Mercury emissions across the globe have been increasing rapidly across the globe, the major reason for which is the surging utilization of fossil fuels for generating energy. While mercury occurs naturally on earth, it is harmful to human health, particularly to children and pregnant women, in the form of emissions. In addition to this, capturing mercury emissions is hard, owing to which the demand for bromine is increasing. Bromine aids in breaking up mercury molecules, which makes it easier to capture the molecules through emission control equipment.
Another reason which is resulting in the growth of the bromine market is the surging consumption of clear brine fluids in the oil & gas drilling. This is owing to the ability of clear brine fluids to decrease the bottom-hole pressure and temperature in the well bores. A number of soluble salts are added to these fluids in a specific concentration after considering densities, freeze points, clarity, and pressure/temperature. Brine display enhanced wellbore stability in the salt, less fine-hole gauge, fast shale penetration rates, and formation damage. In addition to this, the initial cost of setting up the casing for the mud for drilling is reduced with the utilization of brine.
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The global bromine market reached a value of $1,864.3 million in 2019, and is expected to register a 5.7% CAGR during 2020–2030. The market is divided into organobromide, hydrogen bromide, and bromide salts, among which, the organobromide division accounted for the major share of the market in 2019. This can be ascribed to the surging consumption of these derivatives, such as ethylene dibromide, styrene bromide, allyl bromide, vinyl bromide, and propylene bromide, for the production of flame retardants, pesticides, intermediates for gasoline antiknock agents, fumigants, and organic synthesis, and catalysts. The bromide salts division is projected to progress at the fastest pace during the forecast period.
As per a report by P&S Intelligence, the Asia-Pacific region dominated the bromine market during the historical period (2014–2019), which is attributed to the high consumption and production of bromine derivatives in China. The country has naturally occurring bromine in abundance, along with high number of consumers and cost-effective labor, because of which, various enterprises from outside are setting up their manufacturing plants in the country. Moreover, as the disposable income of people in the region is rising, the demand for different bromine-based products is growing as well.
Hence, the demand for bromine is rising due to the surging mercury emissions, growing consumption of clear brine fluids, and increasing adoption of bromine-based storage technology grids.
Read more: https://www.psmarketresearch.com/market-analysis/bromine-market
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