According to the Future Market Insights report titled ‘Bromine Derivatives Market: Global Industry Analysis and Opportunity Assessment, 2016 – 2026’, the long-term outlook of the global bromine derivatives market is pegged to be positive. The global bromine derivatives market was valued at US$ 3.7 Bn in 2016 and is expected to increase at a CAGR of 4.2% during the forecast period (2016 – 2026).
Bromine is a naturally-occurring element found in seas, lakes and underground wells. Bromine derivatives are widely used as reactants and catalysts in the manufacturing of a variety of products such as agrochemicals, biocides, water disinfectant, pharmaceutical intermediates, dyes, completion fluids, flame retardants and photographic chemicals, among others.
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The global bromine derivatives market report has been analysed on the basis of individual bromine derivative type, application and respective end-use industries on consolidated levels as well as individual geographic regions involving prominent countries. From a regional perspective, the Asia Pacific market is pegged to contribute a significant share of the overall consumption of bromine derivatives across the globe and is further expected to grow at a significant CAGR in terms of value throughout the forecast period. The global bromine derivatives market has been analysed on quantitative and qualitative levels and the market size by Value has been depicted in US$ Mn while the market volume has been depicted in Metric Tons. Based on the analysis of end-use industries, FMI has determined that pharmaceutical, chemical and electronics industries are estimated to consume the maximum quantity of bromine derivatives.
The global bromine derivatives market is primarily driven by the chemicals sector, which accounts for over 50% of the overall consumption of bromine derivatives used as chemical intermediates, preservatives, catalysts, biocide and feedstock in the production of other chemicals. The oil and gas industry is also considered as another prominent end-use sector of bromine derivatives. However, the demand from other end-use sectors such as electronics and pharmaceuticals in forthcoming period in particular, is expected to augment the growth of the bromine derivatives market. TBBPA (tetrabromobisphenol-A) type of bromine derivatives is a prominent segment in terms of the consumption of bromine derivatives; however, it is expected to witness a decline, primarily due to the production of polymer-brominated base flame retardants. On the other hand, calcium bromide type of bromine derivatives are expected to gain traction in the coming years. Several factors drive the global bromine derivatives market, such as the significant demand for plastics from automotive & consumer electronics industries, which utilize bromine derivatives as flame retardants. The high demand from chemical, pharmaceutical and oil & gas Industries is also expected to drive the bromine derivatives market to a healthy extent.
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Bromine Derivatives Market Participants
Some of the market participants identified in the bromine derivatives market are Albemarle Corporation, Chemtura Corporation, Tosoh Corporation, Gulf Resources Inc., Israel Chemicals Limited, Tetra Technologies Inc., Tata Chemicals Limited, Jordan Bromine Company and Hindustan Salts Limited. The bromine derivatives market is a highly consolidated one with the top 3 tier-1 market participants governing over 80% of the overall bromine derivatives market. Manufacturers of bromine derivatives have been forming strategic collaborations in order to expand their production capacity and product portfolio. For example, Chemtura Corporation announced the acquisition of the bromine assets of Solaris ChemTech Industries Ltd., an India-based manufacturer of bromine and its compounds. This acquisition helped the company expand its presence in the high-growth India market. Israel Chemicals Limited completed the development of a new manufacturing facility with a 10,000 metric tonne capacity for polymeric flame retardant bromine derivative FR122P in Israel. This expansion helped the company broaden its product portfolio of bromine derivatives to serve rubber and plastic industries.
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