The global bromine derivatives market is foreseen to touch the estimated value of USD 4.08 billion by 2025 while registering a growth rate of 4.4% CAGR.
Due
to increasing industrialization across the globe, the demand for performance
additives has been witnessing a surge, driving the global bromine derivatives
in the coming years. A rise in the demand for bromine derivatives in the
electronics, aerospace & defence, and biomedical sectors is expected to
drive the market growth over the forecast period.
ResearchMoz
shares detailed insights on the bromine derivatives market including market size,
threats, challenges, and opportunities which would help the stakeholders to be
thoughtful before taking their business decisions.
Crop Protection Technology Drives the Bromine Derivatives
Market
The bromine derivative
industry is one of the fastest-growing industries in the world due to the
increasing demand from various countries across the world. The development and
improvement in crop protection technology have increased the demand for
bromine-based pesticides and this has increased the revenue for the bromine
derivatives.
However,
bromine is a highly corrosive element, it has been found that bromine can
damage the environment due to its high corrosive property. Moreover, brominated
flame retardants are suspected to have the potential to act as endocrine
disruptors. Thus, regulatory concerns and controversies regarding the safety of
brominated flame retardants have dampened the demand in the global bromine
derivatives market.
Nonetheless,
the bromine compounds have been used in numerous applications due to their
antimicrobial properties. The bromine compounds have been found to have a wide
range of applications in the field of healthcare, agriculture, and food
processing, which would amplify the growth opportunities for the bromine
derivatives market in the coming years.
Rapid Urbanization Boosts Growth Opportunities for the
Bromine Derivatives Market
With
the increase in population and urbanization, the consumption of water has also
increased, paving the way for bromine derivatives market growth. Moreover, the
growing awareness about the importance of clean water has also led to an
increase in the demand for bromine derivatives. This, in turn, has led to the
growth opportunities of the bromine derivatives market.
Additionally,
bromine has a wide range of applications in the chemical and pharmaceutical
industries, which has led to the growth of the bromine derivatives market.
Growing demand for bromine in the food and beverage, leather, construction, and
water purification industries has further fueled the growth of the bromine
derivatives market.
Analysts Views
Keeping
pace with the constantly changing trends and developments in the market, the
analysts share their outlook on the bromine derivatives market. The trend to
continue in the coming years due to difficulty in producing these compounds as
well as other factors such as high costs, which are expected to result in lower
demand and consequently lower prices of these products. In addition, stringent
regulations regarding the discharge of industrial pollutants are expected to
adversely affect demand for bromine derivatives by limiting some uses and creating
restrictions on others.
Regional Overview
North
America, being the largest consumer of bromine, is likely to dominate the
global bromine derivatives market. Increasing consumption of bromine in North
America is likely to fuel the growth of the market in the region. Increasing
production of shale gas in the region has also resulted in increasing demand
for bromine. Moreover, bromine is also used in the production of pesticides and
other industrial products, which is expected to further fuel the growth of the
market in the region.
Factors
such as high electricity consumption, high costs of production, and regulatory
issues are restraining the growth of the bromine derivatives market in Europe.
Increasing demand for bromine due to increasing demand for pharmaceutical and
food additives fuelling the growth in the Asia Pacific region.
Competitive Landscape
The
report by ResearchMoz helps stakeholders know where to find information to
start or expand their business. It also helps them understand which regulatory
requirements to keep in mind while setting up their business. For example, the
report can be used by manufacturers to know where they need to register and how
to list their products. It can be helpful for suppliers to know the exact
specifications and quality standards that the manufacturer wants.
Many
manufacturing companies have set up R&D centres, focusing on developing new
products, improving existing products, and expanding into new markets to meet
the market demand. It is highly essential for both medium and large-scale
manufacturing companies to invest in R&D. This helps in maintaining a
competitive edge in the industry and also facilitates reducing the cost of
production.
Major Players
- LANXESS
CORPORATION
- PEREKOP
Bromine
- TATA
CHEMICALS LIMITED
- TETRA
Technologies, INC.
- Tosoh
Corporation
- Honeywell
International INC.
- Israel
Chemicals Limited
- Gulf
Resources Inc
- Albemarle
Corporation
- Hindustan Salts Limited
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