Bromine Market: Growth Drivers and Challenges
Growth Drivers
- Rising Exports and Imports of Bromine Worldwide - according to the statistics by the International Trade Organization, the global value of exports of bromine and fluorine in the year 2021 was recorded to be USD 455,350 thousand, which was an increase from USD 390,352 thousand in 2020.
An increase in exports and imports of bromine owing to its diverse applications in agriculture and water treatment systems, is expected to propel bromine demand over the forecast period. Furthermore, rising funding in the agricultural sector in order to provide better access to daily resources for consumers is another factor expected to broaden the global bromine market size in coming years. - Rapid Expansion of the Chemical Industry - It was observed that, in 2020, global chemicals sales were valued at USD 3550 billion. A total of USD 3800 billion was generated by the world's chemicals industry in 2018. Compared to 2017, global sales grew by ~3% to USD 3800 billion in 2018. Consequently, bromine market growth is predicted to be driven by growth in the chemical industry.
- Increasing Production of Bromine around the World- It was observed that Israel produced 170,000 metric tons (MT) of bromine in 2021, leading the world in production of this commodity. The production of bromine on a global scale reached 380,000 metric tons in 2021.
- Rapid Increase in the Food and Agriculture Industry - In 2020, the agriculture and food industries contributed USD 1 trillion to the U.S. gross domestic product (GDP), which is 5% of GDP.
- Growing Application of Hydrogen Bromide in Flow Batteries - For instance, a developer of large-scale electricity storage solutions, EnStorage Inc. (Israel), constructed grid-connected hydrogen-bromine (HBr) flow batteries, which provide up to 100.0 kWh of power at the company's test site in southern Israel.
Challenges
- High Toxicity of Brominated Compounds
-
Governmental Regulations on Usage of Bromine
- Hazardous Risk Associated With the Bromine Elements
Bromine Market: Key Insights
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
5.3% |
|
Base Year Market Size (2024) |
USD 2.89 billion |
|
Forecast Year Market Size (2037) |
USD 5.66 billion |
|
Regional Scope |
|
Browse key industry insights with market data tables & charts from the report:
Frequently Asked Questions (FAQ)
In the year 2025, the industry size of bromine is evaluated at USD 3.02 billion.
Bromine Market size was over USD 2.89 billion in 2024 and is poised to exceed USD 5.66 billion by 2037, growing at over 5.3% CAGR during the forecast period i.e., between 2025-2037.
Asia Pacific industry is anticipated to hold largest revenue share by 2037, as property Losses from fire-related incidents are increasing every year in the region, which encourages the use of flame retardants.
The major players in the market are Albermarle Corporation, Israel Chemicals Ltd, Jordan Bromine Company Ltd, Tosoh Corporation, Chemtura Corporation, Tetra Technologies Inc., Hindustan Salts Ltd, Tata Chemicals India, and others.
