Valuation of Bromine Derivatives Market to reach US$ 5,572.8 Mn by 2026
Demand for bromine derivatives will continue to surge owing to increasing adoption as reactants in the manufacturing of agrochemicals, water disinfectants, dyes and photographic chemicals. Considering a Y-o-Y growth of 3.5% over 2015, the global bromine derivatives market is expected to reach a value of US$ 3.70 Bn in 2016 end. Owing to the catalyst properties of bromine derivatives, global consumption volume will be significantly influenced by increasing production of rubber, plastics and flame retardants over the forecast period.
The extensive use of bromide compounds as clear brine fluids in oil and gas industries is one of the primary factors driving growth of the global bromine derivatives market. Furthermore, use of bromine in reducing mercury emissions from coal-fired power stations is another factor expected to drive demand. However, varying environmental legislations can hamper growth of the global bromine derivatives market during the forecast period.
Based on the derivative-type, use of brine fluids derived from zinc bromide, sodium bromide and calcium bromide in the homogenous extraction of oil and gas is increasing and will continue to drive market growth to a significant extent. Tetrabromobisphenol A – commonly known as TBBPA – is expected to be the highest consumed derivative, and is estimated to reach 219,640.2 MT by 2016 end.
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The chemical sector will remain the largest consumer of bromine derivatives, accounting for around 60% of the global market volume share in 2016. Declining oil prices could result in reduced consumption of bromine derivatives in the oil and gas industry; whereas increasing applications of bromides in the electronics industry is expected to bolster growth of the global bromine derivatives market over the forecast period.
Flame retardants will continue to be the largest end-use application for bromine derivatives, with total revenues anticipated to reach US$ 1,756.3 Mn in 2016 end.
The growth of the global bromine derivatives market will be mainly concentrated in the Asia Pacific (APAC) region. In 2015, China accounted for 28.2% of the global volume share of the bromine derivatives market, and it will continue to be a lucrative market for bromine derivatives in 2016 and beyond. India and Japan are the other key regions likely to dominate the bromine derivatives market in the Asia Pacific.
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Key players in the global bromine derivatives market include Tosoh Corporation, Chemtura Corporation, Gulf Resources Inc., ICL-Group, Tata Chemicals Ltd., TETRA Technologies Inc. and Albemarle Corporation, among others.
Long-term Outlook: Revenue from the global bromine derivatives market is projected to increase at a moderate CAGR of 4.2% and reach a value of US$ 5,572.8 Mn by 2026. Markets in APAC countries such as China, Japan and India are expected to collectively dominate the global bromine derivatives market during the forecast period.