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Written by Mark Smith » Updated on: September 11th, 2024
The latest report by IMARC Group, titled ‘Bromine Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,' offers a comprehensive analysis of the bromine market report. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.
The global bromine market size reached US$ 3.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 5.2 Billion by 2032, exhibiting a growth rate (CAGR) of 4.25% during 2024-2032.
Bromine is classified among the halogens on the periodic table and is one of only two elements that are liquid at room temperature. Bromine is distinguished by its deep red-brown color and a pungent odor, and it is less reactive than chlorine but more reactive than iodine. Bromine is primarily obtained through the extraction from seawater, natural brines, or through the mining of bromide-rich brine deposits. Its applications are diverse and crucial in various industries.
Bromine compounds are widely used in flame retardants, as they effectively slow down the chemical reactions in a fire. In the realm of pharmaceuticals, bromine is integral to the synthesis of a number of sedatives and antiepileptic drugs. Additionally, brominated substances play a role in the production of pesticides, dyestuffs, and photographic chemicals. The utility of bromine extends into water treatment processes where it serves as a disinfectant alternative to chlorine, highlighting its significance in maintaining water hygiene and safety.
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The increasing use of bromine in flame retardants due to stringent safety regulations is driving the global market. Additionally, the automotive and electronics sectors contribute to the growth in the bromine market, as bromine-based compounds are used in the manufacture of batteries and printed circuit boards. Another driver is the expansion of the oil and gas industry where bromine is utilized in clear brine fluids essential for drilling operations. The demand for bromine in this segment is expected to remain robust as energy exploration and production activities continue to grow, especially in offshore oil and gas fields.
Moreover, the development and expansion of water treatment facilities worldwide is fueling the demand for brominated compounds used in water purification processes to remove contaminants and pathogens, further propelling the market growth. Furthermore, the shift towards more environmentally friendly fire suppression systems and the phasing out of ozone-depleting halons have led to an increased use of bromine-based alternatives. The wide utilization of bromine in the pharmaceutical sector, where it is used in the synthesis of various medicinal compounds, including sedatives and antihistamines is supporting the market. The increasing demand for pharmaceuticals globally supports this segment of the bromine market.
Explore Full Report with Table of Contents: https://www.imarcgroup.com/bromine-market
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Explore Complete Blog by IMARC Group: https://www.imarcgroup.com/top-bromine-companies
Bromine Market Segmentation:
Our report has categorized the market based on region, derivative, application and end user.
Breakup by Derivative:
Breakup by Application:
Breakup by End User:
Breakup by Region:
Key highlights of the report:
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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