Global development in oil production, gas production coupled with advancing manufacturing units are expected to drive the global bromine and its derivative market over forecast period. Stringent environmental policies along with favorable regulations mainly in Europe and North America are expected to contribute towards positive growth of global bromine and its derivatives market over forecast period. Major bromine sources include Ocean waters in Japan, Dead Sea and Brine wells of China. Three different derivatives of bromine include clear brine fluids, hydrogen bromide and organo bromines. Being the largest bromine derivative, organobromines is holding the biggest market share globally. Organobromines are the brominated organic compounds. HBr flow battery, followed by plasma etching, oil & gas drilling, fumigants, flame retardants, pharmaceutical formulations and medicinal are the major application area where the key bromines and its derivates including organobromines, hydrogen bromides and brine fluids are widely used. Increasing oil and gas demand, water treatment industry expansion, biocides demands in agriculture sector, bromine usage in coal field in order to minimize mercury elements are the favorable factors for strong bromine and its derivatives market growth across the globe. Brominated organic compounds are used to produce biocides, dyes and flame retardants coupled with pharmaceutical formulations Bromine and its derivatives are primarily used in the application areas including flame retardants and oil and gas drilling. Flame retardant is the major application using bromine and its derivatives followed by plasma etching. Developing non-halogenated substitutes of brominated flame retardants is expected to restrain the global market in the long run. In addition, environmental concerns coupled with rising health concern in developing regions are expected to obstruct the global bromine and its derivative market growth over the forecast period.
Global bromine market is segmented on the basis of derivatives and end use industries. Brine fluids, hydrogen bromide and organobromines are the major segmentation of bromine derivatives. Organobromines is expected to grow at a significant growth rate over the forecast period. End user industries which are using bromine and their derivatives includes construction industries, oil and gas industries, textile industries, ship building, water treatment industries, agriculture and furnishing industries. Oil and gas industry is expected to witness high growth rate on account of infrastructure development coupled with high oil and gas demand.
North America captured major bromines and its derivative market share owing huge product demand in the U.S. market. The country also emerged as major bromine and its derivatives producer and consumer. Flame retardation and brine fluids are the two major applications which is expected to influence the US demand of bromine and its derivative on account of which huge demand in bromine and its derivative can be predicted. Asia pacific region is expected to be the largest and fastest bromine and its derivatives market over the forecasted period. Emerging economies including Canada, Mexico and China are lined up for livelier future in bromine and its derivative market in coming years. Growing manufacturing units including automotive industry, electronics industries and others in Asia pacific region are expected to augment bromine and its derivative market in coming years. China emerged as the largest consumer of bromine and its derivatives in Asia pacific region.
Major manufacturing player of bromine and derivatives market includes Chemtura Corporation, Albemarle Corporation, Sanofi S.A., Tata Chemicals, Honeywell International Inc., Jordan Bromine Company, Israel Chemicals, Gulf Resources, Perekop Bromine, Tosoh Corporation, Tetra Technologies Inc., Hindustan Salts Ltd. Global bromine and its derivatives market is highly consolidated in nature. Companies can predict strong growth in Asia Pacific region owing to boosting economy along with expansion of industries in order to meet the demand. This can also result into introduction of new industry participants in the region over the forecast period.
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