Bromine - Global Market Outlook (2017-2023)

August 2017 | 148 pages | ID: BE73E257DF5EN
Stratistics Market Research Consulting

Abstracts

According to Stratistics MRC, the Global Bromine Market is expected to grow from $2.35 billion in 2016 to reach $4.28 billion by 2023 with a CAGR of 8.9%. Increasing consumption of bromine in various end use industries such as oil & gas, automotive, pharmaceuticals, textile, agricultural, and electronics will be one of the major factors that will have a positive impact on the growth of the market. Bromine and its derivatives are widely used in PTA synthesis, plasma etching, flame retardants, biocides, and oil & gas drilling applications. Furthermore, increasing oil and gas demand, expansion of water treatment industry, developments in oil & gas production with advance manufacturing units, rising usage as mercury reducing agents and stringent environmental policies are the factors favoring the market growth. However, environmental concerns due to its toxicological effects and developing non-halogenated flame retardants will hamper the bromine market’s growth to some extent in the near future.

Bromine is a chemical element, one of nature’s building blocks. Bromine derivatives are essential ingredients in everything from drugs and automotive tires to water purifiers, sanitizers and additives that protect lives and property from fire. Bromine derivatives are used to explore for oil and gas, and they help us keep swimming pools and spas clean and clear. They are vital to agriculture and international trade because they protect crops from insect damage and help to keep imported commodities free of invasive pests. Bromine is classified as a hazardous waste material under the CERCLA (Superfund) act of 1980 and the Resource Conservation and Recovery Act (RCRA) of 1976, along with numerous state and local laws and regulations. Under these rules, bromine must be disposed of in a way that minimizes potential harm to humans and the environment.

Asia-Pacific leads the bromine and its derivatives market globally with the biggest market share and is expected to grow with a high CAGR among the other regions. The dominance of this region is due to key players are shifting their manufacturing units from mature markets to emerging markets such as APAC and ME&A. Growing demand from end use industries, increasing investments by large players and existence of large sources of raw materials in Asia pacific region are expected to augment bromine and its derivative market in coming years. Major bromine sources include Ocean waters in Japan, Dead Sea and Brine wells of China.

Some of the key players profiled in the report include Sanofi SA, Honeywell International Inc., Aquachina Chemicals, Chemtura Corporation, Israel Chemicals Limited, Solaris Chemtech, Dhruv Chem Industries, Tetra Technologies Inc., Tosoh Corporation, Albemarle Corporation, Morre-Tec Industries Inc., Jordan Bromine Company, Hindustan Salts Limited, Gulf Resources Inc., Tata Chemicals Limited, Shandong Haiwang Chemical Co., Ltd., Shandong Dadi Salt Chemical Group Co., Ltd and Shandong Ocean Chemical Co., Ltd.

Derivatives Covered:

• Clear Brine Fluids
• Hydrogen Bromide (BHR)
• Organobromines

Applications Covered:

• Biocides
• Catalysts
• Flame Retardants
• Oil & Gas drilling
• Organic Intermediates
• Plasma etching
• PTA synthesis
• Other Applications

Verticals Covered:

• Oil and gas
• Automotive
• Chemicals
• Pharmaceuticals
• Agriculture
• Cosmetics
• Textile
• Other Verticals

Regions Covered:

• North America
• US
• Canada
• Mexico
• Europe
• Germany
• UK
• Italy
• France
• Spain
• Rest of Europe
• Asia Pacific
• Japan
• China
• India
• Australia
• New Zealand
• South Korea
• Rest of Asia Pacific
• South America
• Argentina
• Brazil
• Chile
• Rest of South America
• Middle East & Africa
• Saudi Arabia
• UAE
• Qatar
• South Africa
• Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country level segments
• Market share analysis of the top industry players
• Strategic recommendations for the new entrants
• Market forecasts for a minimum of 7 years of all the mentioned segments, sub segments and the regional markets
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Contents

1 EXECUTIVE SUMMARY

2 PREFACE

2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
  2.4.1 Data Mining
  2.4.2 Data Analysis
  2.4.3 Data Validation
  2.4.4 Research Approach
2.5 Research Sources
  2.5.1 Primary Research Sources
  2.5.2 Secondary Research Sources
  2.5.3 Assumptions

