Bromine Market to Record an Exponential CAGR by 2024
Global
giants, having massive manufacturing capacities and significant
geographical outreach, dominate the bromine market, worldwide. They
have been able to adapt well to the various changes in the market by
dint of being deep-pocketed and having the technological resources.
Some of the main strategies adopted by them to stay ahead of
competition in the bromine market are product development and
competitive pricing.
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Some
of the prominent participants operating in the global bromine market
are Albemarle Corporation, Israel Chemical Ltd. (ICL), Jordan Bromine
Company Limited, and Gulf Resources Inc.
As
per a report by Transparency Market Research, the global bromine
market will rise at a tepid pace in the upcoming years. It forecasts
the market to become worth US$2.674 bn by 2025 from US$1.74 in 2016
by registering a CAGR of 5.0% during the period between 2017 and
2025.
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Demand
from China Catapults Asia Pacific Market to Fore
Depending
upon its various applications, the global bromine market can be
classified into flame retardants, drilling fluids, biocides,
catalysts, and water treatment, among others. Among them, the main
application of bromine is seen in flame retardants. Going forward,
the segment is expected to retain its leading share in the market,
albeit reducing it slightly to 32.6% by 2025 by clocking the minimum
CAGR of 4.2%
Based
on geography, the global bromine market can be segmented into North
America, Latin America, Europe, Asia Pacific, and the Middle East and
Africa. Of them, Asia Pacific has emerged as a leader both in terms
of growth rate and share in revenue. In 2016, the region contributed
a significant 50.0% share in the revenue in the market. The region is
also predicted to grow its share vis-Ã -vis volume mainly on the back
of massive demand from China, which accounts for over half the demand
for bromine in the region. China is also a major manufacturer of
bromine in Asia Pacific.
Application
in Water Treatment Drives Market
Bromine
primarily finds application in water treatment – be it industrial
water treatment or residential and commercial water purification.
Bromine also finds application in thwarting formation and growth of
bacteria, algae, and odors in swimming pools. The increasing uptake
of water treatment chemicals is expected to keep the prospects of the
market upbeat in the foreseeable future.
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The
lead analyst of the TMR report, elaborates further on the
opportunities in the global bromine market: “The market for
bromide-based technologies to remove mercury emission at coal-fired
power plants is an area of potential growth for the industry. Bromide
compounds for reducing mercury emissions costs less compared to other
materials, namely fluorine-, chlorine-, or iodine-based compounds.”
Health
Hazards Posed by Bromine Crimps its Demand
A
factor, providing headwind to the global bromine market, is the fact
that it is classified as a hazardous waste. Hence, it has to be
disposed of carefully so that minimum damage to the environment and
humans results. Further, bromine vapor is highly corrosive. The
problem becomes aggravated in presence of moisture on account of the
formation of acids. Therefore, bromine needs be kept dry during
transportation and storage. Bromine, heavier than water, also needs
to be transported carefully in properly designed and operated systems
to lessen the risk of potentially hazardous imbalances. All these
have also served to slow down its market.
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