The global bromine market generated a revenue of $1,864.3 million in 2019. Furthermore, it will advance at a CAGR of 5.7% between 2020 and 2030, as per the estimates of P&S Intelligence, a market research company based in India. The market is being driven by the growing usage of bromine compounds for reducing mercury emissions, surging utilization of environment-friendly polymeric flame retardants, and the soaring adoption of clear brine fluids during drilling for oil and gas.
Another prominent application of the halogen compound (Br) is clear brine fluids, which are vastly used during oil and gas drilling activities. With the usage of clear brine fluids, the bottom hole temperature and pressure can be reduced. Certain soluble salts, such as those of bromine, are added to these fluids, after duly considering the density, freeze point, clarity, and pressure/temperature. In comparison to other popular drilling fluids, clear brines offer improved wellbore stability in shale and salt penetration rates and sections, fast penetration rates, reduced fill and formation damage, and fine hole gauge.
However, the largest share under the application segment of the bromine market was held by the flame retardants category in 2019. With the increasing focus on fire safety, flame retardants are being used in furniture, buildings, and even clothes. Due to the various health effects of hexabromocyclododecane (HBCD), it is being replaced by environment-friendly flame retardants, which contain long-chain polymers based on bromine. Due to the strict mandates for the protection of the environment, especially those released by the European Union (EU) and Environmental Protection Agency (EPA), the consumption of bromine-based flame retardants is on a rise.
Currently, Asia-Pacific is the largest bromine market, as its production and consumption volumes in China are the highest in the world. With the rising disposable income as well as growing infrastructure sector, the demand for flame retardants is increasing rapidly in Japan, India, Thailand, and South Korea. It is not just buildings and furniture where flame retardants are used, but also plastic and consumer electronic products, all of which are witnessing a high demand in the region.
Therefore, the demand for bromine will continue to surge in the coming years, as it is beneficial for human health in some way or the other.
Read More: https://www.psmarketresearch.com/market-analysis/bromine-market
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