3 MARKET TREND ANALYSIS

3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Futuristic Market Scenario

4 PORTERS FIVE FORCE ANALYSIS

4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 GLOBAL BROMINE MARKET, BY DERIVATIVE

5.1 Introduction
5.2 Clear Brine Fluids
5.3 Hydrogen Bromide (BHR)
5.4 Organobromines

6 GLOBAL BROMINE MARKET, BY APPLICATION

6.1 Introduction
6.2 Biocides
6.3 Catalysts
6.4 Flame Retardants
6.5 Oil & Gas drilling
6.6 Organic Intermediates
6.7 Plasma etching
6.8 PTA synthesis
6.9 Other Applications
  6.9.1 Photography
  6.9.2 Elastomers
  6.9.3 Adhesive & Tape

7 GLOBAL BROMINE MARKET, BY VERTICAL

7.1 Introduction
7.2 Oil and gas
7.3 Automotive
7.4 Chemicals
7.5 Pharmaceuticals
7.6 Agriculture
7.7 Cosmetics
7.8 Textile
7.9 Other Verticals
  7.9.1 Construction
  7.9.2 Furnishing
  7.9.3 Water treatment

8 GLOBAL BROMINE MARKET, BY GEOGRAPHY

8.1 Introduction
8.2 North America
  8.2.1 US
  8.2.2 Canada
  8.2.3 Mexico
8.3 Europe
  8.3.1 Germany
  8.3.2 UK
  8.3.3 Italy
  8.3.4 France
  8.3.5 Spain
  8.3.6 Rest of Europe
8.4 Asia Pacific
  8.4.1 Japan
  8.4.2 China
  8.4.3 India
  8.4.4 Australia
  8.4.5 New Zealand
  8.4.6 South Korea
  8.4.7 Rest of Asia Pacific
8.5 South America
  8.5.1 Argentina
  8.5.2 Brazil
  8.5.3 Chile
  8.5.4 Rest of South America
8.6 Middle East & Africa
  8.6.1 Saudi Arabia
  8.6.2 UAE
  8.6.3 Qatar
  8.6.4 South Africa
  8.6.5 Rest of Middle East & Africa

9 KEY DEVELOPMENTS

9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies

10 COMPANY PROFILING

10.1 Sanofi SA
10.2 Honeywell International Inc.
10.3 Aquachina Chemicals
10.4 Chemtura Corporation
10.5 Israel Chemicals Limited
10.6 Solaris Chemtech
10.7 Dhruv Chem Industries
10.8 Tetra Technologies Inc.
10.9 Tosoh Corporation
10.10 Albemarle Corporation
10.11 Morre-Tec Industries Inc.
10.12 Jordan Bromine Company
10.13 Hindustan Salts Limited
10.14 Gulf Resources Inc.
10.15 Tata Chemicals Limited
10.16 Shandong Haiwang Chemical Co., Ltd.
10.17 Shandong Dadi Salt Chemical Group Co., Ltd
10.18 Shandong Ocean Chemical Co., Ltd.

