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What are Factors Driving Growth of Global Bromine Market?
by Manish Kumar Digital AnalystThe increasing usage of clear brine fluids in oil and gas drilling activities is one of the major factors propelling the demand for bromine across the world. Clear brine fluids are extensively used in oil and gas drilling activities due to their ability of decreasing the bottom-hole pressure and temperature in the well bores. In addition to this, brines provide various advantages over other drilling fluids such as lesser fine-hole gauge, formation, and fill damage, faster shale penetration rates, and lower initial cost of setting up the casing for the mud (for drilling).
The other major factors fuelling the rise in the demand for bromine throughout the globe, are the rising incorporation of eco-friendly polymeric flame retardants and the soaring utilization of bromine compounds for reducing mercury emissions in a cost-effective manner. Due to these factors, the global bromine market generated revenue of $1,864.3 million in 2019 and is expected to advance at a CAGR of 5.7% during the forecast period (2020–2030).
Bromine is used in a plethora of applications, such as in the production of clear brine fluids and flame retardants and in the water treatment and pharmaceuticals industries. Out of these applications, the usage of bromine was found to be the highest in the production of flame retardants in 2019. This is primarily attributed to the fact that the various compounds of bromine such as ethyl bromide, allyl bromide, vinyl bromide, and ammonium bromide are extensively used in extinguishers and fire retardants, on account of their ability to put out the fire and make the materials containing them less flammable.
Geographically, Asia-Pacific (APAC) is expected to observe the highest growth in the usage of bromine during the forecast period. This is credited to the rising demand for electronics and plastic products and insulation materials in many APAC countries such as India, Japan, China, Thailand, and South Korea, on account of the soaring urban population and surging disposable income of the people in these countries. Bromine-based flame retardants are widely used in electronics and plastic products and insulation materials and therefore, the bromine market is being massively boosted by the rising demand for these materials in the region.
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About Manish Kumar 
Digital Analyst
19 connections, 0 recommendations, 48 honor points.Joined APSense since, August 5th, 2019, From Noida, India.
Created on Jun 29th 2020 07:19. Viewed 308 times.
