Categories: Market Research

Bromine Market Size and Forecast 2024-2033|ICL Group Limited, Albemarle Corporation, Lanxess AG, Tosoh Corporation, TATA Chemicals Ltd

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Overview and Scope

Bromine is a chemical element with a deep red colour and is a toxic liquid with an irritating and offensive odor. Bromine is used in making dyes, fumigants, flame proofing agents, sanitizers, water purification compounds, agents for photography, vegetable oil, and as an emulsifier in citrus-flavored soft drinks. It is also used as a disinfectant for surfaces due to its damaging effects on microorganisms.

Sizing and Forecast

The bromine market size has grown rapidly in recent years. It will grow from $4.78 billion in 2023 to $5.26 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to increasing demand for flame retardants in construction materials and electronics, expansion of the oil and gas industry, growth in the pharmaceutical industry for the production of medicines, regulation favoring the use of bromine in water treatment applications, and rise in demand for clear brine fluids in oil and gas production

The bromine market size is expected to see strong growth in the next few years. It will grow to $7.61 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to environmental regulations favoring the use of bromine in flame retardants, expansion of the energy storage and electric vehicle markets, rising use of bromine compounds in energy-efficient cooling systems, enhanced demand for bromine in water treatment due to increased urbanization, and adoption of bromine in energy storage solutions like flow batteries.

Major trends in the forecast period include shift toward eco-friendly flame retardants, bromine recycling, urbanization and water treatment, bromine in energy-efficient electronics, and energy storage solutions.

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Segmentation & Regional Insights

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

Asia-Pacific was the largest region in the bromine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bromine market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market 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.

Key Industry Players

Major companies operating in the bromine market include ICL Group Limited, Albemarle Corporation, Lanxess AG, Tosoh Corporation, TATA Chemicals Ltd., Gulf Resources Inc., Solaris Chemtech Industries Limited, Honeywell International Inc., Perekop Bromine, Hindustan Salts Ltd., Chemtura Corporation, Chemada Industries Ltd., Jordan Bromine Company Ltd., Shandong Weifang Longwei Industrial Co. Ltd., Agrocel Industries Pvt. Ltd., Israel Chemicals Ltd., TETRA Technologies Inc., Sujay Synthorg Chemicals Pvt. Ltd., Shandong Haiwang Chemical Co., Neogen Chemicals Ltd., Shandong Ocean Chemical Co. Ltd., Krishna Solvachem Ltd., Merck KGaA, Mody Chemi Pharma Ltd., Pacific Organics Pvt. Ltd., Thermo Fisher Scientific Inc., Tokyo Chemical Industry Co. Ltd.

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

26. South America Bromine Market

27. Brazil Bromine Market

28. Middle East Bromine Market

29. Africa Bromine Market

30. Bromine Market Competitive Landscape And Company Profiles

Top Major Players: