Bromine is a naturally occurring element, found in sea, lakes, and underground wells. It is widely used as a reactant and catalyst for manufacturing a variety of products, such as agrochemicals, biocides, water disinfectants, pharmaceuticals intermediates, dyes, completion fluids, flame retardants, and photographic chemicals. Dead-Sea is the richest resource of bromine with concentration of 10-12 gram per liter.
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Bromine is a colorless soluble crystalline mineral halide salt which is extracted from brine pools. Various derivatives of bromine are used in a broad range of end-use industries, such as hydrogen bromide, organobromine, and clear brine fluids. Bromine and its derivatives are used in a wide range of applications, such as oil and gas drilling, flame retardants, biocides, plasma etching, and PTA synthesis (mercury emission control and water treatment). Key end-use industries of bromine include chemicals, oil and gas, pharmaceuticals, electronics and textiles among others.
By application, oil and gas drilling segment is expected to grow at highest CAGR during the forecast period, whereas flame retardants segment is expected to grow at a CAGR of 3.2%. The global demand for bromine is expected to increase over the forecast period despite it being banned in Europe, owing to concerns about its potential health- and environmental- impact. Demand for bromine is expected to be driven primarily by its usage in development of new applications, such as mercury emission control and flow battery. Owing to its wide-ranging applications, a demand-supply imbalance is a possibility in the future.
By end-use industry, bromine market is segmented into chemicals, oil and gas, pharmaceuticals, electronics, textiles and other. The chemical segment is expected to remain the largest end-use industry for bromine during the forecast period. This segment is anticipated to witness linear growth during the forecast period. In the chemical end-use segment, ‘other chemical manufacturing’ is projected to witness the highest growth, registering a CAGR of 3.7% over the forecast period. Oil and gas is expected to grow due to growing demand for clear brine fluids for oil and gas drilling. However electronics segment is expected to witness sluggish growth due to government regulations on use of brominated flame retardants in consumer electronics.
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On the basis of geography, the global bromine market is segmented into North America, Latin America, Europe, Asia Pacific (APAC) and Middle East and Africa (MEA). Asia Pacific (APAC) is expected to be the fastest growing segment during the forecast period. North America and Europe are mature markets for bromine and are inclined towards limited consumption of brominated flame retardants due to environmental regulations about its hazardous nature. However, bromine consumption in Latin America is expected to grow significantly in 2016 due to rising oil exploration operation in Mexico.