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Global Bromine Market Report 2023: Increasing Demand for Flame Retardants in Electronics, Consumer Goods and Textile Industries Drives Growth
Global Bromine Market
Dublin, May 03, 2023 (GLOBE NEWSWIRE) -- The "Global Bromine Market by Derivative (Organobromine, Clear Brine Fluids and Hydrogen Bromide), Application (Flame Retardants, PTA Synthesis, Water Treatment & Biocides, HBR Flow Batteries), End-User & Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The bromine market is projected to grow from USD 3.6 billion in 2023 to USD 4.4 billion by 2028, at a CAGR of 4.2% from 2023 to 2028.
Brominated flame retardants are widely used in plastics, textiles, and rubber to reduce flammability. The increasing use of these commodities is expected to drive the demand for brominated flame retardants, eventually fueling the bromine market.
By derivative, the hydrogen bromide segment is estimated to be the fastest-growing segment of bromine market during 2023 to 2028
Based on derivative, the hydrogen bromide is estimated to be the fastest growing segment during the forecast period. Hydrogen bromide is used in various chemical synthesis as catalyst and reducing agent. It is also used for bromoalkanes formation. Chemical, Plastics and Pharmaceutical industries widely use hydrogen bromide.
By application, the flame retardants segment is estimated to be the fastest-growing segment of bromine market during 2023 to 2028
Based on application, the flame retardants is estimated to be the fastest-growing segment during the forecast period. Textiles, electronics, building materials, plastics, and other industries use flame retardants. Flame retardants primarily comprise bromine are used to reduce the impact of fire damage.
The bromine market in Asia Pacific region is projected to witness the highest CAGR during the forecast period
Asia Pacific region is projected to register the highest CAGR in the bromine market from 2023 to 2028. Asia pacific is one of the key markets for bromine. The region has high demand for bromine due to rising demand from various applications such as flame retardants, oil & gas drilling, PTA synthesis, among others.
Key Attributes:
Report Attribute | Details |
No. of Pages | 309 |
Forecast Period | 2023 - 2028 |
Estimated Market Value (USD) in 2023 | $3.6 Billion |
Forecasted Market Value (USD) by 2028 | $4.4 Billion |
Compound Annual Growth Rate | 4.2% |
Regions Covered | Global |
Market Dynamics
Drivers
Use of Bromine Compounds to Mitigate Mercury Emission
Increasing Demand for Flame Retardants in Electronics, Consumer Goods, and Textile Industries
Use of Bromine and Its Derivatives in Diverse Applications
Increased Use of Bromine as Disinfectant
Restraints
Toxicological Effects of Brominated Compounds
Emergence of Non-Halogenated Flame Retardants
Restriction on Brominated Flame Retardants by European Union
Opportunities
Recycling of Bromine Products
Increasing Use of Bromine in Flow Batteries
Challenges
Significant Fluctuations in Oil & Gas Prices
Case Study Analysis
Bromine Use and Recycling
Impact of Brominated Flame Retardants on Recycling of Waste Plastics in Europe
Effect of Ammonium Bromide on Flame Retardancy in Cotton Fabric
Companies Mentioned
Agrocel Industries Pvt Ltd.
Albemarle Corporation
Chemada Industries Ltd.
Chemcon Speciality Chemicals Ltd.
Dhruv Chem Industries
Gulf Resources Inc.
Hindustan Salts Limited
Honeywell International Inc.
Icl Group Limited
Jordan Bromine Company
Lanxess Ag
Morre-Tec Industries Inc.
Perekop Bromine Factory
Sangfroid Chemicals Pvt. Ltd.
Satyesh Brinechem Pvt. Ltd.
Shandong Haihua Group Co., Ltd.
Shandong Haiwang Chemical Co., Ltd.
Shandong Haoyuan Group
Shandong Lubei Chemical Co., Ltd.
Shandong Ocean Chemical Co., Ltd.
Shandong Runke Chemical Engineering Co., Ltd.
Shandong Weifang Longwei Industrial Co., Ltd.
Shandong Yuyuan Group Co., Ltd.
Solaris Chemtech Industries Ltd.
Tata Chemicals Limited
Tetra Technologies, Inc.
Tosoh Corporation
Vinyl Kft
For more information about this report visit https://www.researchandmarkets.com/r/m5o76i
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