Bromine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)


Posted April 25, 2021 by Statzyreports

The Global Bromine Market size was estimated at 555.94 kilo tons in 2020 and the market is projected to register a CAGR of over 4% during the forecast period (2021-2026).
 
The Global Bromine Market size was estimated at 555.94 kilo tons in 2020 and the market is projected to register a CAGR of over 4% during the forecast period (2021-2026). The market was negatively impacted by COVID-19 in 2020. Disruption in the global supply chain coupled with decline in manufacturing industry is impacting the market growth. According to International Energy Agency (IEA), global oil & gas demand in 2020 was 90,000 barrels per day less than the demand in 2019. At the same time, the demand of pharmaceuticals and wastewater treatment has increased owing to the pandemic situation, impacting the demand of bromine market during the forecat period.

- Over the short term, the primary factor driving the market studied is the increasing demand for clear brine fluids (CBFs) in oil & gas industry expoloration & production activities in North America. Government policies favouring the electric vehciles market coupled with changing consumer buying behaviour of vehicles in countries like Germnay, China, Japan, Netherland, is likley to drive the market.
- The emergence of non-halogenated flame retardants is expected to hinder the growth of the market studied.
- The shift towards energy storage is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market studied with more than 50% of the total volume of the market studied.

Key Market Trends

Increasing Demand for Flame Retardants

- Flame retardants account for the largest share in the global bromine market. Despite, increasing regulations and ban on some of the bromine-based flame retardants, this segment is still dominating the market, owing to the effective characteristics of bromine in controlling the fire.
- Polybrominated diphenylether, polybrominatedbiphenyl, decabromodiphenylether, hexabromocyclododecane, and tetrabromobisphenolare few of the examples of flame-retardant chemicals that are made using bromine.

- According to National Fire Protection Association (NFPA), in 2019, around 1.3 million fire incident were reported in the United States, causing loss of USD 14.8 billion of property and thousands of lives. Additionally, with rising demand of electrical & electronics products coupled with various combustible materials in houses, flame retardants becomes crucial part of safety, thus enhancing the market demand.

- There are around 80 different types of brominated flame retardants (BFRs), which have widely varying chemical properties, and are available in the market. Some of these types include brominated bisphenols, diphenylethers, cyclododecanes, bisphenyls, phenols, phenoxy ethanes, and phthalicacid derivatives.

- BFRs are commonly used to prevent fires in electronics and electrical equipment, which accounts for more than 50% of their applications. For instance, these flame retardants are extensively used in the outer housings of TV sets and computer monitors, as the internal circuitry of such devices can heat up, and over time, collect dust. Short circuits and electrical or electronic malfunctions can occur.

- Printed circuit boards also require flame retardanceproperties, which are often provided by a crosslinkedbrominated epoxy resin polymer, manufactured from tetrabromobisphenol-A (TBBPA).
- In addition, BFRs are used in wire and cable compounds, for example, for use in buildings and vehicles and other building materials, such as insulation foams. They are also used in specialty fabric back-coatings for curtains, seating, and furniture, in transport and public buildings and domestic upholstered furniture.
- Synergistic agents, such as antimony oxides, further increase the effectiveness of both brominated and chlorinated flame retardants, by enabling the halogen to stay in the flame zone for longer periods.
- Furthermore, other applications include furniture foams, textiles, plastic casing employed in electronics, computers ,televisions, fridges, radios, and washing machines.

- In recent years, legislation is concentrating on the restriction in the use of these compounds as flame retardants, all over the world. Some brominated flame-retardant producers voluntarily agreed to put restrictions on production, export, and import of their products in the European Union, in advance of legislation itself.

- The federal government of the United States has regulations in place that restrict specific flame retardants, including TDBPP, PentaBDE, OctaBDE, DecaBDE, and HBCD, in specific applications.
- Recently, European recyclers are lobbying for the reconsideration of a proposed EU legislation, which has lowered concentration limits for decaBDE, a brominated flame retardant, in substances and products.
- Rising construction activities, across the world, is in turn boosting the demand for bromine compounds in the aforementioned applications.

China to Dominate the Asia-Pacific Market

For sample report please visit: https://www.statzyreports.com/report/sr496982/bromine-market

- In the Asia-Pacific region, China is the largest economy in terms of GDP. The country witnessed a GDP growth of 1.9% in 2020 and is expected to grow by 8.2% in 2020
- China is the fourth-largest producer of bromine, after Israel, Jordan, and the United States. Flame retardants are the largest application of bromine in China, followed by clear brine fluids and water treatment. Brominated flame retardants are used to hinder or suppress combustion for commercial and industrial applications, such as furniture, textile, construction, electrical, etc.

- The country is investing USD 1.43 trillion in the next five year till 2025, in major construction projects which includes ultra high voltage energy projects, big data centers, high speed railway and intercity tracks & stations, 5G base stations, electric vehicles charging station, and various others.
- According to National Development and Reform Commission (NDRC), Shanghai plan includes the investment of USD 38.7 billion in next three years, whereas Guangzhou has signed 16 new infrastructure projects with and investment of USD 8.09 billion.

- Moreover, China has the worldlargest electronics production base. Electronic products, such as smartphones, TVs, wires, cables, etc., recorded the highest growth in the electronics segment. The country serves not only domestic demand for electronics, but also exports electronic output to other countries. With the growing electronics and construction industry, the demand for the bromine-based flame-retardant application is expected to increase.

- The enormous demand for organobromines, as a result of the growing need for zinc-bromine flow batteries and consumption of clear brine fluids in China, is driving the bromine market.
- China is one of the major markets for zinc-bromine flow batteries, owing to the increasing electric vehicles market in the region. Although, the Chinese car market declined in 2019, the electric vehicle segment also witnessed a growth of 4.7% in 2019 with approximately 1.18 million plug-in electric cars were sold in China in 2019.

- Clear brines are used as completion and drilling fluids by the oil drilling industry. China is the largest crude oil producer in the Asia-Pacific region. In 2019, the Chinese government directed Chinese state-owned oil and gas companies to increase the domestic production and reserves to improve the domestic energy security of the country.

- As a result, increasing numbers of oil and gas upstream joint initiatives have emerged in the country. China National Offshore Oil Corporation (CNOOC) is signing strategic cooperation agreements, which are a new and flexible method of jointly developing oil and gas fields. This is likely to drive the growth of the oil and gas industry, which, in turn, is likely to boost the demand for clear brine fluids.
- Therefore, the aforementioned factors are expected to increase the demand for bromine in China over the forecast period.

Competitive Landscape

The bromine market is a highly consolidated market in nature. Some of the major players in the market inlcude ICL, JORDAN BROMINE COMPANY, LANXESS, Albemarle Corporation, and Gulf Resources, Inc.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

For sample report please visit: https://www.statzyreports.com/report/sr496982/bromine-market
-- END ---
Contact Email [email protected]
Issued By Statzy Market Research
Phone +918484035727
Business Address 204, 2nd Floor, Gauri Commercial Complex,Plot No - 19,
SECTOR 11, C B D Belapur, Navi Mumbai, Maharashtra,400614
Country India
Categories Industry , Manufacturing
Tags Bromine Market , Bromine Market Size , Bromine Market share , Bromine Market forecast , Bromine Market Trends , Bromine Market Growth , COVID-19 Impact
Last Updated April 25, 2021