“Bromine Market: Global Market Size, Demand Analysis & Opportunity Outlook 2023”
The global bromine market is segmented into applications such as flame retardants, biocides, organic intermediates, PTA synthesis, plasma etching, oil and gas drilling. Among these segments, flame retardants segment accounted for the largest segment in overall bromine market and is expected to seize a phenomenal CAGR by the end of 2023. Likely, growing adoption of bromine flame retardants in electronics products across the globe are some of the key factors which are predicted to bolster the growth of global flame retardants market over the forecast period. In addition to this, swift growth in food and agriculture sector owing to government funding and availability of effective and low cost pesticides is projected to drive the growth of global bromine market over the forecast period.
Global bromine market is anticipated to post a noteworthy CAGR of 11.7% during the forecast period i.e. 2016-2023. Moreover, the Global Bromine Market is projected to account sales of USD 10.21 Billion by the end of 2023. Additionally, the market is riding on the back of growing demand for flame retardants.
The organobromines segment by derivative captured the biggest market of global bromine. Moreover, the demand for organobromines is increasing on the back of various factors such as growing use organobromines in the production of biocides, dyes and flame retardants. In terms of regional platform, North America region accounted for the biggest share in the markets of bromine. Additionally, U.S. is the major country witnessing the augmented demand for bromine. Apart from this, Asia-Pacific region is believed to be the most lucrative market of bromine owing to emerging economies such as India and China.
Wide Scale Application of Bromine
Rising application of bromine in pharmaceutical, chemicals, oil & gas and others is expected to boost the growth of bromine market during the forecast period. Further, extensive consumption of bromine in diverse applications such as plasma etching, water treatment and others is also an important factor driving the bromine market.Furthermore, bromine is also used as emulsifier in many citrus-flavored soft drinks is envisioned to foster the growth of bromine market.
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Robust Expansion of Industries
Swift expansion of industries in developing and developed nations such as U.S., China, Japan, India and others is augmenting the demand for bromine for various applications which is predicted to be the key factor behind the positive growth of bromine market. Furthermore, owing to the catalyst properties of bromine derivatives, global consumption of bromine is expected to significantly increases due to increasing production of rubber, plastics and flame retardants over the forecast period.
The report titled “Bromine Market: Global Market Size, Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the global bromine market in terms of market segmentation by derivative, by application, by end-user and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global bromine market which includes company profiling of Albemarle Corporation, ICLgroup, Chemtura (Acquired by Lanxess), Gulf Resources, Tosoh Corporation, Hindustan Salts Limited, Honeywell International Inc., Jordan Bromine Company Limitedـ, MORRE-TEC Industries, TETRA Technologies, Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global bromine market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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