What Will Drive Bromine Market Growth during 2020–2030?

The increasing adoption of eco-friendly polymeric flame retardants, high-volume application of clear brine fluids for oil and gas drilling activities, and adoption of bromine compounds to decrease mercury emissions will drive the bromine market advance at a CAGR of 5.7% during the forecast period of 2020–2030. At this rate, the market size is expected to increase notably from $1,864.3 million in 2019. To cater to the rising product demand from the oil and gas sector, bromine producers are expanding their manufacturing capacity exponentially.

The rising application of clear brine fluids during the extraction of oil and gas is the prime factor driving the bromine market growth. Due to the ability of clear brine fluids to reduce the pressure and bottom hole temperature in the wellbores, they are widely used in drilling activities. Brine fluids are used along with several soluble salts, in a specific concentration based on their clarity, pressure/temperature freeze points, and densities. Clear brines are preferred over other drilling fluids because of the former’s fast shale penetration rates, improved wellbore stability in the salt, and reduced fine-hole gauge, fill, and formation damage.

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The segments of the bromine market include region, derivative, and application. The application segment is categorized into clear brine fluids, pharmaceuticals, flame retardants, water treatment, and others. Among these, the flame retardants category accounted for the largest share in 2019 because of the widespread application of bromine and its compounds in fire extinguishers and retardants. The compounds used in fire retardants and extinguishers include vinyl bromide, allyl bromide, ammonium bromide, and ethyl bromide. The presence of these compounds in the products makes them less flammable.

Moreover, the adoption of bromine-based storage technology for grids will create major opportunities for the players operating in the bromine market. The demand for such energy storage technologies is rising because of an increase in the production of renewable power. Due to continuous research and development (R&D), this technology has emerged as an efficient and cost-effective solution for storing clean energy. The technology is being widely adopted in grids because batteries using it do not require an alteration in their electroactive materials for recharging.

The Asia-Pacific (APAC) bromine market is expected to account for the largest share during the forecast period. This can be attributed to the addition in the urban population and growth in the disposable income in India, Thailand, Japan, South Korea, and China. Due to these factors, these countries are generating a huge demand for bromine-based flame retardants for the production of electronics and plastic goods. Moreover, large reserves of elemental bromine in China, along with the cheap labor and large consumer base, are leading to the establishment of bromine and derivative manufacturing plants in the region.

The increasing usage of bromine and its compounds in multiple industries will thus boost the market growth during the forecast period.