Bromine Derivatives Market Expected to Reach $1,354.5 Million by 2030

According to a new report published by Allied Market Research titled, “Bromine Derivatives Market by Derivative, Application, End-Use, and Region: Global Opportunity Analysis and Industry Forecast, 2021–2030,”

The global bromine derivatives market size was valued at $826.4 million in 2020, and is projected to reach $1,354.5 million by 2030, growing at a CAGR of 5.1% from 2020 to 2030.

Bromine is the chemical element with atomic number 35 and elements & products produce with the use of bromine are known as bromine derivatives. Bromine derivatives are widely used in chemical application of oil & gas, agriculture & sanitation, and many others. In addition, bromine derivatives are also used in our daily life applications such as electronics, controlling halogenated frame retardants, and mercury emission. Moreover, bromine derivatives are also used in rubber & plastic industries and oil production wells. Major derivatives of bromine are sodium bromide (NaBr), zinc bromide (ZnBr2), calcium bromide (CaBr), and many others.

The global bromine derivatives market is segmented on the basis of derivative, application, end use, and region. Depending on derivative, the market is categorized into Brominated Polystyrene, Tetrabromobisphenol A, Calcium Bromide, Sodium Bromide, Zinc Bromide, Hydrobromic Acid, Decabromodiphenyl Ethane (DBDPE), and others. On the basis of application, it is divided into flame retardants, organic intermediates, oil & gas drilling, biocides, PTA synthesis, and others. On the basis of end use, it is classified into chemical, construction, oil & gas, pharmaceuticals, electronics, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The global bromine derivatives market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include Albemarle Corporation, Gulf Resources Inc, Hindustan Salts Limited, Honeywell International Inc, Israel Chemicals Limited, LANXESS Corporation, Perekop Bromine, Tata Chemicals Limited, TETRA Technologies, Inc., and Tosoh Corporation.

The global bromine derivatives market is analyzed and estimated in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2020–2030. The report includes the study of the market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth. 

Key Findings Of The Study:

• On the basis of derivative, the TBBPA segment emerged as the global leader with around 31.2% of the global market share in 2020, and is anticipated to be the largest markets during the forecast period.
• On the basis of application, the flame retardants segment emerged as the global leader by acquiring with around 48.3% of the global market share in 2020, and is anticipated to be the largest market during the forecast period.
• On the basis of end use, the chemical segment registered the highest market share of around 61.2% and is projected to maintain the same during the forecast period.
• On the basis of region, Asia-pacific registered the highest market share of around 40.8% and is projected to maintain the same during the forecast period.

Impact Of Covid-19 On The Global Bromine Derivatives Market

• According to the Organization for Economic Co-operation and Development (OECD), during the lockdown, price war began in crude oil prices due to extensive supply and less demand. However, this factor shows that due to extensive production of oil, there is sluggish impact on the bromine derivatives market.
• The International Energy Agency projects that oil & gas revenues for a number of key producers fell between 50% and 85% in 2020, compared to 2019, yet the losses could be larger depending on future market developments. With overall calculation of oil & gas demand, the oil & gas industry witnessed significant decline, thereby impacting the bromine derivatives market, which is completely dependent on the oil & gas industry.
• Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using bromine derivatives and thereby affected the bromine derivatives market. 
• According to the UNIDO, 30.0–70.0% of pre-COVID-19 workforce of various industries, such as construction and mills, migrated back to their hometowns due to uncertainties and loss of income during the lockdown. This unavailability or less availability of workforce is expected to directly affect the production and manufacturing activities, thereby resulting in decline in demand for raw materials used in bromine derivatives. This is expected to decline the growth of the market during the forecast period.
• The automotive industry garners a major share in terms of consumption of bromine derivatives globally. The automotive industry has been negatively impacted amid the lockdown imposed due to the COVID-19 outbreak and recorded decline in vehicle on road (passenger & commercial) in 2020. This has further declined the bromine derivatives demand due to disrupted supply chain, which, in turn, hampered the bromine derivatives market.
• The construction industry acquired a significant share in terms of consumption of bromine derivatives globally. Attributed to the outbreak of COVID-19 pandemic, the construction of various large projects was halted amid lockdown. As a result, the demand for bromine derivatives declined, which led to the downfall of the global bromine derivatives market.