Bromine Market Predicted to Exhibit Huge Expansion in Asia-Pacific in Coming Years
The global bromine market attained a valuation of $1,864.3 million in 2019 and will progress at a CAGR of 5.7% between 2020 and 2030, as per the estimates of P&S Intelligence, a market research firm based in India. The main factors fueling the expansion of the market are the rising utilization of bromine compounds for reducing mercury emissions, increasing usage of clear brine fluids in oil and gas drilling activities, and the growing demand for environment-friendly polymeric flame retardants.
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The ballooning requirement for clear brine fluids in oil and gas drilling activities is a major factor driving the progress of the bromine market. Clear brine fluids can significantly reduce the bottom-hole pressure and temperature in the well bores. A plethora of soluble salts are added in specific concentration to the clear brine fluids taking freeze points, clarity, pressure/temperature freeze points, and densities into consideration. Compared to other drilling fluids, brines exhibit enhanced wellbore stability in the salt.
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Globally, the Asia-Pacific bromine market would be the most prosperous one in the forthcoming years. This is credited to the increasing urban population and the surging sales of electronic products, insulation, and plastics in Japan, China, India, Thailand, and South Korea, due to the soaring disposable income of the people residing in these countries. As the bromine-based flame retardants are heavily used in these items, the growing sales of these products are boosting the market growth in the region.
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Hence, it can be said without any hesitation that the market would exhibit rapid expansion all over the world in the upcoming years, primarily because of the soaring usage of clear brine fluids in oil and gas E&P activities and the surging utilization of bromine compounds in flame retardants and fire extinguishers.