The global bromine market size is projected to grow from USD 3.2 billion in 2020 to USD 4.1 billion by 2025, at a CAGR of 5.0% from 2020 to 2025. The increasing demand for bromine in flame retardants, mercury emission control, water treatment, and oil & gas drilling is expected to drive the bromine industry growth.
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Globally, properties worth billions of dollars are lost due to fire-related accidents every year. Insurance companies have to utilize a major share of their revenue in settling claims on assets, infrastructure, and human lives lost in fire accidents. This makes anti-inflammatory agents or flame retardants crucial chemicals since they minimize the fire-related risks for almost every manufactured commodity. Flame retardants prevent fire by delaying the combustion process by forming a layer of free radicals. They either release carbon dioxide or free radicals that combine with oxygen molecules, thus arresting the oxidation process.
EU countries are focused on the implementation of stringent fire safety regulations in the automotive, electronics, consumer goods, and textile industries. Apart from the EU, countries across the globe also follow different fire safety standards and regulations. Therefore, the manufacturers of automobiles, electronics, consumer goods, and textiles need to meet the fire safety regulations of the respective countries. These safety standards and regulations have, therefore, increased the demand for flame retardants globally. According to the Danish Building Regulation 2010 (BR10), buildings must also have adequate protection against fire and fire spread.
Halogenated flame retardants constitute a group of brominated and chlorinated flame retardants. The brominated flame retardants form a major share of the global flame retardants market due to rising demand, especially in North America and Asia Pacific. Brominated flame retardants are also steadily replacing the chlorinated flame retardants, which are known to release harmful chlorine gas under certain conditions.
Brominated flame retardants are widely used in everyday commodities, such as plastics, textiles, and rubber, to reduce their flammability. Therefore, growth in the consumption of these commodities, especially in the emerging markets of Asia Pacific and the Middle East, is expected to bolster the demand for brominated flame retardants, ultimately boosting the market for bromine.
The Asia Pacific region accounted for the largest share of the bromine market in 2019. China, India, Japan, and South Korea are key countries contributing to the increased demand for bromine in this region. Substantial development in infrastructure and growing demand for flame retardants in the automobile, building & construction end-use industries are expected to drive the bromine market in this region.
Israel Chemicals Limited (Israel), Albemarle Corporation (US), LANXESS Corporation (Germany), Tosoh Corporation (Japan), Tata Chemicals Limited (India), Gulf Resources Inc. (China), TETRA Technologies, Inc. (US), Hindustan Salts Limited (India), Honeywell International Inc. (US), and Perekop Bromine (Republic of Crimea) are some of the leading players operating in the bromine market.
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