Global Bromine Market to Reach $3.8 Billion by 2026

Bromine is a chemical element that occurs naturally and typically exists in the form of a red-brown liquid at room temperature. Bromine is one of the many naturally occurring elements, easily found in underground wells, lakes and seas. Bromine continues to experience a consistent demand, despite enforcement of strict legislations and regulations by various governments. Growth in the global market is set to be driven by rising demand for the element in various applications, and in industries, including water treatment, pharmaceuticals, cosmetics, pesticides, textile, and agro-fumigants. Bromine is widely employed as a drilling fluid within the oil and gas industry. Clear brine fluids are extensively used in oil & gas drilling activities where they control formation pressure as well as reduce damages to reservoirs. Market prospects are also bolstered by increasing demand from coal-fired power generation plants in which the chemical is used for controlling mercury emissions and the growing flame retardants demand which is being triggered by fire-safety regulations worldwide becoming increasingly stringent. The increasing use of various bromine derivatives in several other applications, such as biocides, water treatment, and dyes is anticipated to boost the demand.

Amid the COVID-19 crisis, the global market for Bromine estimated at US$2.8 Billion in the year 2020, is projected to reach a revised size of US$3.8 Billion by 2026, growing at a CAGR of 5.5% over the analysis period. Organobromines, one of the segments analyzed in the report, is projected to record a 5.5% CAGR and reach US$1.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Clear Brine Fluids segment is readjusted to a revised 6.0% CAGR for the next 7-year period. The robust growth in oil and gas drilling sector is expected to boost demand for organobromines due to escalating demand for drilling fluids. This is primarily driven by rise in oil and gas exploration activities due to shale discovery in offshore US and Gulf of Mexico. The growing demand for Zinc-bromine flow batteries and rising consumption of flame retardant products augment demand for organobromines. Clear brine fluids constitute the second largest derivative which is currently witnessing increasing demand from Asia-Pacific shale gas-recovery operations.

The U.S. Market is Estimated at $527.2 Million in 2021, While China is Forecast to Reach $1.2 Billion by 2026

The Bromine market in the U.S. is estimated at US$527.2 Million in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.2 Billion by the year 2026 trailing a CAGR of 7.1% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.1% and 4.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.6% CAGR. The US and Europe are the foremost adopters of bromine-based products, which initially became popular in the form of flame retardants. However, the hazardous nature of bromine limits its consumption. Asia-Pacific has evolved into the most important regional market for bromine and bromine-based products. Massive industrial expansion, upsurge in infrastructural development and rising disposable income have augmented demand for flame retardants that find extensive use in fabrication and insulation of electronic and plastic components. This in turn boosts market prospects for bromine in the region.

Hydrogen Bromide Segment to Reach $457.8 Million by 2026

Growth in the hydrogen bromide segment is supported by growing use of hydrogen bromide in flow batteries. In the global Hydrogen Bromide segment, USA, Canada, Japan, China and Europe will drive the 3.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$272.8 Million in the year 2020 will reach a projected size of US$361.9 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$69.5 Million by the year 2026, while Latin America will expand at a 4.7% CAGR through the analysis period.