List Of Tables

LIST OF TABLES

Table 1 Global Bromine Market Outlook, By Region (2014-2023) ($MN)
Table 2 Global Bromine Market Outlook, By Derivative (2014-2023) ($MN)
Table 3 Global Bromine Market Outlook, By Clear Brine Fluids (2014-2023) ($MN)
Table 4 Global Bromine Market Outlook, By Hydrogen Bromide (BHR) (2014-2023) ($MN)
Table 5 Global Bromine Market Outlook, By Organobromines (2014-2023) ($MN)
Table 6 Global Bromine Market Outlook, By Application (2014-2023) ($MN)
Table 7 Global Bromine Market Outlook, By Biocides (2014-2023) ($MN)
Table 8 Global Bromine Market Outlook, By Catalysts (2014-2023) ($MN)
Table 9 Global Bromine Market Outlook, By Flame Retardants (2014-2023) ($MN)
Table 10 Global Bromine Market Outlook, By Oil & Gas drilling (2014-2023) ($MN)
Table 11 Global Bromine Market Outlook, By Organic Intermediates (2014-2023) ($MN)
Table 12 Global Bromine Market Outlook, By Plasma etching (2014-2023) ($MN)
Table 13 Global Bromine Market Outlook, By PTA synthesis (2014-2023) ($MN)
Table 14 Global Bromine Market Outlook, By Other Applications (2014-2023) ($MN)
Table 15 Global Bromine Market Outlook, By Photography (2014-2023) ($MN)
Table 16 Global Bromine Market Outlook, By Elastomers (2014-2023) ($MN)
Table 17 Global Bromine Market Outlook, By Adhesive & Tape (2014-2023) ($MN)
Table 18 Global Bromine Market Outlook, By Vertical (2014-2023) ($MN)
Table 19 Global Bromine Market Outlook, By Oil and gas (2014-2023) ($MN)
Table 20 Global Bromine Market Outlook, By Automotive (2014-2023) ($MN)
Table 21 Global Bromine Market Outlook, By Chemicals (2014-2023) ($MN)
Table 22 Global Bromine Market Outlook, By Pharmaceuticals (2014-2023) ($MN)
Table 23 Global Bromine Market Outlook, By Agriculture (2014-2023) ($MN)
Table 24 Global Bromine Market Outlook, By Cosmetics (2014-2023) ($MN)
Table 25 Global Bromine Market Outlook, By Textile (2014-2023) ($MN)
Table 26 Global Bromine Market Outlook, By Other Verticals (2014-2023) ($MN)
Table 27 Global Bromine Market Outlook, By Construction (2014-2023) ($MN)
Table 28 Global Bromine Market Outlook, By Furnishing (2014-2023) ($MN)
Table 29 Global Bromine Market Outlook, By Water treatment (2014-2023) ($MN)
Table 30 North America Bromine Market Outlook, By Country (2014-2023) ($MN)
Table 31 North America Bromine Market Outlook, By Derivative (2014-2023) ($MN)
Table 32 North America Bromine Market Outlook, By Clear Brine Fluids (2014-2023) ($MN)
Table 33 North America Bromine Market Outlook, By Hydrogen Bromide (BHR) (2014-2023) ($MN)
Table 34 North America Bromine Market Outlook, By Organobromines (2014-2023) ($MN)
Table 35 North America Bromine Market Outlook, By Application (2014-2023) ($MN)
Table 36 North America Bromine Market Outlook, By Biocides (2014-2023) ($MN)
Table 37 North America Bromine Market Outlook, By Catalysts (2014-2023) ($MN)
Table 38 North America Bromine Market Outlook, By Flame Retardants (2014-2023) ($MN)
Table 39 North America Bromine Market Outlook, By Oil & Gas drilling (2014-2023) ($MN)
Table 40 North America Bromine Market Outlook, By Organic Intermediates (2014-2023) ($MN)
Table 41 North America Bromine Market Outlook, By Plasma etching (2014-2023) ($MN)
Table 42 North America Bromine Market Outlook, By PTA synthesis (2014-2023) ($MN)
Table 43 North America Bromine Market Outlook, By Other Applications (2014-2023) ($MN)
Table 44 North America Bromine Market Outlook, By Photography (2014-2023) ($MN)
Table 45 North America Bromine Market Outlook, By Elastomers (2014-2023) ($MN)
Table 46 North America Bromine Market Outlook, By Adhesive & Tape (2014-2023) ($MN)
Table 47 North America Bromine Market Outlook, By Vertical (2014-2023) ($MN)
