According to IMARC Group latest report titled “Bromine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on bromine market growth. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global bromine market reached a value of US$ 3.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 4.2 Billion by 2027, exhibiting a CAGR of 4.5% during 2022-2027.
Bromine is a fuming red-brown liquid with corrosive chemical properties that readily evaporates at high pressures. It is a halogen with properties similar to chlorine and iodine, and is naturally found inside the Earth’s crust and extracted through electrolysis. As a result, bromine is widely utilized in the production of organobromine compounds. These compounds are used to produce halon fire extinguishers that are used to prevent fires in places such as museums, airports, and tanks.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Market Trends:
The market is primarily driven by the increasing use of bromine in the agriculture sector. It is used to improve crop yields and cater to human nutritional needs as a significant portion of the population suffers from famine and malnutrition due to the limited food supply, rising global population, and decreasing arable land. In addition, governments of various countries are encouraging modern agricultural practices that involve long-term storage of products, such as grains, cotton, and fresh fruit and vegetables. As a result, there has been a significant increase in the demand for bromine to control pests that degrade products being stored for extended periods. Besides this, bromine is widely employed in the production of over the counter (OTC) and prescription drugs, which represents another major growth-inducing factor. Furthermore, extensive applications of bromine in making fumigants, dyestuffs, textiles, water purification compounds, chemical intermediates, furniture foam, and plastic casings for electronics are also creating a positive market outlook.
Explore Full Report with Table of Contents: https://www.imarcgroup.com/bromine-market
Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Albemarle Corporation
- Chemada Industries Ltd.
- Gulf Resources Inc.
- Hindustan Salts Limited
- Honeywell International Inc.
- ICL Group Ltd.
- Jordan Bromine Company Limited
- Lanxess AG
- Solaris Chemtech Industries Limited (Agrocel Industries Pvt. Ltd.)
- Tata Chemicals Limited
- TETRA Technologies Inc.
- Tosoh Corporation
Bromine Market Segmentation:
Our report has categorized the market based on region, derivative, application and end user.
Breakup by Derivative:
- Hydrogen Bromide
- Organobromine Compounds
- Bromine Fluids
- Others
Breakup by Application:
- Biocides
- Flame Retardants (FR)
- Bromine-Based Batteries
- Clear Brine Fluids (CBF)
- Others
Breakup by End User:
- Chemicals
- Oil and Gas
- Pharmaceuticals
- Agriculture
- Textiles
- Electronics
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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