The lead analyst at AMR highlighted that the bromine derivatives market in Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
Allied Market Research published a research report on the bromine derivatives market. The findings of the report states that the global market for bromine derivatives generated $826.4 million in 2020, and is projected to reach $1.35 billion by 2030, witnessing a CAGR of 5.1% from 2020 to 2030. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
“Bromine derivatives plays a vital role in the major applications of electronics, oil & gas, chemical, pharmaceutical, and construction. The derivatives of bromine are growing at exponential rate due to rising electrical vehicle and extensive use of petrochemical and plastics in our daily life. In addition, rising environmental regulations related to chemical industry are expected to act as the restraining factor for the market through the years to come.” said Eswara Prasad, Manager, Chemical and Materials at Allied Market Research.
The report provides insights on drivers, restrains, and opportunities to help the market players in devising growth strategies and capitalizing on opportunities. Rise in urbanization, growing need of enhanced infrastructure, and increasing use of pharmaceuticals drive the growth of the global bromine derivative market. On the other hand, stringent government regulations on chemicals impede the market growth to some extent. However, surge in pharmaceutical, construction, automotive activities in the developing nations present new opportunities in the industry.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the bromine derivatives market globally. It is helpful for the market players, new entrants, and investors to determine strategies as per the current scenario and improvise the business model for the next few years. The import and export activities were affected significantly during the pandemic, which in turn exerted a negative influence on the end-use industries of bromine derivatives. The automotive industry is one of the major end users of bromine derivative worldwide. Disrupted production activities in the automotive industry aggravated the market condition even more. However, with the mass vaccination drives on board, the global situation has improved significantly and the market for bromine derivatives has also started recouping at a swift pace.
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The report offers detailed segmentation of the global bromine derivatives market based on derivative, application, end-use, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the coming years.
By derivative, the TBBPA segment accounted for the major share in 2020, holding nearly one-third of the total market share, and is estimated to maintain its lead position throughout the forecast period. However, the sodium bromide segment is expected to cite the fastest CAGR of 5.4% from 2021 to 2030.
By end use, the chemical segment held the highest share in 2020, accounting for more than three-fifths of the global bromine derivative market. Simultaneously, the construction segment is anticipated to showcase the fastest CAGR of 5.4% from 2021 to 2030.
Based on region, the market across Asia-Pacific held the major share in 2020, holding around two-fifths of the total share, and is estimated to retain the lion’s share in terms of revenue by 2030. The same region is also projected to display the fastest CAGR of 5.4% throughout the forecast period.
Leading market players of the global bromine derivatives market analyzed in the report include Tosoh Corporation, Gulf Resources Inc, Hindustan Salts Limited, Israel Chemicals Limited, LANXESS Corporation, Perekop Bromine, Albemarle Corporation, Tata Chemicals Limited, TETRA Technologies, Inc., and Honeywell International Inc.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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