Bromine Derivative Market Poised for Significant Growth with a 5.10% CAGR, Projected to Reach USD 12,037 Million by 2034 | Future Market Insights, Inc.

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Jul 16, 2024, 10:01 ET

Demand for Bromine Derivatives is Surging Due to its Crucial Role in Ensuring Fire Safety, Sustainable Pest Control, Safe and Clean Water, and Effective Treatments for Chronic Diseases

NEWARK, Del., July 16, 2024 /PRNewswire/ -- The bromine derivative market is expected to experience a substantial surge, with a remarkable Compound Annual Growth Rate (CAGR) of 5.10%. The market is predicted to reach an impressive valuation of USD 12,037.00 million by 2034, which is a significant increase from its current value of USD 7,292.20 million as of 2024.

Bromine derivatives are extensively used in the production of flame retardants, which are compounds added to materials to reduce their flammability. The demand for flame retardants has been increasing due to the growing awareness about the importance of fire safety in various industries, including construction, electronics, and automotive. Bromine-based flame retardants are highly effective, and they are widely used in a variety of applications, including textiles, plastics, and foam products. This has led to a significant increase in demand for bromine derivatives, particularly in the flame retardant segment of the market.

Bromine derivatives are also used in the production of agricultural chemicals, including insecticides and herbicides. The demand for bromine derivatives in agriculture has been increasing due to the need for effective and sustainable pest control solutions. Bromine-based agricultural chemicals are highly effective, and they are widely used in many crops, including fruits, vegetables, and grains. This has led to a significant increase in demand for bromine derivatives, particularly in the agricultural segment of the market.

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Bromine derivatives are used in the production of pharmaceuticals, including drugs that treat cancer, HIV, and other diseases. The demand for bromine derivatives in the pharmaceutical industry has been increasing due to the growing prevalence of chronic diseases and the need for effective treatments. Bromine-based pharmaceuticals are highly effective, and they are used in many life-saving drugs. This has led to a significant increase in demand for bromine derivatives, particularly in the pharmaceutical segment of the market.

Bromine derivatives are also used in the production of oil and gas drilling fluids, which are used to lubricate and cool drilling equipment during the drilling process. The demand for bromine derivatives in the oil and gas industry has been increasing due to the growing demand for energy and the need to explore new oil and gas reserves. Bromine-based drilling fluids are highly effective, and they are widely used in many oil and gas exploration activities. This has led to a significant increase in demand for bromine derivatives, particularly in the oil and gas segment of the market.

"The increasing demand for bromine derivatives is also driven by the growing use of bromine in water treatment. Bromine is widely used as a disinfectant in swimming pools, hot tubs, and other water systems. The demand for bromine-based water treatment products has been increasing due to the need for safe and clean water. This has led to a significant increase in demand for bromine derivatives, particularly in the water treatment segment of the market." - Says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Key Takeaways from the Bromine Derivative Market

The bromine derivative market is estimated to register a CAGR of 5.10%, reaching a valuation of USD 12,037.00 million by 2034.
The organobromine segment is anticipated to dominate the market by holding a 27.60% market share in 2024.
The market is estimated to grow at a CAGR of 2.10% in Germany during the forecast period.
The market in the United Kingdom is predicted to grow at a 2.60% CAGR between 2024 and 2034.
The market in the United States is expected to grow at a CAGR of 3.20% through 2034.

High Demand for Plastics from Automotive & Electronic Industries Boosting the Market Growth?

The global electrical and electronics industry is growing at a significant rate. Plastics play a crucial role in the manufacturing of electrical products. Plastics are used in the industry for applications, such as connectors, electronic housing and components, wire & cable, switches, and printed circuit boards. Flame retardants have become mandatory compounds, used during the manufacturing of several products to avoid fire in the event of resistive heating or joule heating.

The advantageous properties of advanced plastics, coupled with government regulations on emission control from automobiles are factors influencing OEMs to use plastics in the manufacturing of automotive components, such as interiors.

To reduce fire risks arising from heat generation due to overheating of the engine or due to electrical overload/shorting, etc., almost all plastic parts in an automobile need to exhibit good flame-retardant properties.

Demand for such components is expected to increase at a significant rate due to the increasingly stringent government regulations encouraging the use of flame-retardant components in vehicles.

Alternative Usage Of Bromine Compounds In Various Industrial Applications

Bromine derivatives are gaining high popularity worldwide, among different end-use industries, such as chemicals, oil & gas, pharmaceuticals, agriculture, construction, etc.

Bromine compounds, for instance, methyl bromide, are generally used as pesticides in the farming and agriculture sectors. Bromine is further used as a biocide and disinfectant as well in wastewater treatment, drinking water treatment, and in swimming pools.

Bromine derivatives are used in applications, such as in the oil & gas industry for exploration activities. For instance, zinc bromide is used for drilling purposes and the production of batteries, and additives for the glass industry.

With the developing oil drilling technologies, applications of bromine-based drilling solutions have been gradually spread across the USA, South East Asia, the UK, Africa, the Middle East, and other countries.

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Competitive Landscape

The bromine derivative market is highly competitive due to the presence of numerous players operating in the market. Companies compete based on factors such as product quality, pricing, innovation, and distribution networks. There is also a high degree of backward integration, with several bromine producers manufacturing downstream derivatives. Hence, players aim to expand their market share through strategic partnerships, collaborations, and acquisitions.

Recent Development

In 2023, Archean Chemical Industries started commercial production at their new facility that produces bromine derivative products. The primary objective of this facility is to cater to the increasing demand for brominated derivatives in numerous end-use industries, such as agrochemicals, pharmaceuticals, and flame retardants. The facility is equipped with advanced technology and is expected to manufacture high-quality products at a competitive cost. The commencement of this facility is expected to help Archean Chemical Industries expand its product portfolio and strengthen its position in the bromine derivatives market.

Key Players in the Bromine Derivative Market

Albemarle Corporation
ICL Industrial Products
Jordan Bromine Company Ltd.
Tata Chemicals Ltd.
Tosoh Corporation
Gulf Resources Inc.
Hindustan Salts Limited
Morre-Tec Industries Inc.
Shouguang Weidong Chemical Co. Ltd.

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Key Segmentation of the Bromine Derivative Market

By Derivative:

Organobromine
Hydrogen Bromide
Lithium Bromide
Clear Brine Fluids (CBF)

By Application:

Biocide
Flame Retardant
Oil & Gas Drilling
Plasma Etching
PTA Synthesis
Fumigant Synthesis
Others

By End Use:

Oil & Gas
Chemicals
Pharmaceuticals & Cosmetics
Electronics & Consumer Goods
Textile
Medical
Agricultural & Pesticides
Automotive
Building & Construction
Water Treatment
Other Industrial

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East and Africa

Authored By

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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