The bromine market is projected to grow from USD 3.6 billion in 2023 to USD 4.4 billion by 2028, at a CAGR of 4.2% from 2023 to 2028. The growth of the market is driven by the rising demand for bromine in various applications such flame retardants, oil & gas drilling, PTA synthesis, pharmaceutical, pesticides and, among others.
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Bromine Companies:
The globally leading players in the bromine market are such as ICL Group Ltd. (Israel), Albemarle Corporation (US), LANXESS AG (Germany), Tosoh Corporation (Japan), and TETRA Technologies, Inc. (US) fall under the winners’ category. These players have adopted the strategies of expansions, new product developments, agreements, and acquisitions to fulfil the rising demand for bromine on the regional as well as global levels.
ICL Group Ltd.
ICL Group Ltd. is one of the largest players operating in the bromine market. The company works in fertilizers, bromine, and flame retardants. The company has focused on new product development and expansions strategies to strengthen its position in the bromine market. In January 2023, ICL Group Ltd launched new product BromoQuel which is a bromine neutralization system.
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Albemarle Corporation
Albemarle Corporation has a strong product portfolio and supplies products to various industries. The company has established a joint venture with Jordan Bromine Company Ltd. (Jordan) to obtain high-quality bromine from the Dead Sea. In November 2022, Albemarle Corporation announced its plan to expand and modernize two bromine facilities in Magnolia, Arkansas, to meet the growing demand for fire safety and specialty products.
Tosoh Corporation
Tosoh Corporation manufactures bromine, hydrobromic acid, and various grades of flame retardants used in the electronics, consumer goods, textile, and automotive industries. In June 2020, Tosoh Corporation has decided to expand its production capacity for bromine at its Nanyo Complex in Shunan City, Yamaguchi Prefecture.
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Asia Pacific, North America, and Western Europe are significant regional markets for bromine. The Asia Pacific market is expected to witness the fastest growth between 2023 and 2028. Massive economic expansion and the flourishing electronics, semiconductor, automotive, and textile industries in some Asia Pacific countries, such as China, India, Japan, South Korea, and Taiwan, are responsible for the market’s high growth rate in the region. Currently, China is the largest market for bromine in the Asia Pacific region. The market in this country is also projected to register the highest CAGR during the forecast period in terms of value and volume.
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