NEWARK, Del, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The bromine market is expected to be worth US$ 2.53 billion in 2023 and US$ 4.7 billion by 2033. Between 2023 and 2033, the market is expected to register a growth rate of 6.3%.
Increased crop yields and modern agriculture have added to the need to store agricultural products for long periods, including vegetables, dried grains, cotton, and fruits. The effectiveness of many substances in controlling pests that degrade products stored for long periods has been studied.
Factors such as geopolitics, trade policies, and bromine reserves can influence bromine availability and supply. Technological advancements in bromine extraction and processing methods can impact the efficiency and cost-effectiveness of bromine supply.
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The use of bromine in power plants reduces air pollution. Coal combustion releases mercury into the atmosphere, and about 40% of global power still comes from coal. Scalable batteries based on bromine ions have been developed in newer technology. As an energy storage technology, bromine is preferred due to its abundance, cost, chemistry, and performance.
Due to changes in consumer preferences, alternative materials that are free of brominated compounds can be developed. The overall economic health of regions and countries directly affects industrial activities and the demand for bromine market.
The stable nature of bromine makes it an ideal choice for spas and jacuzzis. As a bonus, bromine is much gentler on sensitive skin than chlorine. Process water is treated with bromine at major paper and pulp plants in a cost-effective and environmentally friendly manner. A Royal Society of Chemistry report states that bromine is being phased out as fire retardants and in agriculture as a result of toxicity concerns as well as environmental concerns.
Bromine resources in some African and Iranian salt lakes and lagoons have attracted the attention of a few companies. Developing and utilizing bromine resources is also possible in countries that make salt from seawater, like Australia and Mexico.
The Bohai Sea underground brine and sea salt field still uses domestic bromine production capacity as the main raw brine source. Bromine production capacity continues to decline because underground brines continue to diminish year after year.
Key Takeaways
- Global bromine demand in the United Kingdom is expected to expand at a CAGR of 1.4% during the forecast period.
- In the United States, the market is expected to reach US$ 1.3 billion between 2023 and 2033.
- A growth rate of 2.3% is expected for organobromine over the forecast period.
- China is projected to expand by 2.2% between 2023 and 2033.
- By 2033, the bromine market in India is anticipated to expand at a CAGR of 2.4% during the forecast period.
“With the growth of oil and gas drilling activities, bromine demand will likely increase. Growing pesticide demand and pharmaceutical industries will drive the market." Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Report Scope
| Attributes | Details | ||
| Estimated Market Size in 2023 | US$ 2.53 Billion | ||
| Projected Market Valuation in 2033 | US$ 4.7 Billion | ||
| Value-based CAGR 2023 to 2033 | 6.3% | ||
| Forecast Period | 2023 to 2033 | ||
| Historical Data Available for | 2018 to 2022 | ||
| Market Analysis | Value in US$ billion | ||
| Key Regions Covered |
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| Key Market Segments Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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Competitive Landscape
As the bromine market has developed into a highly competitive environment since the beginning of this century, global demand has increased dramatically. As a result of its expanded and more cost-effective service offerings, the company will be better positioned to compete in an increasingly competitive market.
Market Developments Include
- In Febraury 2023, TETRA Technologies, Inc. TETRA has published an S-K 1300 Section 19 Report on its Investor Relations website that provides engineering, cost, and revenue assumptions based on the development of Arkansas bromine assets. Continuing to assess its inferred bromine resources in Arkansas, the Company continues to make progress.
- In September 2023, Australian-based Redflow Limited will lead the way in energy storage innovation. Commercial, industrial, and utility clients can benefit from Redflow's zinc-bromine flow batteries that provide efficient and scalable solutions. ZBM3 Battery and Energy Pod are among the company's flagship products.
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Segmentation Analysis of the Bromine Market
By Derivative:
- Organobromine
- Clear Brine Fluids (CBF)
- Hydrogen Bromide
By Application:
- Biocide
- Flame Retardant
- Oil and Gas Drilling
- Plasma Etching
- PTA Synthesis
- Fumigant Synthesis
- Others
By End Use:
- Oil & Gas
- Chemicals
- Pharmaceuticals and Cosmetics
- Electronics and Consumer Goods
- Textile
- Medical
- Agricultural and Pesticides
- Automotive
- Building and Construction
- Water Treatment
- Other Industrial
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
About the Chemicals & Materials Division at Future Market Insights
The chemicals & materials team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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