Report Ocean published a new report on the bromine derivatives market. The study includes an in-depth analysis of regional trends and market growth in North America, Europe, Asia-Pacific, and Middle East Africa. This study report also examines the challenges that are negatively impacting the industry’s growth and outlines a strategy adopted by companies during 2021 to 2027.
The bromine derivatives market valued at $826.2 million in 2020. The market is forecast to grow at a CAGR of 4.9% during the forecast period from 2021-2027.
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An element of non-metallic nature, bromine exists at room temperature as a reddish-brown liquid and it has properties almost identical to chlorine and iodine and has a choking and irritating smell. It is possible to make bromine derivatives by making sodium bromide (NaBr), zinc bromide (ZnBr2), calcium bromide (CaBr), among other substances. The petroleum industry, pharmaceutical industry, construction industry, and many others use bromine derivatives. Typical applications of bromine derivatives are the control of halogenated flame retardant emissions and mercury emissions. Additionally, bromine derivatives play a crucial role in the development of rechargeable batteries for electronic devices. The extraction of crude oil, for example, is done with bromine derivatives.
Factors Affecting the Global Bromine Derivatives Market
Bromine derivatives are expected to grow in popularity due to the growing demand for them in the automotive and consumer electronic sectors.
In the coming years, bromine derivatives will be used in the drilling of liquids for extracting petroleum products, which will boost the market growth for bromine derivatives.
Bromine derivatives will experience continued growth in the global market due to the growing application in the textile industry coupled with the significant growth of urbanization.
Potential restraints to the market growth are the rising concerns regarding halogenated flame retardants.
With the advancement in technology, the increasing application of bromine derivatives like zinc bromide (ZnBr2), which is used in radiation shields, and the potential for growth in emerging markets there are favorable growth prospects.
Covid-19 Effects on the Global Bromine Derivatives Market
There was a price war in crude oil during the lockdown due to extensive supply and reduced demand. Despite this, oil production continues to dominate the bromine derivatives market due to its extensive output.
Bromine derivatives have been adversely affected by the decrease in exports and imports. This has a negative impact on industries that utilize bromine derivatives and has further adverse effects on the market for bromine derivatives.
This will cause a reduction in sales of bromine derivatives as a result of a decrease in the supply of the workforce, resulting in a decline in production. In the forecast period, this will likely affect the market’s growth.
The automotive industry reported a decrease in passenger and commercial vehicles on road (in 2020) amid the Covid-19 outbreak lockdown. Further decreasing bromine derivatives demand has been caused by an interrupted supply chain, leading to the hampered bromine derivatives market.
Amid a lockdown, numerous large projects were put on hold due to the outbreak of the Covid-19 pandemic. Therefore, the global market for bromine derivatives declined as a result of a decline in demand.
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Regional Analysis of the Global Bromine Derivatives Market
The largest market share belongs to Asia-Pacific. China and India are experiencing booming consumption and manufacturing activities, which have prompted many companies to have full-scale operations in the Asia Pacific region. Several companies are focusing heavily on research and development activities, and ongoing projects will boost the Asia Pacific market shortly.
Key Companies in the Global Bromine Derivatives Market
Several prominent companies in the global bromine derivatives market are:
Hindustan Salts Limited
Gulf Resources Inc
Perekop Bromine
Honeywell International Inc
Albemarle Corporation
LANXESS Corporation
Tata Chemicals Limited
Israel Chemicals Limited
TETRA Technologies, Inc.
Tosoh Corporation
Other Prominent Players
Aim of the Report: The Global Bromine Derivatives Market
The global bromine derivatives market is segmented by Derivative, End-Use, Application, and Region.
Segmentation based on Derivative
Brominated Polystyrene
Tetrabromobisphenol A
Calcium Bromide
Sodium Bromide
Zinc Bromide
Hydrobromic Acid
Decabromodiphenyl Ethane (DBDPE)
Others
Segmentation based on End-Use
Chemical
Construction
Oil & Gas
Pharmaceuticals
Electronics
Others
Segmentation based on Application
Flame Retardants
Organic Intermediates
Oil & Gas Drilling
Biocides
PTA Synthesis
Others
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Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Aim of the Report
This study aims to determine the market size of various segments and countries with forecast values for next ten years.
Within the regions and countries studied, the report covers both qualitative and quantitative aspects of the industry.
It also provides detailed information about the crucial aspects such as drivers & challenges that will influence the market’s future growth.
The report will also include investment opportunities in micro markets for stakeholders. In addition, an in-depth analysis of key players’ products and the competitive landscape.
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