The most recent study conducted by Report Ocean, titled “Global US Bromine Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the US Bromine. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
The US bromine market held a market value of USD 631.6 million in 2021 and is projected to reach USD 788.3 million by the year 2026. The market is anticipated to register a CAGR of 4.5% during the forecast period.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
The bromine market in the US is subject to high rise owing to the increased consumption and adoption of bromine in many end use industries. Bromine has been a key component in numerous industries, and with rising awareness the usage of bromine has tremendously increased. In addition to that, the rising usage of bromine in the field of mercury emission mitigation is also fueling the industry growth. Furthermore, amidst the pandemic outbreak, bromine has been highly used as a disinfectant. This, in turn, causes demand, rising the industry growth. On the contrary, the rising demand for non-halogenated flame retardants is causing hindrance to the bromine industry to a substantial level. In addition to that, the decrease in the oil and gas production during the pandemic outbreak is also hampering the industry growth.
Growth Influencers:
Increasing adoption of bromine in mercury emission mitigation
National laws, including the United Nations? Minamata Convention, a global treaty to protect human health and the environment from the adverse effects of mercury are effectively urging the public and private entities to enumerate ways to decrease mercury emissions. The consumption of bromine in pollution control installations is one of the means to augment decrease of mercury emissions in a cost-effective manner. Thus, such measures boost the market growth.
Widespread consumption of bromine in varied applications
Bromine has been used in numerous applications in several industries, ranging from pharmaceuticals to batteries. The increased use of bromine as a flame retardant is creating high demand. The rise in awareness created by public associations related to the cautious use of bromine is fueling the market growth. For instance, according to the statistics published by the National Fire Protection Association (NFPA), in 2020, around 1.4 million fire incidents were reported in the US, causing a loss of USD 21.9 billion of property and thousands of lives. In addition to that, the surging demand for electrical and electronics products has increased the demand for flame retardants. Therefore, such measures fuel the growth rate of the bromine market in the US.
Recycling of Bromine
Bromide solutions can be recycled to generate elemental bromine. Instead of disposing these bromide solutions as hazardous waste, recycling offers a means to reduce this concern. Hydrogen bromide is emitted as a byproduct in many chemical organic reactions. Such byproducts can be reprocessed with virgin bromine brine, which can be used as a source for bromine production.
In addition to that, the bromine present in plastic can also be incinerated as solid organic waste, through which bromine can be recovered.
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Segments Overview:
The US bromine market is segmented into application and derivative.
By Application,
? Flame Retardants
? Oil & Gas Drilling
? PTA Synthesis
? Water Treatment
? Mercury Emission Control
? Pesticides
? HBR Flow Batteries
? Plasma Etching
? Pharmaceuticals
? Others
The flame retardants segment is estimated to hold an opportunity of more than USD 70 million during 2021 to 2027. Moreover, the water treatment segment is likely to cross the mark of USD 60 million revenue by 2024. Furthermore, the plasma etching segment is projected to grow at the highest CAGR of 7.4% over the anticipated period.
By Derivative,
? Organobromine
? Clear Brine Fluids
? Hydrogen Bromide (HBR)
The hydrogen bromide segment is likely to be the fastest growing segment with the growth rate of 5.1% over the forecast period.
Country Overview
The US market for bromine is increasing tremendously owing to the rising growth and adoption of bromine in applications, such as water treatment, flame retardants, pharmaceuticals, pesticides, mercury emission control, and many others. For instance, according to the U.S. Geological Survey, Mineral Commodity Summaries from January 2022, the U.S. apparent consumption of bromine in 2021 was estimated to be greater than that in 2020, thus aligning to high demand and market growth.
Competitive Landscape
The major players operating in the US bromine market include Mil-Spec Industries, Albemarle Corporation, Lanxessa AG, BariteWorld, Unibromo USA, Tetra Technologies, among others.
The key four players in the market hold over 95% of the market share. These market players are capitalizing in collaborations, product launches, mergers, acquisitions, and expansions to sustain a competitive edge in the market. For instance, in June 2021, Albemarle Corporation, a global specialty chemicals company with leading positions in lithium, bromine and refining catalysts, completed the sale of its Fine Chemistry Services business to WR Grace & Co. for nearly USD 570 million.
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The US bromine market report provides insights on the below pointers:
? Market Penetration: Provides comprehensive information on the market offered by the prominent players
? Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
? Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the US bromine market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
? Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
? Pricing Analysis: Pricing analysis of various metals and other components used in the manufacturing
? Manufacturing Cost Analysis: Cost-share of various components
? Ecosystem Analysis
o Bromine Production by U.S. and Other Countries (2018 ? 2019)
o Technology Lifecycle
? Global vs. United States Bromine Market
o Production Estimates
o Production Estimates
o Pricing Analysis
? U.S. Bromine Market Size and Forecast, 2020-2026 (US$ Mn)
o U.S. vs. China
o U.S. vs. Israel
o U.S. vs. Jordan
? Bromine Buyers Analysis
o Application of Bromine in End Use Industries
The US bromine market report answers questions such as:
? What is the market size and forecast of the US bromine market?
? What are the inhibiting factors and impact of COVID-19 on the US bromine market during the assessment period?
? Which are the products/segments/areas to invest in over the assessment period in the US bromine market?
? What is the competitive strategic window for opportunities in the US bromine market?
? What are the technology trends and regulatory frameworks in the US bromine market?
? What is the market share of the leading players in the US bromine market?
? What modes and strategic moves are considered favorable for entering the US bromine market?
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