CHICAGO, June 4, 2024 /PRNewswire/ -- The report "Bromine Market by Derivative (Organobromine, Clear Brine Fluids and Hydrogen Bromide), Application (Flame Retardants, PTA Synthesis, Water Treatment & Biocides, HBR Flow Batteries), End-user & Region - Global Forecast to 2029", is projected to grow from USD 2.6 billion in 2024 to USD 3.3 billion by 2029, at a CAGR of 4.6% from 2024 to 2029. Rapid industrialization and infrastructure development in various regions drive the demand for bromine-based products. Additionally, investments in mining and production facilities are further boosting market growth.
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391 - Tables
51 - Figures
309 - Pages
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By application, Flame Retardant is estimated to hold the most significant share of the global bromine market.
By application, flame retardant is estimated to dominate the bromine market globally. With increasing awareness about fire safety and stricter regulations worldwide, the demand for flame retardants, including bromine-based ones, is rising. Various industries, including electronics, construction, automotive, and textiles, are mandated to comply with stringent fire safety standards, which drives the demand for effective flame-retardant materials.
By derivative, the organobromine segment will lead the bromine market during the forecast period.
In derivative, the organobromine segment is anticipated to hold the leading position in the bromine industry. Ongoing research and development efforts in organobromine chemistry have led to developing advanced compounds with improved properties and performance characteristics. Scientists and manufacturers continuously innovate to enhance organobromine compounds' efficacy, environmental sustainability, and safety profiles, expanding their applications and market opportunities. These technological advancements are driving the adoption of organobromine compounds in new and existing applications, further propelling the segment's growth within the bromine market.
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During the forecast period, Asia Pacific will lead the global bromine market.
In 2023, the Asia Pacific region held the dominant share in the global bromine industry. Forecasts suggest this region will experience a significant Compound Annual Growth Rate (CAGR) between 2023 and 2028. Both domestic production and imports influence the bromine market in the Asia Pacific. Countries like China are significant producers of bromine, particularly from underground brine wells. However, demand often exceeds domestic supply, leading to imports from other regions, such as the Middle East and North America, to meet the market demand.
Key Players:
Some of the leading manufacturers of bromine profiled in this report are ICL Group Ltd. (Israel), Albemarle Corporation (US), LANXESS AG (Germany), Tosoh Corporation (Japan), TETRA Technologies, Inc. (US), TATA Chemicals Ltd. (India), Hindustan Salts Ltd. (India), Honeywell International Inc. (US), Gulf Resources, Inc. (China), Agrocel Industries Pvt Ltd. (India), Satyesh Brinechem Pvt. Ltd. (India) and others.
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