The global bromine market attained a valuation of $1,864.3 million in 2019 and will progress at a CAGR of 5.7% between 2020 and 2030, as per the estimates of P&S Intelligence, a market research firm based in India. The main factors fueling the expansion of the market are the rising utilization of bromine compounds for reducing mercury emissions, increasing usage of clear brine fluids in oil and gas drilling activities, and the growing demand for environment-friendly polymeric flame retardants.
Based on derivative, the market for bromine is categorized into bromide salts, hydrogen bromide, and organobromide. Out of these, the bromide salts category will register the fastest growth in the market in the future, mainly on account of the growing usage of these materials in clear brine fluid production. The increasing oil and gas exploration and production (E&P) activities are pushing up the demand for clear brine fluids, which is, in turn, fueling the rapid growth of the bromide salts category.
 |
| To learn more about this report: https://bit.ly/2NAV1sg |
The market is also divided, based on application, into flame retardants, clear brine fluids, water treatment, and pharmaceuticals categories. Amongst these, the flame retardants division recorded the highest growth in the market in the past, due to the large-scale usage of various bromine compounds such as allyl bromide, ammonium bromide, vinyl bromide, and ethyl bromide in fire extinguishers and retardants. Besides helping greatly in putting out fires, these chemicals also make the products that contain them considerably less flammable.
Globally, the Asia-Pacific bromine market would be the most prosperous one in the forthcoming years. This is credited to the increasing urban population and the surging sales of electronic products, insulation, and plastics in Japan, China, India, Thailand, and South Korea, due to the soaring disposable income of the people residing in these countries. As the bromine-based flame retardants are heavily used in these items, the growing sales of these products are boosting the market growth in the region.
Hence, it can be said without any hesitation that the market would exhibit rapid expansion all over the world in the upcoming years, primarily because of the soaring usage of clear brine fluids in oil and gas E&P activities and the surging utilization of bromine compounds in flame retardants and fire extinguishers.
Read More: https://www.psmarketresearch.com/market-analysis/bromine-market
No comments:
Post a Comment