ALBANY, New York, December 10, 2018 /PRNewswire/ --
The global bromine market is anticipated to see immense growth in the forthcoming years, according to a report by Transparency Market Research (TMR). With a small number of players operating in the industry, the competitive ecosystem features moderate consolidation. Top vendors in the global bromine market have strategically gained market traction employing different methodologies. Leading vendors are seen expanding their production capacities, geographical presence, and technical expertise. Deep pocketed players are pouring resources into research and development, with an aim to create a unique product portfolio.
Another key strategy adopted by vendors in the global bromine market is ensuring cost-efficiency of their product. This is expected to gain vendors substantial momentum in the market, as the product has a largely industrial application. Industries tend to have high order volumes for such product, which is expected to amplify competition.
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Prominent players operating in the global bromine market are Jordan Bromine Company Limited, Gulf Resources Inc., Albemarle Corporation, TETRA Technologies, and Israel Chemical Ltd. (ICL).
TMR projects that the global bromine market will rise at a 5.0%CAGR over the forecast duration 207 to 2025. The market, which was estimated to be at US$1.74 bn in 2016, is predicted to reach US$2.674 mn by 2025.
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Substantial Demand from Oil and Gas Industry to Augment Demand
The demand for bromine is anticipated to see immense takeoff attributable to their application in penetrating wells in the oil and gas industry to decrease the harm of the wellbores. Additionally, bromine is likewise utilized in water treatment process, which is anticipated to augment the demand for bromine market in the coming years. In recent times, bromine has likewise seen fast development attributable to its broad use as a modern fumigant for storage items, factories, stockrooms, and boats.
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Novel Use as Flame Retardant to Propel Growth
As per the National Fire Protection Association (NFPA), between 2011 and 2015, metropolitan fire divisions in the U.S. reacted to 37,910 flames at modern or assembling properties consistently. Bromine and the products identified with bromine is utilized as a fire resistant in end use industry for example, oil and gas, and construction, among others. The vast number of flame mishaps across the globe is boosting the demand for fire retardants, which drives the market for bromine all inclusive.
Stringent Regulations to Dampen Market
Brominated fire resistant are viewed as poisonous in nature. On account of this, growing concern towards water and soil contamination because of bromine may influence the demand for global bromine market. North America and Europe are developed markets for bromine and show inclination towards restricted utilization of brominated fire retardants because of ecological concerns about its perilous nature. This is expected to hinder the growth of the bromine market to some extent.
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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."
Global Bromine Market - Application Analysis
- Flame Retardants
- Drilling Fluids
- Water Treatment
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