Table 48 North America Bromine Market Outlook, By Oil and gas (2014-2023) ($MN)
Table 49 North America Bromine Market Outlook, By Automotive (2014-2023) ($MN)
Table 50 North America Bromine Market Outlook, By Chemicals (2014-2023) ($MN)
Table 51 North America Bromine Market Outlook, By Pharmaceuticals (2014-2023) ($MN)
Table 52 North America Bromine Market Outlook, By Agriculture (2014-2023) ($MN)
Table 53 North America Bromine Market Outlook, By Cosmetics (2014-2023) ($MN)
Table 54 North America Bromine Market Outlook, By Textile (2014-2023) ($MN)
Table 55 North America Bromine Market Outlook, By Other Verticals (2014-2023) ($MN)
Table 56 North America Bromine Market Outlook, By Construction (2014-2023) ($MN)
Table 57 North America Bromine Market Outlook, By Furnishing (2014-2023) ($MN)
Table 58 North America Bromine Market Outlook, By Water treatment (2014-2023) ($MN)
Table 59 Europe Bromine Market Outlook, By Country (2014-2023) ($MN)
Table 60 Europe Bromine Market Outlook, By Derivative (2014-2023) ($MN)
Table 61 Europe Bromine Market Outlook, By Clear Brine Fluids (2014-2023) ($MN)
Table 62 Europe Bromine Market Outlook, By Hydrogen Bromide (BHR) (2014-2023) ($MN)
Table 63 Europe Bromine Market Outlook, By Organobromines (2014-2023) ($MN)
Table 64 Europe Bromine Market Outlook, By Application (2014-2023) ($MN)
Table 65 Europe Bromine Market Outlook, By Biocides (2014-2023) ($MN)
Table 66 Europe Bromine Market Outlook, By Catalysts (2014-2023) ($MN)
Table 67 Europe Bromine Market Outlook, By Flame Retardants (2014-2023) ($MN)
Table 68 Europe Bromine Market Outlook, By Oil & Gas drilling (2014-2023) ($MN)
Table 69 Europe Bromine Market Outlook, By Organic Intermediates (2014-2023) ($MN)
Table 70 Europe Bromine Market Outlook, By Plasma etching (2014-2023) ($MN)
Table 71 Europe Bromine Market Outlook, By PTA synthesis (2014-2023) ($MN)
Table 72 Europe Bromine Market Outlook, By Other Applications (2014-2023) ($MN)
Table 73 Europe Bromine Market Outlook, By Photography (2014-2023) ($MN)
Table 74 Europe Bromine Market Outlook, By Elastomers (2014-2023) ($MN)
Table 75 Europe Bromine Market Outlook, By Adhesive & Tape (2014-2023) ($MN)
Table 76 Europe Bromine Market Outlook, By Vertical (2014-2023) ($MN)
Table 77 Europe Bromine Market Outlook, By Oil and gas (2014-2023) ($MN)
Table 78 Europe Bromine Market Outlook, By Automotive (2014-2023) ($MN)
Table 79 Europe Bromine Market Outlook, By Chemicals (2014-2023) ($MN)
Table 80 Europe Bromine Market Outlook, By Pharmaceuticals (2014-2023) ($MN)
Table 81 Europe Bromine Market Outlook, By Agriculture (2014-2023) ($MN)
Table 82 Europe Bromine Market Outlook, By Cosmetics (2014-2023) ($MN)
Table 83 Europe Bromine Market Outlook, By Textile (2014-2023) ($MN)
Table 84 Europe Bromine Market Outlook, By Other Verticals (2014-2023) ($MN)
Table 85 Europe Bromine Market Outlook, By Construction (2014-2023) ($MN)
Table 86 Europe Bromine Market Outlook, By Furnishing (2014-2023) ($MN)
Table 87 Europe Bromine Market Outlook, By Water treatment (2014-2023) ($MN)
Table 88 Asia Pacific Bromine Market Outlook, By Country (2014-2023) ($MN)
Table 89 Asia Pacific Bromine Market Outlook, By Derivative (2014-2023) ($MN)
Table 90 Asia Pacific Bromine Market Outlook, By Clear Brine Fluids (2014-2023) ($MN)
Table 91 Asia Pacific Bromine Market Outlook, By Hydrogen Bromide (BHR) (2014-2023) ($MN)
Table 92 Asia Pacific Bromine Market Outlook, By Organobromines (2014-2023) ($MN)
Table 93 Asia Pacific Bromine Market Outlook, By Application (2014-2023) ($MN)
Table 94 Asia Pacific Bromine Market Outlook, By Biocides (2014-2023) ($MN)
