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As per the latest reports by IMARC Group titled “Bromine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global bromine market reached a value of US$ 3.2 Billion in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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$ 4.2 Billion by 2027, exhibiting a CAGR of 4.5% during the forecast period (2022-2027).
Market Summary:
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