Bromine Market Research Report: By Derivative (Hydrogen Bromide, Bromide Salts, Organobromide), Application (Flame Retardants, Clear Brine Fluids, Pharmaceuticals, Water Treatment)
NEW YORK, May 06, 2020 (GLOBE NEWSWIRE) -- Mercury emissions cause a lot of problems, which is why need is being felt to reduce them. To achieve it, halogen (bromine) compounds are being mixed with powdered activated carbon (PAC) to reduce mercury emissions from industries and coal-based power plants. This oxidizes the mercury, which can reduce up to 90% of the emissions, when a flue-gas desulfurization (FGD) system is used.
Thus, with the rising consumption of bromine compounds to reduce mercury emissions, the global bromine market, which generated revenue of $1,864.3 million in 2019, would grow at a 5.7% CAGR during 2020 and 2030 (forecast period).
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Clear Brine Fluids to Witness Fastest Growth during Forecast Period
The clear brine fluids category is expected to experience the fastest growth in the bromine market during the forecast period, at a CAGR of 6.4%. This is because of the heavy consumption of these fluids in the drilling activities for oil and gas, which are themselves rapidly rising.
Till 2030, the organobromide division would continue dominating the bromine market, on account of the wide application of such compounds in the manufacturing of pesticides, solvents, flame retardants, gasoline antiknock agents, intermediates for organic synthesis, catalysts, and fumigants. The organobromides used for these purposes include styrene bromide, dibromochloropropane, ethylene dibromide, propylene bromide, allyl bromide, and vinyl bromide.
Asia-Pacific (APAC) was the largest bromine market in 2019, and the situation will be the same in the coming years. This is attributed to the high-volume consumption and production of bromine and its derivatives, primarily in China. Further, the demand for bromine-based flame retardants is increasing for the manufacturing of insulation and plastic and electronic goods, in Japan, India, Thailand, and South Korea.
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Increasing Production Capacity Characterizes Market Competition
Players in the bromine market are setting up new manufacturing plants to supply additional amounts of bromine as well as the numerous products derived from it. For instance, TrustCapital LLC announced plans to set up a production facility in Krasnokamsk, Russia, in March 2020. Once complete in the second quarter of 2020, it will manufacture 1,700 tons of sodium bromide every year.
Similarly, in November 2018, LANXESS AG collaborated with Canada-based Standard Lithium Ltd. to produce lithium for batteries. The brine produced at LANXESS’s El Dorado, Arkansas, plant also contains lithium.
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The key global bromine market players are Gulf Resources Inc., Hindustan Salts Limited, LANXESS AG, Tosoh Corporation, Tetra Technologies Inc., Jordon Bromine Company Limited,Israel Chemicals Limited, Tata Chemicals Limited, Albemarle Corporation,and Perekop Bromine.
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