ALBANY, New York, September 21, 2018 /PRNewswire/ --
The global bromine market is anticipated to exhibit a steady growth in the coming years, according to report published by Transparency Market Research (TMR). The market's competitive landscape is currently moderately consolidated, with the presence of a handful vendors in the market in charge of significant market share. The leading players in the market have gained the top spot on account of their solid production capacities, technological resources and extended presence across the globe. Armed with financial resources, the top vendors in the global bromine derivatives market are also seen focusing on research and development of an innovative product portfolio in order to keep a hold over their market position. The vendors are additionally indulging in the strategy of competitive pricing of their products in order to gain consumer attention.
According to TMR's projections the global bromine market is predicted to rise at a 5.0% CAGR over the forecast period of 2017 to 2025. The market was evaluated to be worth US$1.74 bn in 2016, and by the end of 2025 I s expected to attain a value of US$2.674 mn at this growth rate. By the end of the forecast period, the segment of flame retardants is predicted to hold a key market share with 32.6% of the total demand. Geographically, Asia Pacific has been prognosticated to emerge as the most lucrative region, driven by the manufacturing hub of a country in China. The Asia Pacific bromine derivative market accounted for nearly half of the total demand in the year 2016.
Soaring Industrial and Domestic Applications to Support Growth
The demand for bromine derivatives as a fire resistant has expanded fundamentally attributable to its broad use in residential and mechanical applications. Also, the demand for brominated fire retardants has expanded with applications in customer gadgets, for example, PCs, cell phones, and TV. The demand for bromine fluids have been anticipated to observe critical development inferable from their application in boring wells in the oil and gas industry to lessen the harm of the wellbore and gainful zone. Besides, bromine is likewise utilized in water treatment process, which is additionally anticipated that would expand the development of the market in the coming years. Lately, bromine has likewise seen swift growth attributable to its broad use as a mechanical fumigant for put away items, plants, distribution centers, and ships. On account of such colossal demand from domestic as well as industrial application, the bromine market is expected to soar high.
The existence of stringent government regulations is a pivotal factor that could hamper the growth of the bromine derivative market, especially in Europe. In 2016, the European Union (EU) released a Regulation 2016/293, which thereby prohibits hexabromocyclododecane, which is a bromine containing flame retardant. It has several applications such as filling bean bags, electrical appliances, packaging materials, textile coating additive, and upholstered furniture. This could result in the product becoming less popular in the region, impacting growth of the global bromine market.
However, increasing demand for use of bromine derivatives as mercury reducing agents is expcted to overcome the market restraints. In the U.S., stringent requirements by Environmental Protection Agency (EPA)-Mercury and Air Toxic Standards to maintain mercury levels is expected to increase demand for bromine, owing to its major utility in mercury emission control, bolstering the global market for bromine.
This review is based on TMR's report titled, "Bromine Market (Application - Flame Retardants, Drilling Fluids, Biocides, Catalysts, and Water Treatment) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."Top of Form
Global Bromine Market has been segmented as presented below:
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