The widening application areas of bromine compounds would be significant in drafting the growth trajectory of the bromine market during the forecast period of 2020–2030. The market generated $1,864.3 million in 2019, and it is going to grow at a CAGR of 5.7% during the forecast period. The growth will be driven by the adoption of eco-friendly flame retardants, increasing applications of clear brine fluids during the drilling for gas and oil, and usage of bromine compounds to cut down mercury emissions.

Different bromine compounds are being widely used during drilling for gas and oil and production of eco-friendly polymeric retardants, which are widely used in plastic and electronics production. Furthermore, owing to the increasing production of renewable power, bromine-based storage technology grids are being widely adopted. Bromine-based technology has surfaced as an economical solution to storing clean energy, which is why the demand for the chemical continues to grow.

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The derivative segment of the bromine market is categorized into bromide salts, hydrogen bromide, and organobromide, among which organobromide held the largest share in the market in 2019. This dominance was driven by the large-scale consumption of organobromides — vinyl bromide, styrene bromide, allyl bromide, ethylene dibromide, and propylene bromide — in the manufacturing of solvents, catalysts, flame retardants, pesticides, gasoline, and intermediates for fumigants, organic synthesis, and antiknock agents.

The Asia-Pacific (APAC) region dominated the bromine market during the historical period of 2014–2019, due to the high consumption and production of bromine derivates in China. China is witnessing an increasing influx of foreign manufacturers, who are setting up derivative production plants in the country. The rise in the number of manufacturing plants is an outcome of the abundant availability of naturally occurring bromine, consumers, and cost-effective labor. China is driving the APAC market because of the escalating consumption of bromine-based flame retardants during the manufacturing of plastic products, insulation, and electronics.

The global bromine market generated a revenue of $1,864.3 million in 2019 and will progress at a CAGR of 5.7% between 2020 and 2030, as per the forecast of P&S Intelligence, a market research firm based in India. The main factors driving the progress of the market are the ballooning utilization of bromine compounds for reducing mercury emissions, increasing usage of clear brine fluids in oil and gas drilling activities, and the growing adoption of environment-friendly polymeric flame retardants.

The usage of clear brine fluids in oil and gas drilling is a key growth driver of the bromine market. The main reason behind the surging utilization of these fluids in oil and gas drilling is their ability to significantly reduce the bottom-hole pressure and temperature in the well bores. After taking into consideration the densities, temperature/pressure freeze points, clarity, and the freeze points, several kinds of soluble salts, in a specific concentration, are added to the clear brine fluids.

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Compared to other drilling fluids, the brines exhibit higher wellbore stability in the salt, less fine-hole gauge, formation, and fill damage, and quick shale penetration rates. Furthermore, the usage of brine considerably reduces the initial setting up cost of the casing for the mud. Based on derivative, the bromine market is classified into bromide salts, hydrogen bromide, and organobromide. Out of these, the bromide salt category will register the fastest growth in the market in the coming years.

Geographically, the APAC bromine market will be the most prosperous one in the forthcoming years. This would be a result of the mushrooming requirement for electronic products and plastic and insulation, in which the bromine-based flame retardants are heavily used, in the region on account of the soaring urban population and the increasing disposable income of the people living in the regional countries such as China, India, South Korea, Thailand, and Japan.

Thus, it can be safely concluded that the market will surge, especially in the Asia-Pacific region, in the upcoming years, mainly because of the rising usage of bromine in oil and gas drilling activities and their growing requirement in flame retardants, pharmaceuticals, plastics, and electronic products.