The global bromine market size is projected to grow from USD 3.2 billion in 2020 to USD 4.46 billion by 2027, at a CAGR of 4.9 % from 2020 to 2027. Globally, properties worth billions of dollars are lost due to fire-related accidents every year. Insurance companies have to utilize a major share of their revenue in settling claims on assets, infrastructure, and human lives lost in fire accidents. This makes anti-inflammatory agents or flame retardants crucial chemicals since they minimize the fire-related risks for almost every manufactured commodity. Flame retardants prevent fire by delaying the combustion process by forming a layer of free radicals. They either release carbon dioxide or free radicals that combine with oxygen molecules, thus arresting the oxidation process.
Brominated compounds, such as flame retardants, have routinely been added to consumer products, such as electronics, plastics, and many more for several decades in a successful effort to reduce fire-related injuries and property damage. Recently, concerns regarding this class of chemicals have risen because of the harmful and toxicological effect it has on health and the environment. The widespread production and use of brominated flame retardants (BFRs) lead to increased contamination of the environment. These compounds also have an adverse effect on animals and wildlife. However, the current toxicology databases that exist are inadequate to understand the risk. Many of the studies that do exist involve commercial mixtures, but do not represent human exposure. The future course of such studies has to be focused toward the congeners, and potentially their metabolites or breakdown products, to understand the risk from commercially-used bromine derivatives.
Hydrogen bromide flow batteries are included under the category of membrane-less flow batteries with a high-power density. EnStorage Inc. (Israel), a developer of large-scale electricity storage solutions, produced grid-connected 50.0 KW hydrogen-bromine (HBr) flow batteries, which were connected at the company’s test site in southern Israel to provide up to 100.0 kWh of energy. The grid became operational in March 2013. EnStorage Inc. flow batteries utilize HBr and H2 as storage chemicals. Hydrogen-bromine flow batteries are a reliable source of sustainable power for large scale industrial units. They are currently being used as reliable energy storage solutions in various industrial units around the globe.
Israel Chemicals Limited (Israel), Albemarle Corporation (US), LANXESS Corporation (Germany), Tosoh Corporation (Japan), Tata Chemicals Limited (India), Gulf Resources Inc. (China), and TETRA Technologies, Inc. (US), are some of the leading players operating in the bromine market.
By region, Asia Pacific is estimated to be the largest market for bromine in 2020. The demand for bromine in this region is mainly propelled by its increasing use in China, Japan, and India. Increasing infrastructural development and the rise in the disposable income of the middle-class population in Asia Pacific have boosted the demand for flame retardants, which are used extensively in insulation and fabrication of plastic and electronic components. China is expected to be the dominant and fastest-growing market for bromine in the Asia Pacific region, mainly due to the escalating demand for brominated flame retardants in the country. China, which had banned the export of bromine and its related compounds, is focusing only on imports to meet its domestic requirements.
Report : Bromine Market - By Application (Flame Retardants, Oil & Gas Drilling, PTA Synthesis, Water Treatment & Biocides, Mercury Emission Control, Pesticides, HBr Flow Batteries, Plasma Etching, Pharmaceuticals, Others), By Derivative (Organ bromine, Clear Brine Fluids, Hydrogen Bromide), And By Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) - Industry Analysis, Opportunity and Forecast 2020 To 2027