Global Bromine Market to Reach US$ 4.3 Billion by 2028, Propelled by Extensive Application in the Agriculture Sector

December 30, 2021 | Chemical & Materials

As per the latest reports by IMARC Group titled “Bromine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global bromine market reached a value of US$ 3.3 Billion in 2022. Bromine is a fuming red-brown liquid with corrosive chemical properties that readily evaporates at high pressures. It is a halogen with properties similar to chlorine and iodine, and is naturally found inside the Earth’s crust and extracted through electrolysis. As a result, bromine is widely utilized in the production of organobromine compounds. These compounds are used to produce halon fire extinguishers that are used to prevent fires in places such as museums, airports, and tanks.

Global Bromine Market Trends:

The market is primarily driven by the increasing use of bromine in the agriculture sector. It is used to improve crop yields and cater to human nutritional needs as a significant portion of the population suffers from famine and malnutrition due to the limited food supply, rising global population, and decreasing arable land. In addition, governments of various countries are encouraging modern agricultural practices that involve long-term storage of products, such as grains, cotton, and fresh fruit and vegetables. As a result, there has been a significant increase in the demand for bromine to control pests that degrade products being stored for extended periods. Besides this, bromine is widely employed in the production of over the counter (OTC) and prescription drugs, which represents another major growth-inducing factor. Furthermore, extensive applications of bromine in making fumigants, dyestuffs, textiles, water purification compounds, chemical intermediates, furniture foam, and plastic casings for electronics are also creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 4.3 Billion by 2028, exhibiting a CAGR of 4.2% during the forecast period (2023-2028).

Market Summary:

On the basis of the derivative, the market has been segmented into hydrogen bromide, organobromine compounds, bromine fluids, and others.
Based on the application, the market has been classified into biocides, flame retardants (FR), bromine-based batteries, clear brine fluids (CBF), and others.
The market has been categorized based on the end user into chemicals, oil and gas, pharmaceuticals, agriculture, textiles, electronics, and others.
Region-wise, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and the Middle East and Africa.
The competitive landscape of the industry has also been examined, with the profiles of the key players being Albemarle Corporation, Chemada Industries Ltd., Gulf Resources Inc., Hindustan Salts Limited, Honeywell International Inc., ICL Group Ltd., Jordan Bromine Company Limited, Lanxess AG, Solaris Chemtech Industries Limited (Agrocel Industries Pvt. Ltd.), Tata Chemicals Limited, TETRA Technologies Inc. and Tosoh Corporation.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Derivative, Application, End User, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Albemarle Corporation, Chemada Industries Ltd., Gulf Resources Inc., Hindustan Salts Limited, Honeywell International Inc., ICL Group Ltd., Jordan Bromine Company Limited, Lanxess AG, Solaris Chemtech Industries Limited (Agrocel Industries Pvt. Ltd.), Tata Chemicals Limited, TETRA Technologies Inc. and Tosoh Corporation
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Global Bromine Market to Reach US$ 4.3 Billion by 2028, Propelled by Extensive Application in the Agriculture Sector

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