The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.
They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.
Global demand for bromine market will reach 483 kilo metric tons (KMT) in 2016, up from 470 KMT in 2015. Demand will be impeded by growing regulation and legislation, especially in the European Union (EU), where the use of certain brominated flame retardants is banned or restricted.
Flame retardants will continue to remain the largest application segment, accounting for 203 KMT volume in 2016, a y-o-y increase of 2.8% over 2015. Use of bromine in oil and gas drilling will continue its upward momentum in 2016, growing at 4.3% in terms of volume – the fastest among all the application segments.
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The chemicals industry will remain the largest consumer of bromine, accounting for 292 KMT volume in 2016, representing market value worth 1,284 Mn. Use of bromine in the oil and gas sector will also continue to witness steady growth, as clear brine fluids gain traction for drilling purposes. Demand will be offset by sluggish adoption in the electronics industry, as use of brominated flame retardants continues to face stricter regulations. Demand for bromine from electronics sector will witness a growth rate of 2.1% in 2016 over 2015.
Asia Pacific will remain the largest market for bromine, representing annual revenues worth US$ 1,087 Mn in 2016, up from 895 Mn in 2015. This is primarily due to expansion of end-use industries such as chemicals, pharmaceuticals, textiles, and electronic in APAC. Latin America will continue to offer growth opportunities to manufacturers, with global demand witnessing a 2.0% volume growth in 2016 over 2015. Demand will face constraints in the mature markets of North America and Western Europe in 2016 as well.
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Key players in the global bromine market include includes
- Israel Chemicals Limited
- Chemtura Corporation
- Albemarle Corporation
- Gulf Resources Inc.
- Tosoh Corporation
- Tetra Technologies Inc.
- Tata Chemicals Limited and Hindustan Salts Limited.
Long-term Outlook: PMR projects the global bromine market to witness moderate growth during the forecast period 2016-2024. APAC will continue to remain the largest market for bromine, growing at 4.1% revenue CAGR during the forecast period.
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