Global giants, having massive manufacturing capacities and significant geographical outreach, dominate the bromine market, worldwide. They have been able to adapt well to the various changes in the market by dint of being deep-pocketed and having the technological resources. Some of the main strategies adopted by them to stay ahead of competition in the bromine market are product development and competitive pricing.
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Some of the prominent participants operating in the global bromine market are Albemarle Corporation, Israel Chemical Ltd. (ICL), Jordan Bromine Company Limited, and Gulf Resources Inc.
As per a report by Transparency Market Research, the global bromine market will rise at a tepid pace in the upcoming years. It forecasts the market to become worth US$2.674 bn by 2025 from US$1.74 in 2016 by registering a CAGR of 5.0% during the period between 2017 and 2025.
Demand from China Catapults Asia Pacific Market to Fore
Depending upon its various applications, the global bromine market can be classified into flame retardants, drilling fluids, biocides, catalysts, and water treatment, among others. Among them, the main application of bromine is seen in flame retardants. Going forward, the segment is expected to retain its leading share in the market, albeit reducing it slightly to 32.6% by 2025 by clocking the minimum CAGR of 4.2%.
Based on geography, the global bromine market can be segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of them, Asia Pacific has emerged as a leader both in terms of growth rate and share in revenue. In 2016, the region contributed a significant 50.0% share in the revenue in the market. The region is also predicted to grow its share vis-à-vis volume mainly on the back of massive demand from China, which accounts for over half the demand for bromine in the region. China is also a major manufacturer of bromine in Asia Pacific.
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Application in Water Treatment Drives Market
Bromine primarily finds application in water treatment – be it industrial water treatment or residential and commercial water purification. Bromine also finds application in thwarting formation and growth of bacteria, algae, and odors in swimming pools. The increasing uptake of water treatment chemicals is expected to keep the prospects of the market upbeat in the foreseeable future.
The lead analyst of the TMR report, elaborates further on the opportunities in the global bromine market: “The market for bromide-based technologies to remove mercury emission at coal-fired power plants is an area of potential growth for the industry. Bromide compounds for reducing mercury emissions costs less compared to other materials, namely fluorine-, chlorine-, or iodine-based compounds.”
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Health Hazards Posed by Bromine Crimps its Demand
A factor, providing headwind to the global bromine market, is the fact that it is classified as a hazardous waste. Hence, it has to be disposed of carefully so that minimum damage to the environment and humans results. Further, bromine vapor is highly corrosive. The problem becomes aggravated in presence of moisture on account of the formation of acids. Therefore, bromine needs be kept dry during transportation and storage. Bromine, heavier than water, also needs to be transported carefully in properly designed and operated systems to lessen the risk of potentially hazardous imbalances. All these have also served to slow down its market.