The Bromine Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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In accordance with The Business Research Company’s Bromine Global Market Report for 2024, the bromine market has experienced substantial growth in recent years, soaring from $4.78 billion in 2023 to an anticipated $5.26 billion in 2024, reflecting an impressive compound annual growth rate (CAGR) of 10.0%. This upward trajectory can be attributed to several key factors during the historical period, including heightened demand for flame retardants in construction materials and electronics, the expansion of the oil and gas industry, pharmaceutical industry growth for medicinal production, regulatory support for bromine in water treatment applications, and an escalating demand for clear brine fluids in oil and gas production.
Projections for the bromine market foresee robust expansion in the coming years, with an estimated value of $7.61 billion by 2028, boasting a CAGR of 9.6%. Anticipated growth in the forecast period is underpinned by environmental regulations favoring bromine in flame retardants, the burgeoning energy storage and electric vehicle markets, increased utilization of bromine compounds in energy-efficient cooling systems, heightened demand for bromine in water treatment due to urbanization, and the adoption of bromine in energy storage solutions, such as flow batteries.
Noteworthy trends in the forecast period encompass a shift towards eco-friendly flame retardants, the emergence of bromine recycling initiatives, the intersection of urbanization and water treatment, the integration of bromine in energy-efficient electronics, and the increasing adoption of bromine in energy storage solutions. These developments collectively underscore the dynamic and evolving landscape of the bromine market, positioning it as a pivotal player in various industries with a trajectory poised for sustained growth.
The increase in demand for bromine in oil and gas drilling is significantly contributing to the growth of the bromine market. The oil and gas are extracted from porous stones by drilling a hole into the area. Bromine used in the form of clear brines can compensate for the gravity required to balance the pressure needed to avoid closing the pores that are drilled in porous stone. The increasing oil and gas drilling activity requires a high amount of bromine. For instance, according to Rystad Energy, a US-based energy research and business intelligence company, global oil and gas drilling activity increased by 12% from 2020 to 2021, with around 54,000 wells drilled. Therefore, the increase in demand for bromine in oil and gas drilling is expected to propel the growth of the bromine market going forward.
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The bromine market covered in this report is segmented –
1) By Derivative: Organobromine, Clear Brine Fluids, Hydrogen Bromide
2) By Application: Biocides, Flame Retardants (FR), Bromine-Based Batteries, Clear Brine Fluids (CBF), Other Applications
3) By End User: Oil And Gas, Automotive, Agriculture, Pharmaceuticals, Cosmetics, Textiles, Other End Users
Top 5 Major Players:
Strategic partnerships and collaborations have emerged as a trend gaining popularity in the bromine market. Major companies operating in the bromine sector are focused on partnerships and collaborations in order to expand their operations into new areas and become industry leaders. For instance, in February 2021, W. R. Grace and Company, a US-based chemical company, acquired Albemarle Corporation for $570 million. This acquisition significantly steps up W. R. Grace and the company’s modest footprint in the pharmaceutical services industry. Albemarle Corporation is a US-based chemical manufacturing company that specializes in bromine, refining catalysts, lithium, and applied surface treatments.
The bromine market report table of contents includes:
1. Executive Summary
2. Bromine Market Characteristics
3. Bromine Market Trends And Strategies
4. Bromine Market – Macro Economic Scenario
5. Global Bromine Market Size and Growth
…..
31. Global Bromine Market Competitive Benchmarking
32. Global Bromine Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Bromine Market
34. Bromine Market Future Outlook and Potential Analysis
35. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Bromine Market, Segmentation By Derivative, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Bromine Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Bromine Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 74: ICL Group Limited Financial Performance
Table 75: Albemarle Corporation Financial Performance
Table 76: Lanxess AG Financial Performance
Table 77: Tosoh Corporation Financial Performance
Table 78: TATA Chemicals Ltd. Financial Performance
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