Bromine Market Trends
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
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
|
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 |
|
