Global Bromine Derivatives Market: Bromine is a chemical element with symbol Br and atomic number 35, which has a choking, and irritating smell. At room temperature bromine is a brownish-red liquid and it is the only nonmetallic element which exists in a liquid state, and when it evaporates a red vapor that has an unpleasant odor like that of chlorine is identified. Bromine is also soluble in organic solvents and in water.
Increasing use of bromine derivatives by rubber and plastic industries for the manufacture of flame-retardant products, and in development of oil and gas production are key factors driving growth of the global bromine derivatives market. In addition, rising demand for bromine derivatives from end use industries such as automobiles and electronics is a major factor expected to fuel growth to the global bromine derivatives market. Also, rising demand for bromine derivatives in water treatment industry, increasing usage of bromine and its derivatives in coal field for minimizing mercury elements, and high demand from the agriculture sector for bromine derivatives to be used in biocide production are other major factors anticipated to boost growth of the global bromine derivatives market.
However, adverse effects of bromine and its derivatives to both human health and the environment, due to its toxicity is a key factor restraining growth of the global bromine derivatives market. Also, stringent government rules and regulation for use and manufacture of bromine products is a major factor expected to hamper growth of the global bromine derivatives market over the forecast period.
The global bromine derivatives market report has been segmented on the basis of derivatives, end-user, and region. On the basis of region, the global bromine derivative market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America is a dominant player in the global bromine derivatives market and accounts for highest market share in terms of revenue as compared to that of markets in other regions. This can be attributed to rising demand for bromine derivatives in the automotive industry in this region. The market in Europe accounts for the second-highest revenue share contribution in the global bromine derivatives market followed by markets in Latin America, Asia Pacific and Middle East & Africa respectively. The market in Asia Pacific is projected to witness fastest growth in terms of revenue, owing to factors such as China being a major market for bromine derivative products.
Prominent players in the global bromine derivatives market include, ICL-Group, Albemarle Corporation, Chemtura Corporation, Tata Chemicals, Honeywell International Inc., Jordan Bromine Company, Israel Chemicals, Gulf Resources, Tetra Technologies Inc., and Hindustan Salts Ltd.