The global bromine market is prognosticated to experience a positive growth curve in the coming years, according to analysts at Transparency Market Research (TMR) report. With a handful vendors in the offing, the market’s business landscape is currently consolidated. The established vendors in the global bromine market enjoy supremacy over smaller vendors. This could be accounted to their extensive geographical reach, and voluminous production capacities. These vendors are quickly seen adapting to market changes, armed with an armada of financial and technological resources.
A key strategy targeted by vendors in the global bromine market in order to strengthen their position is offering of competitive pricing models and efficient product development. Vendors are further seen allocating resources towards upgrading their product portfolio with the latest technological advances.
Leading vendors in the global bromine market are Jordan Bromine Company, Gulf Resources Inc., Israel Chemical Ltd. (ICL), and Albemarle Corporation.
TMR’s projections suggest that the global bromine market worth US$1.74 bn in 2016, will reach a value of US$2.674 bn by 2025. Over the forecast period 2017 to 2025, the bromine market is anticipated to rise at a 5.0% CAGR.
With a leading market share of 32.6%, the application segment of flame retardants is expected to remain lucrative over the forecast period. Geographically, Asia Pacific is expected to emerge as a leading regional market in the global bromine market over the coming years. This could be ascribed to the regions burgeoning manufacturing sector.
Escalating Demand from Oil and Gas Sector to Bolster Market
In a wide range of applications, bromine and its derivatives are used, for example oil and gas boiling, flammable retardant products, biocides, plasma etching and PTA synthesis (mercury emission control and water treatment). As a result of its implementation in oil and gas drilling pools, demand for brine fluids was projected to grow considerably in order to reduce the damage of the well-being and manufacturing area. As a major market driving force due to the demand of product derivatives as a complementary fluid, strong growth in the oil and gas boiler sector contributes to mitigating potential damage to wells.
Adoption of Organobromines to Boost Opportunities
Compounds of organobromine are used in the use of flame retardants and biocides. Some organobromine derivatives are used in the pool, spa and water industry for water treatment applications. The derivatives of organobromines reduce algae, bacteria and odor formation and growth in water. In addition, compounds of organobromines are used for the production of dyes. Organobromines also are used to produce pharmaceutical products like hypnotics, anticonvulsants and sedatives as intermediates. The high and growing use of organobromines should open avenues for the world's bromine suppliers to grow.
Safety Regulations may Limit Development
There are a wide range of applications in the product so there is a chance of future demand imbalances. The potential health and environmental hazards, also in regions with rigorous environmental and safety requirements, are likely to interrupt their growth. The demand for products is growing, though it is prohibited in Europe as it is toxic in nature, for health and the environment. But significant demand from various end-use industries is likely to overcome any limitations on the market and strengthen the global bromine market.