Press Release

Global Bromine Market to Grow at a CAGR of 4.1% During 2024-2032, Aided by the Rising Application of Bromine-Based Batteries in Electric Vehicles.

Global Bromine Market

According to a new report by EMR titled, ‘Global Bromine Market Report and Forecast 2024-2032’, the market attained a value of about USD 4.17 billion in 2023. The market is estimated to grow at a CAGR of 4.1% in the forecast period of 2024-2032 to reach a value of around USD 6.03 billion by 2032.

The Asia Pacific holds a significant share of the market due to the expanding applications of bromine in the electronics, construction, and automotive sectors. The manufacturing of clear brine drilling fluids and brominated flame retardants (BFRs) is the primary application of bromine globally.

 

China and Israel are the global key producers of bromine, with a production capacity of 70 KMT and 170 KMT, respectively, and one billion metric tonnes of bromine is estimated to be present in the Middle East's Dead Sea. The robust availability of bromine in Asia supports the extensive application of bromine in this region. Additionally, the growing employment of bromine-based batteries in the automotive sector further contributes to the bromine market growth.

 

The expanding demand for bromine-based batteries for sustainable energy storage solutions drives the market demand. For instance, the zinc-bromine flow battery developed by Redflow (ASX: RFX) offers a sustainable energy storage solution. The tough battery is a safer, more effective, and longer-lasting substitute for lithium-ion batteries as it is made of recyclable components.

 

Its primary components, zinc and bromine, are less hazardous than lithium and less expensive. Such batteries also use water-based electrolytes, which are not only non-flammable but also fire-retardant. As a result, the battery is perfect for vital infrastructure, including hospitals, power plants, and military installations.

 

One of the largest bioenergy facilities in the U.S. has installed RedFlow batteries. A children's hospital, a large-scale solar and storage project for the Paskenta Band of Nomlaki Indians, and a US Department of Defence microgrid at the Stewart Air National Guard Base are among other projects that have installed these batteries.

 

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Market Analysis by Type, Application, and Region:

  • The market, on the basis of type, can be divided into hydrogen bromide, organobromine, and bromide salts, among others.
  • Based on application, the market can be divided into biocides, flame retardants, bromine-based battery, clear brine fluids (CBF), fine chemicals, and agriculture products, among others.
  • The major regional markets for bromine include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Key Findings of the Report:

  • According to the International Energy Agency (IEA), electric vehicle sales exceeded 10 million in 2022, and 14% of total car sales were EVs in 2022 globally. The expanding demand for EVs supports the use of bromine batteries as a substitute for lithium-ion batteries for utility-energy storage and cost-effectiveness.
  • The increased fire safety regulations and implementation of standards such as NFPA 30, NFPA 70, NFPA 70B, and others create the demand for flame retardants. Longer escape periods are made possible by bromine-based flame retardants, which are essential in lessening the effects of fires on people, property, and the environment.
  • The electronics sector is expanding in countries like China and India due to consumers growing disposable income and middle-class population. Due to their good compatibility with electronic materials, good electrical insulation, and cost savings, bromine-based flame retardants are widely employed in electronic goods. In FY23, the value of domestic electronics production was USD 101 billion in India, with domestic production accounting for 65%.
  • Countries such as China, the US, and India are responsible for the increase in construction activities from USD 9.7 trillion in 2022 to USD 13.9 trillion in 2037. The growing applications of clear brine drilling fluids and brominated flame retardants (BFRs) in the construction market propels the bromine market expansion.

 

Table: Bromine Producing Countries, 2022

Global Bromine Market
 

Key Offerings of the Report:

  • The EMR report gives an overview of the global bromine market for the periods (2018-2023) and (2024-2032).
  • The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the types, applications, and regions of bromine.
  • It assesses the regional price trends for the (2018-2023) and (2024-2032) periods.
  • The market report also analyses the trade data by covering the major importing and exporting countries.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

 

The major players in the global bromine market are Israel Chemicals Ltd (ICL), LANXESS Corporation, Albemarle Corporation, Jordan Bromine Company (JBC), and Tata Chemicals Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type
  • Application
  • Region
Breakup by Type
  • Hydrogen Bromide
  • Organobromine
  • Bromide Salts
  • Others
Breakup by Application
  • Biocides
  • Flame Retardants
  • Bromine-Based Battery
  • Clear Brine Fluids (CBF)
  • Fine Chemicals
  • Agriculture Products
  • Others
Breakup by Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Israel Chemicals Ltd (ICL)
  • LANXESS Corporation
  • Albemarle Corporation
  • Jordan Bromine Company (JBC)
  • Tata Chemicals Ltd.
  • Others

 

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