Global Bromine market segments 2024, Forecast To 2033

The bromine market has experienced rapid growth, ascending from $4.78 billion in 2023 to $5.26 billion in 2024, with a compound annual growth rate (CAGR) of 10.0%. The historic period's growth is linked to the increased demand for flame retardants in construction materials and electronics, expansion of the oil and gas industry, pharmaceutical industry growth for medicine production, regulatory support favoring bromine in water treatment, and a rise in demand for clear brine fluids in oil and gas production. Envisaging robust growth, the market is expected to reach $7.61 billion in 2028, maintaining a strong CAGR of 9.6%. The forecasted growth is attributed to environmental regulations favoring bromine in flame retardants, expansion of the energy storage and electric vehicle markets, increased use of bromine compounds in energy-efficient cooling systems, enhanced demand for bromine in water treatment due to urbanization, and bromine adoption in energy storage solutions like flow batteries. Key trends in the forecast period encompass a shift towards eco-friendly flame retardants, bromine recycling, urbanization's impact on water treatment, bromine in energy-efficient electronics, and energy storage solutions.