The Global Bromine Market size was valued at USD 3.20 Billion in 2022 and is projected to reach USD 4.83 Billion by 2030, growing at a CAGR of 5.13% from 2023 to 2030.

Bromine Market Overview

Bromine is the third-largest element with halogens. At room temperature, it is a red liquid with the atomic number 35. Bromine is used as a reactant and catalyst in many places around the world. Bromine is used to make medicines, disinfectants, biocides, agrochemicals, dyes, chemicals for taking pictures, and flame retardants. The Dead Sea is the largest source of bromine. It is found in places like Israel and the United States. People around the world think that these two places produce the most. In this way, the growing demand for bromine is driving the growth of the global bromine market. End-user industries like oil and gas, textiles, aerospace, cars, cosmetics, and pharmaceuticals are becoming more interested in this global market. Aside from this, environmental concerns about how bromine is used are slowing the growth of the global market in a big way.

The global market for bromine is divided into three parts: applications, derivatives, and end-user industries. The organobromides derivatives are expected to have the largest share of the global market. Also, the goal for this segment was to have the highest CAGR over the next few years. Organobromides are also being used in more industries, such as automotive, oil, electronics, and gas, which is increasing the demand for bromine on the global market. Market growth is expected in these four end-use industries during the time period looked at. Along with that, these organobromides derivative segments are helping the global market grow because fire safety rules are getting stricter everywhere. Also, the global market is growing because more and more organobromides are being used as biocides in agricultural economies. When looking at the application segment, it is expected that the flame retardant segment will have a CAGR of more than 4% during the forecast period. Also, it has a huge share of the world market. Also, the increasing number of oil and gas-related activities around the world is increasing the need for bromine on the global market. Because bromine is used more in the oil and gas drilling process, this segment is expected to lead the world market over the next few years.

The global market has been looked at in detail in the bromine market overview report. It has explained the different parts of the market, such as the different segments and sub-segments that focus on regional growth and change. Also, the global bromine market is putting a lot of focus on market dynamics, regional analysis, COVID-19 analysis, and competitive analysis to figure out how the market is growing and what is holding it back. The report has raised questions about the size of the market now and how it will change or grow in the future. The report also talked about what has happened recently in different parts of the world to help people understand what the future holds for the global market.

Market Dynamics

Drivers

Increasing use of hydrogen bromide in flow batteries

Hydrogen bromide flow batteries are a type of high-power density flow batteries that do not have a membrane. EnStorage Inc. (Israel), which makes large-scale electricity storage solutions, made grid-connected 50 kW hydrogen-bromine (HBr) flow batteries, which were connected at the company's test site in southern Israel to provide up to 100 kWh of energy. In March 2013, the grid went into use. HBr and H2 are used as storage chemicals in flow batteries made by EnStorage Inc. Flow batteries that use hydrogen and bromine are a reliable way for large industrial units to get power that won't run out. They are used as reliable ways to store energy in many industrial units around the world right now.

Increasing demand for flame retardants

Every year, fires cause the loss of property worth billions of dollars around the world. Insurance companies have to pay out a big chunk of their income to people who have lost property, infrastructure, or their lives in fires. Because of this, anti-inflammatory agents and flame retardants are important chemicals because they reduce the risk of fire for almost all manufactured goods. Flame retardants stop fires by making a layer of free radicals that slows down the burning process. They either give off carbon dioxide or free radicals that combine with oxygen molecules to stop the oxidation process.

Bromine Market Challenges

Toxicological effects of brominated compounds

Since the 1970s, flame retardants and other brominated compounds have been added to consumer products like electronics, plastics, and many others to reduce fire-related injuries and property damage. Recently, there have been more worries about this group of chemicals because they are bad for health and the environment and can be toxic. Brominated flame retardants (BFRs) are made and used all over the place, which makes the environment more polluted. These chemicals are also bad for animals and other wildlife. But the toxicology databases that are available now are not enough to understand the risk. Many of the studies that have been done so far have used commercial mixtures, which do not reflect how people are exposed.

