CHICAGO, Sept. 22, 2021 /PRNewswire/ -- According to the new market research 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", published by MarketsandMarkets, the Bromine Market 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 dibromodimethylhydantoinorganobromine 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.
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