Huge Expansion Expected in Global Bromine Market in Future

The increasing utilization of clear brine fluids in the oil and gas drilling applications is a major factor fuelling the rising requirement of bromine throughout the world. This is ascribed to the ability of the clear brine fluids to significantly decrease the temperature in the well bores and the bottom-hole pressure. Additionally, the brines provide faster shale penetration rates, lesser fill and formation damage and fine-hole gauge, and exhibit enhanced wellbore stability in the salt, which make them highly sought after in oil and gas drilling activities.

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The other major factor responsible for the growing usage of brine fluids in the oil and gas drilling activities is the ability of these fluids to reduce the initial cost of establishing the casing for the mud for the drilling of oil and gas. Additionally, the utilization of polymer-based flame retardants is increasing rapidly across the globe, owing to its eco-friendly characteristics. Furthermore, the bromine compounds play a major role in reducing the emission of mercury, which is tremendously boosting the demand for bromine all over the world.

 

Powered by the above-mentioned factors, the global bromine market attained a valuation of $1,864.3 million in 2019. The market is also expected to demonstrate a CAGR of 5.7% during the forecast period (2020—2030). Bromine is widely used in various applications such as flame retardants, clear brine fluids, water treatment, and pharmaceuticals. Amongst these, the usage of bromine was found to be the highest in flame retardants in 2019, on account of the fact that the different compounds of bromine such as ethyl bromide, allyl bromide, vinyl bromide, and ammonium bromide are extensively used in fire extinguishers and retardants.

Amongst all the other regions, the Asia-Pacific (APAC) region is expected to observe the highest usage of bromine during the forecast period, which will in turn, massively boost the growth of the bromine market in the APAC region in the coming years. This is mainly ascribed to the increasing sales of electronic and plastic products and growing requirement of insulation, in which the bromine-based flame retardants are heavily used, in the region, owing to the surging disposable income of people and soaring urban population in various APAC countries such as Thailand, Japan, South Korea, and China.