CAGR of 6.3% over this period.
Higher crop yields and advancements in modern agriculture have increased the need for long-term storage of agricultural products such as vegetables, dried grains, cotton, and fruits. Research has demonstrated the effectiveness of various substances in controlling pests that damage stored products over extended periods.
Bromine availability and supply are influenced by geopolitics, trade policies, and bromine reserves. Technological advancements in bromine extraction and processing methods can also enhance the efficiency and cost-effectiveness of bromine supply.
The use of bromine in power plants helps reduce air pollution. Coal combustion releases mercury into the atmosphere, and approximately 40% of global power still comes from coal. Scalable batteries based on bromine ions have also been developed. As an energy storage technology, bromine is preferred due to its abundance, cost, chemistry, and performance.
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Changes in consumer preferences may lead to the development of alternative materials free of brominated compounds. The overall economic health of regions and countries directly affects industrial activities and the demand for bromine.
Bromine’s stable nature makes it an ideal choice for spas and jacuzzis, being gentler on sensitive skin than chlorine. Bromine is also used to treat process water at major paper and pulp plants in a cost-effective and environmentally friendly manner. However, a Royal Society of Chemistry report indicates that bromine is being phased out as a fire retardant and in agriculture due to toxicity and environmental concerns.
Bromine resources in some African and Iranian salt lakes and lagoons have attracted the attention of companies. Developing and utilizing bromine resources is also possible in countries that produce salt from seawater, such as Australia and Mexico.
In the Bohai Sea region, underground brine and sea salt fields continue to rely on domestic bromine production capacity as the primary raw brine source. However, bromine production capacity is declining as underground brines diminish year after year.
Key Takeaways
- Global bromine demand in the United Kingdom is expected to expand at a CAGR of 1.4% during the forecast period.
- In the United States, the market is expected to reach US$ 1.3 billion between 2023 and 2033.
- A growth rate of 2.3% is expected for organobromine over the forecast period.
- China is projected to expand by 2.2% between 2023 and 2033.
- By 2033, the bromine market in India is anticipated to expand at a CAGR of 2.4% during the forecast period.
“With the growth of oil and gas drilling activities, bromine demand will likely increase. Growing pesticide demand and pharmaceutical industries will drive the market.” – says FMI analyst.
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Competitive Landscape
As the bromine market has developed into a highly competitive environment since the beginning of this century, global demand has increased dramatically. As a result of its expanded and more cost-effective service offerings, the company will be better positioned to compete in an increasingly competitive market.
Market Developments Include
- In Febraury 2023, TETRA Technologies, Inc. TETRA has published an S-K 1300 Section 19 Report on its Investor Relations website that provides engineering, cost, and revenue assumptions based on the development of Arkansas bromine assets. Continuing to assess its inferred bromine resources in Arkansas, the Company continues to make progress.
- In September 2023, Australian-based Redflow Limited will lead the way in energy storage innovation. Commercial, industrial, and utility clients can benefit from Redflow’s zinc-bromine flow batteries that provide efficient and scalable solutions. ZBM3 Battery and Energy Pod are among the company’s flagship products.
Key Companies Profiled
- Israel Chemicals Limited
- Albemarle Corporation
- Tosoh Corporation
- Tata Chemicals Limited
- LANXESS AG
- Sumitomo Chemical Co.Ltd
- Perekop Bromine
- Archean Group
- Jordan Bromine Company
- Gulf Resources Inc.
- Hindustan Salts Limited
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Segmentation Analysis of the Bromine Market
By Derivative:
- Organobromine
- Clear Brine Fluids (CBF)
- Hydrogen Bromide
By Application:
- Biocide
- Flame Retardant
- Oil and Gas Drilling
- Plasma Etching
- PTA Synthesis
- Fumigant Synthesis
- Others
By End Use:
- Oil & Gas
- Chemicals
- Pharmaceuticals and Cosmetics
- Electronics and Consumer Goods
- Textile
- Medical
- Agricultural and Pesticides
- Automotive
- Building and Construction
- Water Treatment
- Other Industrial
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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