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 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.