PUNE, India, August 11, 2016 /PRNewswire/ --
The report "Bromine Market by Derivative (Organobromine, Hydrogen Bromide, and Clear Brine Fluids), by Application (Oil & Gas, Flame Retardants, Biocide, and Plasma Etching), and Region - Global Forecast to 2021", published by MarketsandMarkets, The global market size is projected to reach USD 9.82 Billion by 2021, registering a CAGR of 12.4% between 2016 and 2021.
Browse 145 market data Tables and 39 Figures spread through 152 Pages and in-depth TOC on "Bromine Market"
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This growth is fueled by the use of bromine as flame retardants and fumigants in the electronics and water treatment industries. Inflating consumption of bromine in applications such as PTA synthesis, plasma etching, polymer fabrication, and flow batteries are driving its demand, globally.
Organobromine: The largest-growing derivative of bromine
Organobromine such as tetrabromobisphenol-A, is used as a flame retardant in the electronics and automotive industries and ethylene and methyl bromides are used as fumigants in the agriculture industry. Some of them are also used as biocides in water treatment applications. These biocides prevent the growth of algae, bacteria, and other microorganisms in water. They are used in dyes as well as in the pharmaceutical industry. Drugs containing organobromine ingredients are used for treating pneumonia and cocaine addiction. Due to these factors, organobromines is extensively used worldwide.
Oil & Gas: The fastest-growing application of bromine
Oil & Gas is the fastest-growing market for bromine by application. Oil & gas well drilling applications are gaining momentum, and are expected to become the largest market of bromine by application, in terms of both value, and volume by 2021. Clear brine fluids are extensively used in the oil & gas drilling industries as completion and workover fluids to mitigate any chances of damage to wellbore. The high demand of oil & gas is the major driver for the massive growth of the bromine market across the globe.
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Asia-Pacific: The largest and the fastest-growing market for bromine
Asia-Pacific is the most favorable market for chemicals, power, and fuels and is anticipated to be the same in the coming future. The continuous rise in the production of bromine, in polymer fabrication, plasma etching, and as a fumigant, is driving the bromine market in this region. The growing demand and policies including emission control, environment friendly products, and so on, have led to innovation, and developments in the bromine industry, making this region a strong bromine production hub, globally. The excessive rise in the production of flame retardants and growth in the oil & gas industry in China since last few years are working as a catalyst driver in the bromine production in the Asia-Pacific region.
The Bromine Market has very few global players competing significantly for the market share, who are actively investing in various strategies, such as expansions and joint venture & agreements, globally, to increase their market. Companies are also investing on the R&D activities. Major players such as Albemarle Corporation (U.S.), Chemtura (U.S), Jordan Bromine Ltd (Jordan), Tosoh Corporation (Japan), and Israel Chemical Ltd (Israel) are among those who have adopted various organic and inorganic developmental strategies to have a significant hold on the bromine market, in the world.
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