Scienza e Tecnologia
Increasing Bromine Applications as Flame Retardant to Spur Demand, Volume Sold to Surpass 718,139.5 Tons by 2031: Future Market Insights
Sales of bromine are expected to showcase year-on-year increase of 3.2% in 2021, owing to the increasing use of bromine in water treatment, flame retardants, oil and gas drilling, and flow batteries among others. In addition to this, increasing demand from automotive and pharmaceutical sectors will accelerate the bromine sales.
Increasing number of fire accidents across the world has created a high demand for materials having fire-retarding properties. According to the National Fire Protection Association (NFPA), approximately 481,500 structure fires were reported in the U.S., causing property damages of worth US$ 12.3 billion in 2019. As bromine compounds possess high fire resistant properties, they are extensively used in flame retardants, which will continue driving the sales of bromine through the course of the report's assessment period.
The flame retardant segment is expected to remain the most remunerative category in terms of application. Increasing usage of brominated flame retardants in everyday commodities such as rubber, textiles, washing machine, computers, televisions, and others to reduce their flammability is favoring the segment growth.
says the FMI analyst.
As per FMI, The top five players in the global bromine market are Albemarle Corporation, Israel Chemical Ltd., Jordan Bromine Company Limited, Lanxess AG, and Tosoh Corporation. These players are estimated to hold nearly of the overall market.
Leading players are adopting various growth strategies such as setting up new manufacturing plants, mergers and acquisitions, advanced product development, and partnerships to maintain their leading in this fragmented landscape. For instance,
Some of the key players in the bromine market profiled by FMI are:
The latest market study on the bromine market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global bromine market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
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