TAGS: Flame Retardants
Global bromine market is projected to grow from USD 3.3 billion in 2021 to USD 4.1 billion by 2026, at a CAGR of 4.5% from 2021 to 2026. The market growth is driven by the increasing demand for bromine in flame retardants, PTA synthesis, water treatment & biocides, and oil & gas drilling.
FR to Grow at the Highest CAGR from 2021 to 2026
On the basis of application, the flame retardants segment is projected to grow at the highest CAGR from 2021 to 2026. By application, the flame retardants segment accounted for the largest share of the bromine market in 2020. The growing demand from electronics and automotive and the expanding shipbuilding industries are driving the market for flame retardants across the globe.
Largest Share Accounted by Organobromine
By derivative, the organobromine segment accounted for the largest share of the bromine market in 2020. The major applications of organobromine are flame retardants and biocides. Some organobromine derivatives are also used in water treatment applications, such as the cleaning up of pools and spas.
They are an important ingredient for making dyes. The flourishing electronics & telecommunication, textile, plastic, and construction industries are expected to drive the market for organobromine.
Increase in Demand Driving the Bromine Market
Asia Pacific is projected to register the fastest growth from 2021 to 2026. The Asia Pacific region accounted for the largest share of the bromine market in 2020. China, India, Japan, and South Korea are key countries contributing to the increased demand for bromine in this region.
Substantial development in infrastructure and increasing demand for flame retardants in the automobile and building & construction end-use industry are expected to drive the bromine market in this region.
Leading Players in the Bromine Market
ICL Group Ltd. (Israel), Albemarle Corporation (US), LANXESS AG (Germany), Tosoh Corporation (Japan), Solaris Chemtech Industries Ltd. (India), Gulf Resources Inc. (China), TETRA Technologies, Inc. (US), TATA Chemicals Limited (India), Honeywell International Inc. (US), and Perekop Bromine (Russia) are some of the leading players operating in the bromine market.
Checkout the Complete Range of Brominated FRs
Source: MarketsandMarkets
