Bromine Market size is forecast to reach $4.2 billion by 2025, after growing at a CAGR of 5.2% during 2020-2025. Bromine is used in many areas such as agricultural chemicals, dyestuffs, insecticides, pharmaceuticals and chemical intermediates, doe to which the Bromine market is witnessing an increase in demand. COVID 19 pandemic will create few hurdles for bromine market.
Bromine Market Segment Analysis – By Derivative
Organobromines segment holds the largest share in the Bromine market, as it is widely used in the manufacturing of brominated flame retardants, pesticides, fumigants, and biocides for water treatment. Most organobromine compounds, like most organohalide compounds, are relatively nonpolar. Bromine is more electronegative than carbon. Consequently, the carbon in a carbon–bromine bond is electrophilic, i.e. alkyl bromides are alkylating agents. Organobromine compounds, also called organobromides, are organic compounds that contain carbon bonded to bromine. The most pervasive is the naturally produced bromomethane. One prominent application of synthetic organobromine compounds is the use of polybrominated diphenyl ethers as fire-retardants, and in fact fire-retardant manufacture is currently the major industrial use of the element bromine.
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Bromine Market Segment Analysis – By Application
Flame Retardant sector has been the primary market for Bromine. Unlike the phosphorus-containing flame retardants, halogen-containing flame retardants are not polymer-specific in that they act primarily in the vapor phase by suppressing the flame chemistry.9 Bromine-containing agents predominate because not only are they more efficient than similar chlorine-containing species, but also the high atomic weight of bromine ensures that it is present in a high mass fraction within most organobromine compounds. Burning is a combination of chemical and physical processes. The chemical process occurs in the bulk of polymeric materials (condensed phase) and above the surface (gas phase).
Bromine Market Segment Analysis – Geography
APAC dominated the Bromine market with a share of more than 30%, followed by North America and Europe. The demand for bromine in this region is mainly propelled by its increasing use in China, Japan, and India. Increasing infrastructural development and the rise in the disposable income of the middle-class population in Asia Pacific have boosted the demand for flame retardants, which are used extensively in insulation and fabrication of plastic and electronic components. China is expected to be the dominant and fastest-growing market for bromine in the Asia Pacific region, mainly due to the escalating demand for brominated flame retardants in the country. China, which had banned the export of bromine and its related compounds, is focusing only on imports to meet its domestic requirements.
Bromine Market Drivers
Increasing use of hydrogen bromide in flow batteries
Hydrogen bromide flow batteries are included under the category of membrane-less flow batteries with a high-power density. EnStorage Inc. (Israel), a developer of large-scale electricity storage solutions, produced grid-connected 50.0 KW hydrogen-bromine (HBr) flow batteries, which were connected at the company’s test site in southern Israel to provide up to 100.0 kWh of energy. The grid became operational in March 2013. EnStorage Inc. flow batteries utilize HBr and H2 as storage chemicals. Hydrogen-bromine flow batteries are a reliable source of sustainable power for large scale industrial units. They are currently being used as reliable energy storage solutions in various industrial units around the globe.
Increasing demand for flame retardants
Globally, properties worth billions of dollars are lost due to fire-related accidents every year. Insurance companies have to utilize a major share of their revenue in settling claims on assets, infrastructure, and human lives lost in fire accidents. This makes anti-inflammatory agents or flame retardants crucial chemicals since they minimize the fire-related risks for almost every manufactured commodity. Flame retardants prevent fire by delaying the combustion process by forming a layer of free radicals. They either release carbon dioxide or free radicals that combine with oxygen molecules, thus arresting the oxidation process.
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Bromine Market Challenges
Toxicological effects of brominated compounds
Brominated compounds, such as flame retardants, have routinely been added to consumer products, such as electronics, plastics, and many more for several decades in a successful effort to reduce fire-related injuries and property damage. Recently, concerns regarding this class of chemicals have risen because of the harmful and toxicological effect it has on health and the environment. The widespread production and use of brominated flame retardants (BFRs) lead to increased contamination of the environment. These compounds also have an adverse effect on animals and wildlife. However, the current toxicology databases that exist are inadequate to understand the risk. Many of the studies that do exist involve commercial mixtures, but do not represent human exposure.
Impact of COVID 19
The rapid spread of coronavirus has had a major impact on global markets as, major economies of the world are completely lockdown due to this pandemic. Because of this major lockdown, suddenly all the consumer market has started to show zero interest towards purchasing any goods. One of the major difficulties, market is facing are the shutdown of all kinds of transportation. Global crisis for all sectors including shipping, which was hit by slowing demand in goods’ production and exports had slowdown the market for bromine market.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Bromine market. In 2019, the market of Bromine has been consolidated by the top five players accounting for xx% of the share. Major players in the Bromine Market are Israel Chemicals Limited, Albemarle Corporation, LANXESS Corporation, Tosoh Corporation, Tata Chemicals Limited, Gulf Resources Inc., and TETRA Technologies, Inc., among others.
In September 2019, Israel Chemicals Ltd. has announced its plan to increase its bromine compounds capacity to approximately 25,000 metric tons annually. The company will invest approximately USD 50 million for this expansion and expects a return of USD 110 million. This expansion comes amidst the company’s strategic agreements signed with many customers from Asia.
Asia-Pacific dominates the Bromine market owing to increasing demand from applications such as agricultural chemicals, dyestuffs, insecticides, pharmaceuticals.
Bromine compounds can be used as flame retardants. They are added to furniture foam, plastic casings for electronics and textiles to make them less flammable, which is likely to aid in the market growth of Bromine.
Organobromides are used in halon fire extinguishers that are used to fight fires in places like museums, aeroplanes and tanks, this will increase the market demand for Bromine in the near future.
COVID 19 pandemic will create hurdles for the Bromine market.
Related Reports :
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B. Flame Retardant Chemicals Market
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