Bromine Market Size

Bromine Market size was over USD 2.74 billion in 2023 and is projected to exceed USD 5.36 billion by 2036, witnessing over 5.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of bromine is assessed at USD 2.86 billion.

The growth of the market can be primarily attributed to the rising demand for bromine in oil and gas drilling. Oil and gas are extracted from porous stones by drilling holes into them. Through the use of clear brines containing bromine, it is possible to compensate for gravity's role in maintaining the required pressure so that pores drilled in porous stone do not close. A high amount of bromine is required for the growing oil and gas drilling activity. For instance, the number of oil and gas wells drilled worldwide increased by 12% from 2020 to 2021. Thus, the increasing demand for bromine in oil and gas drilling is expected to fuel the bromine market growth over the forecast period.

Bromine is naturally found in seas, lakes, and underground wells. Dead Sea is the richest source of bromine, containing 10-12 grams per liter. It is extensively used as a catalyst and reactant in the production of wide variety of products, including agrochemicals, dyes, completion fluids, flame retardants, and photographic chemicals. Furthermore, growing demand for bromine in drugs along with the expansion of the pharmaceutical industry is estimated to create massive market opportunities. Ingredients containing bromine are widely used in the production of both over-the-counter and prescription drugs. Globally, the Indian pharmaceutical industry is worth USD 42 billion. The Indian pharmaceutical market has grown at an annual rate of 17.7% since July 2021, compared to 13.7% in July 2020. As per India Ratings & Research, the Indian pharmaceutical market revenue is expected to increase by more than 12% in the financial year 2022. Moreover, the growing investments in oil and gas industries, developments in bromine derivatives, increase in polymer fabrication, demand for disinfectants, and utilization of hydrogen bromide in flow batteries are market trends anticipated to drive the bromine market growth over the forecast period.