Major players in the bromine market are ICL Group Limited , Albemarle Corporation, LANXESS AG, Tosoh Corporation, TATA Chemicals Ltd., Gulf Resources Inc., Solaris Chemtech, Honeywell International Inc., Perekop bromine, Hindustan Salts Ltd., Chemtura Corporation, Chemada Industries Ltd., ICL Group Ltd., JORDAN BROMINE COMPANY, Shandong Weifang Longwei Industrial Co. Ltd., and Agrocel Industries Pvt. Ltd.
The global bromine market is expected to grow from $3.88 billion in 2021 to $4.32 billion in 2022 at a compound annual growth rate (CAGR) of 11.3%. The bromine market is expected to reach $5.86 billion in 2026 at a CAGR of 7.9%.
The bromine market consists of sales of bromine by entities (organizations, sole traders, and partnerships) that are used as a water disinfectant or purifier.Bromine is a chemical element with deep red color toxic liquid with an irritating and offensive odor.
Bromine is used in making dyes, fumigants, flameproofing agents, sanitizers, water purification compounds, agents for photography, vegetable oil, and an emulsifier in citrus-flavored soft drinks. It is also used as a disinfectant for surfaces due to its damaging effects on microorganisms.
The main types of derivatives in bromine are organobromine, clear brine fluids and hydrogen bromide.Organobromine refers to organic compounds that contain carbon bonded to bromine.
The different applications include biocides, flame retardants (FR), bromine-based batteries, clear brine fluids (CBF), others and are used in various areas such as oil and gas, automotive, agriculture, pharmaceuticals, cosmetics, textiles, others.
Asia Pacific was the largest region in the bromine market in 2021. The regions covered in the bromine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Increasing demand for bromine in oil and gas drilling is significantly contributing to the growth of the bromine market.The oil and gas are extracted from porous stones by drilling a hole into the area.
Bromine used in the form of clear brines can compensate for the gravity required to balance the pressure needed to avoid closing the pores that are drilled in porous stone.The increasing oil and gas drilling activity require a high amount of bromine.
For instance, according to Rystad Energy, a US-based energy research and business intelligence company, global oil and gas drilling activity increased by 12% from 2020 to 2021, with around 54,000 wells drilled. Therefore, the increasing demand for bromine in oil and gas drilling is expected to propel the growth of the bromine market going forward.
Strategic partnerships and collaborations have emerged as a trend gaining popularity in the bromine market.Major companies operating in the bromine sector are focused on partnerships and collaborations in order to expand their expansion into new areas and become industry leaders.
For instance, in February 2021, W.R.
Grace and Company, a US-based Chemicals company acquired Albemarle Corporation for $570 million.This acquisition significantly step-up W.
R. Grace and the company’s modest footprint in the pharmaceutical services industry. Albemarle Corporation is a US-based Chemical manufacturing company that specializes in bromine, refining catalysts, lithium, and applied surface treatments. Moreover, in June 2019, BSEF, the International Bromine Council with Avalon Consulting, and BSEF’s India consulting partners collaborated with Indian Chemical Council to launch the India Bromine Platform (IBP)). IBP is an opportunity to share technical information on bromine and its applications to enhance knowledge. The IBP’s mission is to spot and address issues pertinent to the Indian and global bromine industry.
In April 2020, Macquarie Infrastructure and Real Assets, an Australia-based assets management company acquired Currenta GmbH & Co.OHG from Bayer AG and LANXESS AG.
Through this acquisition, LANXESS aims to strengthen a good financial base and meet the challenges posed by the pandemic. Lanxess AG is a Germany-based chemicals company that manufactures bromine.
The countries covered in the bromine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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