Attractive Opportunities in the Bromine Market

Date

3/20/2020 3:43:46 PM

(MENAFN- iCrowdNewsWire) Mar 20, 2020

According to the new market research report " Bromine Market by Derivative (Organobromine, Clear Brine Fluids, Hydrogen Bromide), Application (Flame Retardants, Water Treatment, HBr Flow Batteries, Mercury Emission Control, PTa Synthesis), & Geography - Global Forecast to 2024″, The bromine market is projected to grow from USD 3.3 billion in 2019 to USD 4.4 billion by 2024, at a CAGR of 5.8% from 2019 to 2024. The market growth is driven by the increasing demand for bromine in flame retardants, mercury emission control, water treatment, and oil & gas drilling.

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By application, the flame retardants segment accounted for the largest share of the bromine market in 2018. Brominated flame retardants (BFRs) are bromine containing compounds that are added to substances to inhibit or reduce their rate of combustion. BFRs are more widely used than other commercialized chemical flame retardants. PolybrominatedDiphenyl Ethers (PBDEs), Polybrominated Biphenyl (PBB), and Brominated Cyclo-hydrocarbons are some of the examples of BFRs. The growing demand from electronics and automotive industries (due to stringent fire safety regulations) and the expanding shipbuilding industries are driving the market for flame retardants across the globe.

Browse and in-depth TOC on "Bromine Market Global Forecast to 2024"

108 Tables
43 Figures
153 Pages

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The bromine market is projected to grow from USD 3.3 billion in 2019 to USD 4.4 billion by 2024, at a CAGR of 5.8% from 2019 to 2024. The increasing demand for bromine in flame retardants, mercury emission control, water treatment, and oil & gas drilling is expected to drive the bromine market.

Israel Chemicals Limited (Israel), Albemarle Corporation (US), LANXESS Corporation (Germany), Tosoh Corporation (Japan), Tata Chemicals Limited (India), Gulf Resources Inc. (China), TETRA Technologies, Inc. (US), Hindustan Salts Limited (India), Honeywell International Inc. (US), and Perekop Bromine (Republic of Crimea) are some of the leading players operating in the bromine market. These players have adopted the strategies of expansion, new product development, partnership, and collaboration to enhance their position in the market.

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In line with the rising demand for bromine, in September 2019, Israel Chemicals Ltd. announced that it plans to expand its bromine compounds capacity to approximately 25,000 metric tons annually. The company will invest approximately USD 50 million for this expansion and is expecting a return of USD 110 million. This expansion comes amidst the company's strategic agreements signed with many customers from Asia.

LANXESS Corporation , in July 2019, announced the completion of its plant expansion of Emerald Innovation 3000. The debottlenecking project increases the sustainable output from 10,000 to 14,000 MT per year. Emerald Innovation 3000 is now being used as a flame retardant for expanded (EPS) and extruded (XPS) polystyrene instead of hexabromocyclododecane (HBCD), which has been banned. This product is manufactured via the bromination of an alternating polystyrene butadiene copolymer.

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