PUBLISHER: The Business Research Company | PRODUCT CODE: 1409267
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409267
“Bromine Derivatives Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on bromine derivatives market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for bromine derivatives? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The bromine derivatives market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Bromine derivatives are chemical compounds derived from bromine atoms, primarily utilized in various industries for applications related to halogenated flame retardants and mercury emission control.
The main types of bromine derivatives include sodium bromide, calcium bromide, zinc bromide, TBBPA (tetrabromobisphenol A), DPDPE (d-Penicillamine-d-Penicillamine), and other derivative compounds. Sodium bromide, an inorganic substance, presents as a white, crystalline powder when dried, exhibiting a mildly salty and bitter taste. It finds application in various industries such as flame retardants, safety apparel manufacturing, organic intermediates, oil and gas drilling operations, biocides, PTA (purified terephthalic acid) synthesis, and other uses. These applications span across industries such as chemicals, construction, oil and gas, pharmaceuticals, electronics, and more.
The bromine derivatives market research report is one of a series of new reports from The Business Research Company that provides bromine derivatives market statistics, including bromine derivatives industry global market size, regional shares, competitors with bromine derivatives market share, detailed bromine derivatives market segments, market trends, and opportunities, and any further data you may need to thrive in the bromine derivatives industry. This bromine derivatives market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The bromine derivatives market size has grown strongly in recent years. It will grow from $4.85 billion in 2023 to $5.12 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth observed in the historical period can be attributed to several factors, including a shift towards halogenated chemicals, increased demand in electronics and construction sectors, applications in agriculture and veterinary fields, chemical manufacturing processes, and rising demand for flame retardants.
The bromine derivatives market size is expected to see strong growth in the next few years. It will grow to $6.55 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. Anticipated growth in the upcoming period can be linked to various factors, notably a heightened focus on environmentally friendly solutions, the continued shift towards halogenated chemicals, applications in agriculture and veterinary fields, the expansion of the oil and gas industry, and increased demands for water treatment solutions. Key trends expected in the forecast period encompass a growing demand for flame retardants, increased applications in water treatment, adherence to health and safety regulations, expansion within the oil and gas drilling sector, and growth in pharmaceutical and chemical manufacturing industries.
The anticipated global expansion of the construction industry is poised to drive the growth of the bromine derivatives market. The construction industry encompasses the manufacturing and trade sector involved in building, repairing, renovating, and maintaining infrastructure. Bromine derivatives play a vital role in constructing complex infrastructure due to their compatibility with various non-metallic building materials, such as fiberglass-reinforced plastic (vinyl ester or polyester FRP), polyvinyl, and related components. Notably, in October 2022, the UK's Office for National Statistics reported a 0.8% increase in construction output volume, reaching $16,576.33 million (£15,248 million), marking the highest output in the past four consecutive months. This underscores the influence of the growing global construction industry on the bromine derivatives market.
The bromine derivatives market is expected to experience growth driven by the expanding activities in oil and gas exploration. Oil and gas exploration involves the processes and techniques used to identify potential locations for drilling and extracting oil and gas, including offshore exploration. Bromine derivatives, particularly bromides, find application in oil and gas drilling fluids for completion and workover fluids, water treatment, drilling fluids, and well stimulation. Notably, in March 2023, Rystad Energy projected annual greenfield capital expenditure in the offshore oil and gas industry to exceed $100 billion for the first time since 2012 and 2013, with a 16% growth expected in 2023 and 2024. Additionally, World Oil reported a significant increase in the number of oil wells drilled, reaching 40,879 in February 2023, a rise of 11.6% from 2021. This underscores the role of oil and gas exploration activities in propelling the bromine derivatives market.
In the bromine derivatives market, a noteworthy trend is the emphasis on product innovation among major industry players. Leading companies are dedicated to developing innovative solutions as a strategic approach to reinforce their market position. A case in point is De Nora, an Italy-based electrochemistry specialist, which launched the MIOX Bromine Oxidant Solution System in September 2022. This bromine production system enhances water treatment processes with high ammonia or pH concentrations, crucial for cooling tower applications. The system utilizes on-site generators to produce a chlorine-based solution, converted into a bromine-containing solution by MIOX BOSS through an activator solution containing bromide. Primarily designed for cooling towers, this innovation addresses challenges associated with alkaline treatment programs to reduce corrosion. Notably, product innovation remains a key driver in sustaining competitiveness within the bromine derivatives market.
Key players in the bromine derivatives market are strategically pursuing collaborations with major manufacturing companies as part of their market positioning efforts. These strategic collaborations enable companies to form partnerships with entities possessing the requisite expertise to translate conceptual ideas into tangible products. A notable example is Intech Organics Limited (IOL), an India-based manufacturer of specialized bromine-based chemicals. In June 2022, IOL entered into a strategic collaboration agreement with Abu Dhabi National Oil Company (ADNOC), a UAE-based state-owned oil company. This collaboration aims to explore opportunities for manufacturing calcium and sodium bromide in the UAE, with a focus on developing new capacities for bromine and its derivatives production. By joining forces, IOL and ADNOC aim to capitalize on the growing demand for essential industrial raw materials.
In December 2021, Arxada AG, a Swiss chemical company, undertook a strategic acquisition by purchasing Enviro Tech Chemical Services for an undisclosed sum. This acquisition serves a dual purpose for Arxada AG. Firstly, it establishes a new, complementary business line for the company. Secondly, the acquisition contributes to the expansion of Arxada's manufacturing presence. Enviro Tech Chemical Services, the acquired entity, is a US-based manufacturer specializing in peracetic acid and stabilized bromine-based biocide products for the food processing industry. This strategic move positions Arxada AG for enhanced capabilities and market reach within the bromine derivatives sector.
Major companies operating in the bromine derivatives market report are Albemarle Corporation, Israel Chemicals Limited, Lanxess Corporation, Hindustan Salts Limited, Honeywell International Inc., Tata Chemicals Ltd., Tetra Technologies Inc., Jordan Bromine Company Ltd., Beacon Organosys Pvt. Ltd., Morre-Tec Industries Inc., Chemtura Corporation, Gulf Resources Inc., Neogen Chemical Limited, Perekop Bromine Factory, Dhruv Chem Industries, Haiwang Fine Chemical Co. Ltd., Sanofi S.A., ICL Industrial Products, Solaris Chemtech Industries Limited, Noah Technologies Corporation, American Elements Corporation, Chemada Fine Chemicals Co. Ltd., Evergrow International LLC, Jiangyin Chengxing Industrial Group Co. Ltd., Tosoh Corporation .
Asia-Pacific was the largest region in the bromine derivatives market in 2023 and is expected to be the fastest-growing region in the bromine derivatives market during the forecast period. The regions covered in the bromine derivatives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the bromine derivatives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The bromine derivative market consists of sales of ammonium bromide and hydrogen bromide. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.