The bromine derivatives market is set to grow at a 3.9% CAGR by 2029, driven by applications in flame retardants and oil drilling, with Asia Pacific as a key growth region.
A new market research study by Future Market Insights on the global bromine derivatives market contains global industry analysis 2014–2018 and opportunity assessment 2019–2029. The report investigates the bromine derivatives market and provides critical insights for the forecast period of 2019-2029. As per the findings of the report, the global industrial bromine derivatives market is anticipated to experience substantial growth over the forecast period due increasing adoption of bromine compounds in various applications, such as flame retardants, PTA synthesis, oil & gas drilling, and others.
The global industrial bromine derivatives market was valued at ~US$ 4Bn in 2018 and is projected to increase at a CAGR of ~ 4% during the projected period of 2019 and 2029. This growth is significantly driven by the expansion of chemical, oil & gas, and other end-use industries of bromine based chemicals.
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Significant Growth Opportunities in Asia Pacific for the Bromine Derivatives Market
Growing stringency of government regulations on the usage of halogenated flame retardants in the U.S., Canada, and EU countries, is a factor expected to decrease the consumption of bromine in these geographies.
However, in developing nations, such as China and India, government policies are not that strict on the use of brominated flame retardants as compared to that in the U.S. and EU member countries.
Alternative Usage of Bromine Compounds in Various Industrial Applications
The global bromine derivatives market has been segmented based on derivative, application, end-use, and regions such as North America, Latin America, Europe, South Asia, East Asia, Middle East & Africa, and Oceania.
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Global Bromine Derivatives Market: Vendor Insights
The report signifies some of the prominent market players, who have established themselves as leaders in the global bromine derivatives market. Few examples of key players in the market are Israel Chemicals Limited, Tosoh Corporation, Lanxess AG, Tata Chemicals Limited, Albemarle Corporation, Tetra Technologies Inc., Mil-Spec Industries Corporation, Jordan Bromine Company, Hindustan Salts Limited, Neogen Chemicals Limited, DSL Chemicals (Shanghai) Co. Ltd., and Solaris ChemTech Industries Limited, among others. The global bromine derivatives market is considerably dominated by some key players holding major shares of the market. Tier-1 players are collaborating with regional/local companies to increase their bromine-based product portfolio, thus, gaining a competitive edge over their peers.
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The article discusses the projected growth of the bromine derivatives market and its applications.
Key drivers include the use of bromine in flame retardants and oil drilling.
Asia Pacific is expected to be a major growth region for the bromine derivatives market.
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