growth of oil and gas industry is driving the Bromine Market
Technavio analyzes that the Bromine Market is expected to grow at a CAGR of 3.5% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 860.4 million.There are various factors that contribute to the growth of the market.ai_driver_list_1
The hydrohalide compound, hydrogen bromide (HBr), is a crucial inorganic chemical in the bromine industry. Manufactured by the reaction of hydrogen and bromine at temperatures between 200-400 degrees C, with platinum as a catalyst, hydrogen bromide is a colorless gas that transforms into hydrobromic acid upon contact with water. This aqueous solution, saturated at room temperature, contains 68.85% HBr by weight. As essential reagents in the synthesis of bromide compounds, hydrogen bromides exhibit significant growth potential in the global bromine market. The hazardous nature of HBr, including its corrosive and unpleasant properties upon inhalation, further underlines its importance and demand.
Know which region is leading the market growth by requesting a sample report
Bromine Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
Find out what is trending in the market by accessing the free PDF report
The Bromine market encompasses various applications, including water disinfection, flame retardants, and disinfectants. Bromine is a heavy, volatile, and corrosive element that is a critical component of several industrial processes. However, its use comes with health concerns due to its role as an endocrine disruptor. Bromine is extensively used in water treatment for disinfection and in the production of organobromides, which are used as flame retardants in construction materials and electronic devices. The production and use of bromine-based products can lead to the emission of mercury and other harmful substances, such as organobromides and elemental mercury, particularly in coal-fired power plants during flue gas treatment. The health effects of bromine and its compounds include toxicological effects on the nervous system, reproductive system, and developmental toxicity. The environmental persistence and bioaccumulation of bromine compounds pose significant concerns for public health and the environment. Despite these concerns, the demand for bromine continues to grow due to its high energy density and resource efficiency. The global bromine market is expected to reach USD12.8 billion by 2026, driven by the increasing demand for water treatment and flame retardants. However, efforts to reduce mercury emissions and improve resource efficiency are expected to limit the growth of the market.
The global diversified chemicals industry encompasses businesses producing a wide array of chemical products that fall outside the realms of industrial gases, commodity chemicals, specialty chemicals, and fertilizers or agricultural chemicals. According to Technavio's market analysis, the market size is determined by the consolidated revenue generated by manufacturers of this diverse chemical product range. Key growth drivers for the global diversified chemicals market include robust demand from emerging economies, such as China, Brazil, Indonesia, and India. These countries offer significant opportunities due to favorable government initiatives, abundant labor resources, accessible land, and reduced transportation costs, leading many diversified chemicals manufacturers to establish operations there.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Safe and Secure SSL Encrypted
One user only.
Quick & easy download option
Unlimited user access (Within your organization).
Complimentary Customization Included
*For Enterprise license, go to checkout page
Get the report (PDF) sent to your email within minutes.
