ALBANY, New York, April 15, 2019 /PRNewswire/ -- The competitive landscape of the global bromine market is moderately consolidated, observes Transparency Market Research. The market is experiencing a moderate level of competition due to the presence of a handful companies operating in it. These few companies are acquiring maximum market share in the global bromine market. A few prominent names of the vendors include MORRE-TEC Industries, TETRA Technologies, Hindustan Salts, and Chemtura.
The topmost players in the market have achieved a permanent spot on account of their vast product portfolio and constant innovation of products. Along with this, these vendors are also accentuate their position through emphasizing on production capacities and rapidly acquiring technological advances. Many small startups in the global bromine market are focusing on expanding their geographical boundaries through merging with larger players. Furthermore, uppermost vendors in the market are mostly spending their funds into research and development in order to invent new products, thus, targeting to extend their innovative product section. This strategy helps them in keeping a hold over their position in the global bromine market.
According to TMR experts' estimation, the global bromine market is prophesized to attain a valuation of US$2.674 bn by 2025 end. The market stood at US$1.74 bn in 2016. As per the experts, the growth of the market is expected to occur at a promising CAGR of 5.0% during the assessment period from 2017-2025.
Flame retardants is one of the application segments, which account for a maximum share in the market and is expected to retain its highest share during the forecast period. This is because of the high use of brominated flame retardants in the manufacturing of a wide range of products include plastics, textiles, and electronic equipment. On the regional front, Asia Pacific showcases the highest share in the global bromine market and expected to continue its dominance throughout the forecast period.
Soaring Demand for Bromine in Various Industrial Applications to Spur Market's Growth
Bromine is mainly a nonmetal element, which is considered as a highly corrosive and volatile chemical element otherwise. Being a chemical element, bromine is mostly used as a catalysts or reactant in a broad array of chemical reactions for producing several products include biocides, agrochemicals, pharmaceutical intermediates, water disinfectant, completion fluids, and dyes. Such USPs are majorly driving the global bromine market. Along with this, the growth of the global bromine market is further fueled by the usage of numerous bromine derivatives in an extensive range of end-use industries. Moreover, bromine along with its derivatives are highly used in several applications including biocides, oil and gas drilling, plasma etching, flame retardants, and PTA synthesis. All such applications are also augmenting demand in the global bromine market.
Furthermore, bromine applications are not only limited to a wide range of industries, but also this chemical element is highly adopted in several mechanical and residential applications. Therefore, growing demand for brominated fire retardants in PCs, customer gadgets, cell phones and increasing use of bromine water in waste water treatment process are also propelling expansion in the global bromine market.
Stringent Governments' Regulations in Environmental Pollution May Hinder Growth
Bromine containing flame retardant, especially hexabromocyclododecane has a negative impact on environment. In addition to this, governments' stringent rules and regulations in controlling environmental pollution is the major factor hampering the growth of the global bromine market. Nonetheless, persistent demand for bromine derivative as a mercury reducing agent is believed to help overcome this challenge in the future.
The review is based on a market research report by TMR, titled, "Bromine Market (Application - Flame Retardants, Drilling Fluids, Biocides, Catalysts, and Water Treatment) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025".
The segmentation of global bromine market is based on:
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