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(IT-NEWSWIRE.COM, May 24, 2024 ) The report "Bromine Market by Derivative (Organobromine, Clear Brine Fluids and Hydrogen Bromide), Application (Flame Retardants, PTA Synthesis, Water Treatment & Biocides, HBR Flow Batteries), End-User & Region - Global Forecast to 2028" The bromine market is projected to grow from USD 3.6 billion in 2023 to USD 4.4 billion by 2028, at a CAGR of 4.2% during the forecast period.
Browse in-depth TOC on "Bromine Market”
391 - Market Data Tables
51 - Figures
321 - Pages
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Based on derivative, the hydrogen bromide segment is projected to be the fastest-growing segment during 2023 to 2028. Hydrogen bromide is used for various applications such as inorganic bromides, industrial drying, textile finishing, fire-retardant applications, pharmaceuticals, alkyl bromides from alcohol, among others. The diverse use of hydrogen bromide is expected to boost its demand for various applications.
Based on application, the flame retardants segment is projected to be the fastest-growing segment during 2023 to 2028. Brominated flame retardants (BFR) are used in various applications to reduce the combustion rate. Some of the major applications of BFR in electrical & electronics are printed circuit boards, connectors, plastic covers, and cables. The growth in various end-use industries is expected to drive the demand of flame retardants.
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Based on region, Asia Pacific is projected to be the fastest-growing market for bromine during the forecast period. Asia Pacific is hub to major industries such as oil & gas, automotive, electronic, constructions, among others. Substantial infrastructure development and increasing demand for flame retardants in automobiles and construction applications are expected to drive the bromine market in this region.
Bromine Market Key Players
Companies such as ICL Group Ltd. (Israel), Albemarle Corporation (US), LANXESS AG (Germany), Tosoh Corporation (Japan), and TETRA Technologies, Inc. (US) fall under the winners’ category. These are leading players in the bromine market, globally. These players have adopted the strategies of expansions, new product developments, agreements, and acquisitions to fulfil the rising demand for bromine on the regional as well as global levels.
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