ID: MRFR/CnM/6588-HCR | 140 Pages | Published By Anshula Mandaokar on March 2023
Bromine Derivatives Market is projected to be worth USD 1,354.8 Billion by 2030, registering a CAGR of 5.5% during the forecast period (2021 - 2030)
$1,354.8 Billion
5.5%
Asia Pacific
2021 - 2030
The bromine derivatives market is expected to register a CAGR of around 4.41% during the review period.
Bromine is derived from bromine-containing compounds found in seawater and underground brine deposits. Also, a large volume of bromine and bromine derivates are produced as byproducts of various chemical reactions, which help to reduce the amount of bromine in industrial waste. Bromine derivatives are used in a wide range of applications including oil & gas exploration, chemicals, water treatment, pharmaceuticals, agrochemicals, electronics, and transportation. Bromine derivatives can be categorized into sodium bromide, calcium bromide, zinc bromide, and tetrabromobisphenol A (TBBPA).
The growth of the bromine derivatives market is primarily driven by its increasing use as a flame retardant in numerous electrical & electronics and construction applications including cell phones, stereos, printing wiring boards, connectors, enclosures, insulation foam, furniture, mattresses, and fabrics. The increasing demand for bromine flame retardants to enhance the energy efficiency of thermal insulation is expected to drive the market growth at a significant rate during the review period.
The surge in demand for bromine products in coal-fired power stations to reduce mercury emissions is another important factor likely to witness substantial market growth during the review period. Increasing mercury emission control regulations due to the adverse impact of mercury emissions from coal-fired power stations and industrial boilers on human health and the environment is expected to fuel the demand for bromine further.
Additionally, bromine compounds are being widely used in oil and gas exploration activities to control the extreme pressure in deep well exploration activities. Increasing oil and gas exploration activities in the developing countries are expected to create lucrative opportunities for the players operating in the bromine derivatives market.
Furthermore, rising demand for bromine in chemicals, water treatment, transportation, and pharmaceuticals industry are projected to support the market growth at a substantial rate during the forecast period.
However, increasing consumption of non-halogenated flame retardants is projected to pose restrain to the growth of the bromine derivatives market.
Key Players
Some of the key players operating in the bromine derivatives market are PACIFIC ORGANICS PVT Ltd (India), Albemarle Corporation (US), Honeywell International Inc (US), LANXESS (Germany), APK (India), Neogen Chemical Limited (India), TETRA Technologies, Inc (US), Tosoh Corporation (Japan), ICL (Israel), and BEACON ORGANOSYS (India).
Global Bromine Derivatives Market Share, By Application, 2018 (%)
Source: MRFR Analysis
Regional Analysis
The Asia-Pacific market accounted for the largest share of the global bromine derivatives market and is expected to register a healthy CAGR during the review period. The growth is attributed to the growth of the electrical and electronics industry in the developing countries on account of increased spending on consumer electronics coupled with digitalization. The expanding construction industry with increased spending on residential and commercial construction is another important factor driving the market growth in the region. Furthermore, increased spending on oil and gas extraction activities is likely to offer significant opportunities to the market players in the coming years.
The demand for bromine derivatives in North America is expected to grow on account of the growth of the construction industry with increased spending on the renovation of residential and non-residential buildings to meet the rising demand for energy efficient buildings. The high growth of the oil and gas industry in the US coupled with an increase in oil and gas exploration using hydraulic fracturing activity is propelling the market growth in the region.
The European market is also expected to witness healthy growth on account of expanding pharmaceutical industry coupled with continuous spending on R&D for the development of new drugs. Increasing regulations against wastewater discharge and mercury emissions is another important factor driving the growth of the bromine derivatives market in the region.
The market in Latin America is expected to grow on account of the growing electrical & electronics industry, particularly in Brazil.
The Middle East & Africa is expected to grow at a significant rate during the review period on account of the increase in oil and gas exploration activities and growth of the major end-use industries such as electrical & electronics, transportation, and healthcare.
Segmentation
The global bromine derivatives market has been segmented by product type, application, end-use industry, and region.
On the basis of product type, the global market has been categorized into calcium bromide, sodium bromide, zinc bromide, hydrogen bromide, decabromodiphenyl ethane (DBDPE), tetrabromobisphenol A (TBBPA) and others.
Based on application, the global market has been divided into flame retardants, organic intermediate, oil & gas drilling, biocides, PTA synthesis, and others.
By end-use industry, the global market has been segregated into electrical & electronics, construction, oil & gas, chemicals, pharmaceuticals, wastewater treatment, and others.
The global market, by region, has been categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.Recent DevelopmentSep 2021 - Anson Resources Ltd has updated its preliminary economic assessment (PEA) for the Paradox Brine Project in Utah, USA. The PEA, similar to a JORC scoping study, assesses the economics, resources, and financial requirements of a lithium and bromine producing asset that might support the US's developing electric car industry. One of the significant benefits is the asset's lower sodium bromide operational costs, which fell by 67 percent to US$377 per tonne with no change in the compound's sales price.June 2021 - An eco-friendly approach for synthesizing pyrrole and pyrazole derivatives has been proposed by RUDN and Shahid Beheshti University (SBU) chemists, with a wide variety of uses in medicine from antidepressants to anticancer. Furthermore, the produced compounds have remarkable fluorescence properties, and the bioactive scaffolds could spark much interest in clinical diagnostics and biomedical research. The chemists used the "one-pot" method to make pyrazole and pyrrole derivatives, which involves performing all synthesis phases in a single reactor. The researchers created 22 compounds by varying the combinations of the four reactants. The majority of them turned out to have fluorescent properties, which flash blue when exposed to UV light. The presence of bromine derivatives in the discovered compounds' cyclic fragments was related to the strongest fluorescence.
Intended Audience
Report Attribute/Metric | Details |
---|---|
Market Size | 2030: Significant value |
CAGR | 4.41%(2022–2030) |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2019 & 2020 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Product Type, Application, End-Use Industry and Region |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | PACIFIC ORGANICS PVT Ltd (India), Albemarle Corporation (US), Honeywell International Inc (US), LANXESS (Germany), APK (India), Neogen Chemical Limited (India), TETRA Technologies, Inc (US), Tosoh Corporation (Japan), ICL (Israel), and BEACON ORGANOSYS (India). |
Key Market Opportunities | The increasing demand for bromine flame retardants to enhance the energy efficiency of thermal insulation is expected to drive the market growth |
Key Market Drivers | Its increasing use as a flame retardant in numerous electrical & electronics and construction applications |
The bromine derivatives market is projected to grow at a 4.41% CAGR between 2017-2024.
The Asia Pacific is expected to dominate the bromine derivatives market.
Increasing use in pharmaceuticals and transportation industry is boosting market growth.
Increasing use of non-halogenated flame retardants may limit market growth.
Some of the major applications of bromine derivatives include PTA synthesis, biocides, oil and gas drilling, organic intermediate, and flame retardants.