How Much Was The Global Bromine Market Worth In 2020?

Coherent Market Insights published innovative data entitled Bromine Market. This report uses an exploratory technique, such as primary and secondary research, which helps to discover the desired data. It focuses on a global scenario such as Bromine to learn the global strategy of industries and study the various regions such as North America, Latin America, China, Japan, Asia, and India.

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Bromine is a naturally occurring chemical element and is primarily used as a catalyst and synthesizing agent for the production of various products which include disinfectant, flame retardants, photographic chemicals, and water disinfectant. Automobile, agriculture and electronics are some of the major end-user industries of the bromine.

The global bromine market is projected to surpass US$ 2.2 billion by the end of 2027, in terms of revenue, growing at CAGR of 3.5% during the forecast period (2020 to 2027).

Drivers

The rising demand for plastic from the automotive industry is projected to augment the market growth of the bromine. Increasing replacing of metal with plastic in the automotive industry for manufacturing of lightweight vehicle subjected to rising environmental concerns is expected to spur the market growth. Moreover, plastic is also gaining huge demand for the electronic industry for applications such as wire & cables, switches, connectors, and printed circuits boards.

Market Restraints

Threat due to non-halogenated flame retardants is expected to restrict the market growth of bromine. Increasing concern over halogenated flame retardants driving demand for non-halogenated flame retardants. Thus, growing demand for the non-halogenated flame is expected to curb the market growth of bromine.

Market Opportunities

Expansion of the chemical industry due to the growing production and consumption of chemicals is expected to serve major market opportunities over the forecast period. According to the Cefic Facts & Figures 2020, the world chemicals turnover was valued at US$ 3820 billion in 2018. Global sales grew by 2.5% from US$ 3730 billion in 2017 to US$ 3820 billion in 2018. Thus, growth in the chemical industry is projected to fuel the market growth of bromine.

Market Trends

Increasing opening of new facility by major manufacturers for expanding business presence is a current trend in the market and this is expected to augment the market growth. For instance, in March 2020, TrustCapital LLC – a bromine and bromine compound producers located in Russia – opens a new bromine plant in Krasnokamsk (Volga Federal District) with an estimated capacity of 1,700 tons sodium bromide per month.

Global Bromine Market – Impact of Coronavirus (Covid-19) Pandemic

The market conditions has changed rapidly owing to the outbreak of Coronavirus (Covid-19) Pandemic. Bromine is widely used as anti-convulsants in pharmaceutical and is also used for formulation of sedatives, analgesics, and antihistamines medicines. This is expected to boost the growth of global bromine market for timeframe of 2021-2022.

Competitive Section

Key players are operating in the global bromine market are Albemarle Corporation, Israel Chemicals Limited, Chemtura Corporation, Tosoh Corporation, Gulf Resources Inc., Tetra Technologies Inc., Tata Chemicals Limited, and Hindustan Salts Limited

Few Recent Developments

  • In May 2020, Gulf Resources, Inc. a manufacturer of bromine, crude salt and specialty chemical products in China announced that its Factories #4 and #9 commenced commercial production on May 6, 2020.

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[Note: *The PDF Brochure Includes

1) Table of Content (ToC),
2) Research Framework of the actual report, and
3) Research Methodology adopted for it.]

Important Information that can be extracted from the Report:

♦ Assessment of the COVID-19 impact on the growth of the Bromine Market

♦ Successful market entry strategies formulated by emerging market players

♦ Pricing and marketing strategies adopted by established market players

♦ Country-wise assessment of the Bromine Market in key regions

♦ Year-on-Year growth of each market segment over the forecast period 2027

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In Addition, The Years Considered For The Study Are As Follows:

Historical year – 2014 to 2018
Base year – 2019
Forecast period – 2020 to 2026

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