Segment Overview

By Derivatives:

Based on the different types of derivatives, the global bromine market has been split into different segments, such as hydrogen bromides, organobromines, clear brine fluid, and others.

The organobromides derivatives are expected to have the largest share of the global market. Also, the goal for this segment was to have the highest CAGR over the next few years.

By Applications:

Based on the different types of applications, the global bromine market includes oil and gas drilling, pesticides, flame retardants, mercury emission control, BHR flow batteries, water treatment, and other uses.

The bromine market price report also says that the growing number of oil and gas-related activities around the world is driving up demand on the world market.

By End-user:

The global bromine market is divided into agriculture, textiles, pharmaceuticals, oil & gas, automotive, cosmetics, and others.

Out of all of these end-user industries, it is expected that the automotive, oil, electronics, and gas end-use industries will grow the market during the reviewed period.

Regional Analysis

CDI’s latest survey of the market shows that China is likely to be the largest consumer of bromine and its derivatives in the world. The chemical and oil & gas industries make more than half of the bromine and its derivatives that are made around the world. With the chemical industry being the biggest consumer, China is expected to have a strong demand over the next few years.

China is known as the centre of the chemical industry because it has so many chemical companies. The country is expected to create a huge opportunity in the global bromine industry over the next few years because industries that use bromine are expected to grow. Manufacturers in the country are expected to be able to make enough to meet most of the country's product needs.

But the country has to depend on imports from the MEA region, especially from Jordan and Israel, which are close to the Dead Sea, which has the largest bromine reserve in the world.

Scope Analysis:

Recent Developments

• Gulf Resources Inc. will open a new chemical factory in China's Shandong Province, Bohai Marine Fine Chemical Industrial Park, in June 2021. The civil work for this project is done, so the factory will focus more on making pharmaceutical intermediate products that make more money.
• In June 2020, Tosoh Corporation decided to increase the amount of bromine it could make at its Nanyo Complex in Shunan City, Yamaguchi Prefectur. Bromine is used in flame retardants, fungicides, medicines, and agrochemicals. The company spent about USD 90 million on the expansion project, which will increase production by about 30% over what it could do before. The project should be done by January 20, 2023.
• In July 2019, LANXESS AG started using Emerald Innovation 3000 instead of the now-banned hexabromocyclododecane (HBCD) as a flame retardant for expanded (EPS) and extruded (XPS) polystyrene. Before, Emerald Innovation 3000 was mostly used as a flame retardant in electronics and electrical applications. This product, which was made by brominating an alternating polystyrene-butadiene copolymer, helped reduce the use of the harmful chemical hexabromocyclododecane (HBCD).
• Israel Chemicals Ltd. said in September 2019 that it wants to increase the amount of bromine compounds it can make to about 25,000 metric tonnes per year. For this expansion, the company will spend about USD 50 million and hopes to get back USD 110 million.

Market Segmentation

This portion of the study on the Bromine Market gives detailed data on the segments at the country and regional level, thereby aiding the strategist in determining the target demographics for the relevant product or service and the impending opportunities.

By Derivatives:

• Hydrogen bromides
• Organobromines

• Clear brine fluid 

By Applications:

• Oil and gas drilling,
• Pesticides,
• Flame retardants,
• Mercury emission control,
• BHR flow batteries,
• Water treatment,
• Others

By End-users:

• Agriculture
• Textiles
• Pharmaceuticals
• Oil & gas
• Automotive
• Cosmetics

By Companies

• ICL Group Limited (Israel)
• Albemarle Corporation (US)
• LANXESS AG (Germany)
• Tosoh Corporation (Japan)
• TATA Chemicals Limited (India)
• Gulf Resources Inc. (China)
• TETRA Technologies Inc. (US)
• Solaris Chemtech Industries Ltd. (India)
• Honeywell International Inc. (US)
• Perekop Bromine (Russia)