The global bromine market has been witnessing a minor slump as the element is being subjected to strict regulations by concerned authorities over environmental degradation. Though the consumption of bromine is expected to rise by a meager amount, the overall global bromine market is expected to be considerably hampered as industries have begun looking out for eco-friendly alternatives to bromine. The 2016 estimation for bromine consumption is being pegaged at 483 kilo metric tons (KMT), which is a minor growth from the 2015 figure of 470 KMT.
Global Bromine Market Takes a Hit as Fire Retardant Market Stops Usage
One of the major applications of bromine is as a fire retardant and this is being halted by most companies due to stringent government regulations and rising environmental and human health issues. Reports about the ill effects bromine on human health have been a major cause for concern. Companies such as Chemtura have, since then, stopped the production of bromine-based fire retardants and have been looking for alternative solutions.
Bromine is used in oil drilling activities as brine fluid. Oil drilling is expected to provide the global bromine market some respite as the production of petroleum is touted to increase to meet rising demands. However, the move toward alternate energy sources is expected to hamper the growth of the global bromine market over time. The electronics sector is also expected to witness a slump in the demand for bromine. Nevertheless, the market is expected to expand albeit at a meager CAGR of 2.1% during the forecast period.
Asia Pacific to Dominate Bromine Demand in Global Market
With strict restrictions in North America and Europe, Asia Pacific is the only hope for the global bromine market. The Asia Pacific region is projected to expand at a 4.1% CAGR during the forecast period of 2016 to 2024. The 2015 value of the Asia Pacific bromine market was pegged at US$85 mn and this is expected to surpass US$1.0 bn by the end of 2016. The demand from other regions such as MEA and Latin America is expected to remain steady with minor growth opportunities.
Oil and Gas Segment to Grow at Fastest Pace
The oil and gas industry is anticipated to be the fastest growing segment with the highest CAGR from 2016 to 2024. This can be attributed to the rising demand for petroleum products. The flame retardants segment is projected to rise at a 3.2% CAGR owing to steady demand from Asia Pacific and MEA. The global bromine market has its hopes pinned on the success of various clinical trials currently underway. Pharmaceutical companies are actively experimenting with the use of various bromine compounds in the treatment of major chronic illnesses. Considering that the global bromine market is currently facing major restraint from all other industries, including chemicals and textiles, the pharmaceuticals sector seems to be the only ray of hope.
Major companies in the global bromine market include Hindustan Salts Limited, Chemtura Corporation, Tetra Technologies Inc., Tata Chemicals Limited, Albemarle Corporation, Tosoh Corporation, Gulf Resources Inc., and Israel Chemicals Limited.
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