Bromine Derivatives Market – Size, Share, Outlook, and Opportunity Analysis, 2018 – 2025
Bromine derivatives are mainly categorized into two segments, inorganic bromine derivative and organic bromine derivatives. Inorganic bromine derivatives mainly includes Calcium Bromide, Potassium Bromide & Sodium Bromide. Organic bromine derivatives includes Ethylene dibromide, Methyl Bromide, Hydrobromic Acid (Hydrogen Bromide), Tetrabromobisphenol A, Decabromodiphenyl Oxide and Octabromodiphenyl oxide.
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Bulk availability of bromine feedstock and increasing oil & gas exploration activities in Asia Pacific, South America, and Africa are creating highly conductive environment for growth of bromine derivatives market in these regions. In addition to this, increasing demand for bromine derivatives in water treatment and Mercury Emission Control by power plants is expected to have positive impact on growth of the market in the near future.
However, stringent regulations imposed on use of synthetic bromine derivatives is a major challenge for market growth. For instance, in 2016, European Union (EU) published Regulation 2016/293 prohibiting hexabromocyclododecane, which is a bromine containing flame retardant. It has applications such as filling bean bags, electrical appliances, packaging materials, textile coating additive, and upholstered furniture.
Among application, flame retardant segment accounted for the highest market share in 2017. The segment is expected to lead the market throughout the forecast period (2018-25). Rising fire accidents globally has resulted in increasing demand for bromine based flame retardants. According to the National Fire Protection Association (NFPA), between 2011 and 2015, municipal fire departments in the U.S. responded to an average of 37,910 fires at industrial or manufacturing properties every year with annual losses from these fires estimated at 16 civilian deaths, 273 civilian injures, and US$ 1.2 billion in direct property damage totally.
Among end-use industries, chemical segment dominated in the market in 2017. Owing to extensive applications of bromine derivatives in chemical industries, the segment is projected to maintain dominant position in the market over the forecast period.
Asia Pacific is projected to be the fastest growing region in the market over the forecast period. Key factors such as bulk availability of Bromine Feedstock, and rapid penetration of Chemical, pharmaceutical, Personal Care companies into emerging economies such as China and India are creating immense opportunities for growth of bromine derivatives market.
Key players in Global Bromine Derivatives Market
Key players operating in the global Bromine Derivatives market include Israel Chemicals Limited, Albemarle Corporation, LANXESS (Chemtura Corporation), Jordan Bromine Corporation, Tosoh Corporation, Tata Chemicals Limited, Gulf Resource Inc., TETRA Technologies Inc., Honeywell International Inc., and Perekop Bromine Factory among others.
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