Bromine Derivatives Market

Bromine Derivatives Market Outlook - 2021–2030

The global bromine derivatives market size was valued at $826.4 million in 2020, and is projected to reach $1,354.5 million by 2030, growing at a CAGR of 5.1% from 2021 to 2030. 

Owing to the lockdown, the growth rate of industries such as construction & building, automotive has declined significantly. In addition, oil & gas and import & export trading have been halted in COVID-19-affected regions, which is expected to hamper the growth of the bromine derivatives.

Bromine is a non-metallic element which exists in fuming red-brown color liquid at room temperature and has properties almost like iodine and chlorine and having chocking and irritating smell. The derivatives made with the formulation of bromine such as sodium bromide (NaBr), zinc bromide (ZnBr2), calcium bromide (CaBr), and many other are known as bromine derivatives. Bromine derivatives are widely used in oil & gas drilling, pharmaceutical, construction, and many other industries. The main application of bromine derivatives is widely used in controlling halogenated frame retardants and mercury emission. In addition, bromine derivatives play a wide role in the manufacturing of rechargeable batteries in electronics sector. Moreover, bromine derivatives are also used in rubber & plastic industries and oil production wells.

The global bromine derivatives market is segmented on the basis of derivative, application, end use, and region. Depending on derivative, the market is categorized into Brominated Polystyrene, Tetrabromobisphenol A, Calcium Bromide, Sodium Bromide, Zinc Bromide, Hydrobromic Acid, Decabromodiphenyl Ethane (DBDPE), and others. On the basis of application, it is divided into flame retardants, organic intermediates, oil & gas drilling, biocides, PTA synthesis, and others. On the basis of end use, it is classified into chemical, construction, oil & gas, pharmaceuticals, electronics, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

The global bromine derivatives market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include Albemarle Corporation, Gulf Resources Inc, Hindustan Salts Limited, Honeywell International Inc, Israel Chemicals Limited, LANXESS Corporation, Perekop Bromine, Tata Chemicals Limited, TETRA Technologies, Inc., and Tosoh Corporation.

Global bromine derivatives market, by derivative

By derivative, the TBBPA segment dominated the global bromine derivatives market in 2020, and is projected to remain the fastest-growing segment during the forecast period. 

Global bromine derivatives market, by application

By application, the flame retardant segment accounted for the highest market share of around 48.3% in 2020, and is projected to maintain the same during the forecast period. 

Global bromine derivatives market, by end use

By end use, the chemical segment accounted for around 62.1% of the global bromine derivatives market share in 2020. This is attributed to increase in demand for TBBPA segment in oil & gas, pharmaceutical, and electronics across the globe. 

Global bromine derivatives market, by region

By region, Asia-pacific is projected to be the fastest growing market, owing to presence of large population and rise in infrastructure activities. Demand for chemical is anticipated to boost the industry growth during the forecast period.

Key Benefits For Stakeholders

• The report provides an in-depth analysis of the global bromine derivatives market trends along with the current and future market forecast.
• This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period.
• Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the bromine derivatives industry for strategy building.
• A comprehensive global bromine derivatives market analysis covers factors that drive and restrain the market growth.
• The qualitative data in this report aims on market dynamics, trends, and developments.

Impact Of Covid-19 On The Retro-reflective Material Market

• According to the Organization for Economic Co-operation and Development (OECD), during the lockdown, price war began in crude oil prices due to extensive supply and less demand. However, this factor shows that due to extensive production of oil, there is sluggish impact on bromine derivatives market.
• The International Energy Agency projects that oil & gas revenues for a number of key producers fell between 50% and 85% in 2020, compared to 2019, yet the losses could be larger depending on future market developments. With overall calculation of oil & gas demand, the oil & gas industry witnessed significant decline, thereby impacting the bromine derivatives market, which is completely dependent on the oil & gas industry. 
• Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using bromine derivatives and thereby affected the bromine derivatives market.  
• According to the UNIDO, 30.0–70.0% of pre-COVID-19 workforce of various industries, such as construction and mills, migrated back to their hometowns due to uncertainties and loss of income during the lockdown. This unavailability or less availability of workforce is expected to directly affect the production and manufacturing activities, thereby resulting in decline in demand for raw materials used in bromine derivatives. This is expected to decline the growth of the market during the forecast period. 
• The automotive industry garners a major share in terms of consumption of bromine derivatives globally. The automotive industry has been negatively impacted amid the lockdown imposed due to the COVID-19 outbreak and recorded decline in vehicle on road (passenger & commercial) in 2020. This has further declined the bromine derivatives demand due to disrupted supply chain, which, in turn, hampered the bromine derivatives market.
• The construction industry acquired a significant share in terms of consumption of bromine derivatives globally. Attributed to the outbreak of COVID-19 pandemic, the construction of various large projects was halted amid lockdown. As a result, the demand for bromine derivatives declined, which led to the downfall of the global bromine derivatives market.

 Bromine Derivatives Market Report Highlights