Bromine Derivatives Market to Touch USD 5,614.1 Million in 2030
The bromine derivatives market was USD 4,378.0 million in 2023, which will rise to USD 5,614.1 million, powering at a 3.7% compound annual growth rate, by 2030.
This is because of the extensive use of these chemicals in the pharmaceutical, construction, oil & gas, electronics, and automotive sectors, coupled with the growing requirement for plastic & rubber products.
The sodium bromide category, on the basis of derivative, led the industry. It acts as a catalyst in the process of TEMPO-mediated oxidation. The need for this chemical will surge because rules regarding mercury releases from industrial boilers and coal-fired power plants become stricter in response to their harmful effects on both the environment and human well-being.
Moreover, the calcium bromide category will advance mainly because of the increasing manufacturing of polymer-brominated-base flame retardants. The increasing use of drilling fluids will boost the expansion potential of the category.
In addition, the growing need for calcium bromide in food preservatives, pharmaceutical manufacturing, and freezing mixtures, will also assist this category expansion.
The oil & gas category, based on end user, will dominate the industry, with a considerable growth rate, in the coming years. In this sector, bromine derivatives are employed as clear brine fluids for drilling wells. Because these chemicals possess a high density, they avoid the relocation of fluids between underground formations via the wellbore.
The flame retardants category, based on application, was the largest contributor to the bromine derivatives market, and it is likely to advance at a 3.5% CAGR, in the coming years. Brominated flame retardants have different uses in electric connectors and electronic housing, and in polyurethane foam, to defend from overheating.
Such materials terminate fires by interrupting the fire cycle in the gaseous period. This disruption breaks the chemical chain reaction and slow down the fire's circulation, which enables more time for evacuation from the zone. Thus, the need for these chemicals is rising in sectors like electricals, textile, rubber, construction, and automotive.
APAC is advancing at the fastest rate, of 4.0%, because of the enormous population as well as the increasing infrastructure expansion activities. China led the industry in APAC, whereas, India is advancing at the fastest rate.
North America was the second-largest contributor to the industry, and it is advancing at a significant CAGR. The requirement for these chemicals is mainly boosted by the continuously increasing extraction and production of natural gas in this continent.