Global Bromine Market: Usage as Fire Resistant in Various End-use Industries Driving Demand, notes TMR
The analysts of a fresh business intelligence study by Transparency
Market Research (TMR) have detected that the global bromine
market is moderately consolidated in nature, with a small pool of
players holding major shares. The report identifies Gulf Resources
Inc., Israel Chemical Ltd. (ICL), Jordan Bromine Company Limited, and
Albemarle Corporation as some of the notable players who are
currently ahead of the curve in the global bromine market. This
position of strength of the aforementioned companies is a reflection
of their strong manufacturing capabilities as well as presence in
various geographical regions. These well established players, on the
back of their technological resources and financial might, are also
indulging on the research and development of innovative products as
well as price them competitively to counter their rivals. Chemtura,
Tosoh, Honeywell International, Hindustan Salts, TETRA Technologies,
and MORRE-TEC Industries are some of the other key players worth a
mention in the global bromine market.
Global Bromine
Market to be worth US$2.67 bn by 2025
If the projections of the TMR report are to be believed, the demand
in the global bromine market will expand at a formidable CAGR of 5.0%
during the forecast period of 2017 to 2025. The analysts of the
report have evaluated that the opportunities in the global bromine
market translated into a revenue of US$1.74 bn in 2016 and have
estimated it to swell up to US$2.674 mn by the end of 2025. To
provide a few examples of what products are being offered by the
leading vendors, Israel Chemical Ltd. or ICL produces various types
of bromine products that range from drilling retardants and flame
retardants to effluent control and energy storage solutions. On the
other hand, Gulf Resources is one of the leading bromine producer and
distributor in China.
Application-wise, the TMR report has segmented the bromine market
into drilling fluids, catalysts, flame retardants, water treatment,
and biocides, and highlighted flame retardants as the segment that is
providing for the maximum demand. By the end of 2025, the flame
retardants segment is poised to account for 32.6% of the total
demand. Geographically, Asia Pacific has been detected as the most
profitable region, driven by the manufacturing hub of a country in
China. The Asia Pacific bromine market provided for nearly half of
the total demand in 2016.
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Plastic and
Polymers Sustaining Strong Demand
Across the world, plastic has had a strong demand for quite a few
decades and despite stringent regulations, the requirement continues
to sustain. Flame retardant chemicals made from bromine are added to
plastics and polymers to provide them resistance to fire and are
widely used in the industries of construction, packaging, automotive,
and electronics. Apart from the growing demand for polymers and
plastics, the global bromine market is also gaining traction from the
increased number of drilling activities across the world. In addition
to that, factors such as opportunities in recycling of bromine and
increasing usage of hydrogen bromide in flow batteries are expected
to reflect positively over the market in the near future. On the
other hand, advent of alternates such as non-halogenated flame
retardants, frequent fluctuations in the prices of oil and gas, and
toxicological effects are a few restraints obstructing the bromine
market from achieving its true potential.
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