Table 95 Asia Pacific Bromine Market Outlook, By Catalysts (2014-2023) ($MN)
Table 96 Asia Pacific Bromine Market Outlook, By Flame Retardants (2014-2023) ($MN)
Table 97 Asia Pacific Bromine Market Outlook, By Oil & Gas drilling (2014-2023) ($MN)
Table 98 Asia Pacific Bromine Market Outlook, By Organic Intermediates (2014-2023) ($MN)
Table 99 Asia Pacific Bromine Market Outlook, By Plasma etching (2014-2023) ($MN)
Table 100 Asia Pacific Bromine Market Outlook, By PTA synthesis (2014-2023) ($MN)
Table 101 Asia Pacific Bromine Market Outlook, By Other Applications (2014-2023) ($MN)
Table 102 Asia Pacific Bromine Market Outlook, By Photography (2014-2023) ($MN)
Table 103 Asia Pacific Bromine Market Outlook, By Elastomers (2014-2023) ($MN)
Table 104 Asia Pacific Bromine Market Outlook, By Adhesive & Tape (2014-2023) ($MN)
Table 105 Asia Pacific Bromine Market Outlook, By Vertical (2014-2023) ($MN)
Table 106 Asia Pacific Bromine Market Outlook, By Oil and gas (2014-2023) ($MN)
Table 107 Asia Pacific Bromine Market Outlook, By Automotive (2014-2023) ($MN)
Table 108 Asia Pacific Bromine Market Outlook, By Chemicals (2014-2023) ($MN)
Table 109 Asia Pacific Bromine Market Outlook, By Pharmaceuticals (2014-2023) ($MN)
Table 110 Asia Pacific Bromine Market Outlook, By Agriculture (2014-2023) ($MN)
Table 111 Asia Pacific Bromine Market Outlook, By Cosmetics (2014-2023) ($MN)
Table 112 Asia Pacific Bromine Market Outlook, By Textile (2014-2023) ($MN)
Table 113 Asia Pacific Bromine Market Outlook, By Other Verticals (2014-2023) ($MN)
Table 114 Asia Pacific Bromine Market Outlook, By Construction (2014-2023) ($MN)
Table 115 Asia Pacific Bromine Market Outlook, By Furnishing (2014-2023) ($MN)
Table 116 Asia Pacific Bromine Market Outlook, By Water treatment (2014-2023) ($MN)
Table 117 South America Bromine Market Outlook, By Country (2014-2023) ($MN)
Table 118 South America Bromine Market Outlook, By Derivative (2014-2023) ($MN)
Table 119 South America Bromine Market Outlook, By Clear Brine Fluids (2014-2023) ($MN)
Table 120 South America Bromine Market Outlook, By Hydrogen Bromide (BHR) (2014-2023) ($MN)
Table 121 South America Bromine Market Outlook, By Organobromines (2014-2023) ($MN)
Table 122 South America Bromine Market Outlook, By Application (2014-2023) ($MN)
Table 123 South America Bromine Market Outlook, By Biocides (2014-2023) ($MN)
Table 124 South America Bromine Market Outlook, By Catalysts (2014-2023) ($MN)
Table 125 South America Bromine Market Outlook, By Flame Retardants (2014-2023) ($MN)
Table 126 South America Bromine Market Outlook, By Oil & Gas drilling (2014-2023) ($MN)
Table 127 South America Bromine Market Outlook, By Organic Intermediates (2014-2023) ($MN)
Table 128 South America Bromine Market Outlook, By Plasma etching (2014-2023) ($MN)
Table 129 South America Bromine Market Outlook, By PTA synthesis (2014-2023) ($MN)
Table 130 South America Bromine Market Outlook, By Other Applications (2014-2023) ($MN)
Table 131 South America Bromine Market Outlook, By Photography (2014-2023) ($MN)
Table 132 South America Bromine Market Outlook, By Elastomers (2014-2023) ($MN)
Table 133 South America Bromine Market Outlook, By Adhesive & Tape (2014-2023) ($MN)
Table 134 South America Bromine Market Outlook, By Vertical (2014-2023) ($MN)
Table 135 South America Bromine Market Outlook, By Oil and gas (2014-2023) ($MN)
Table 136 South America Bromine Market Outlook, By Automotive (2014-2023) ($MN)
Table 137 South America Bromine Market Outlook, By Chemicals (2014-2023) ($MN)
Table 138 South America Bromine Market Outlook, By Pharmaceuticals (2014-2023) ($MN)
Table 139 South America Bromine Market Outlook, By Agriculture (2014-2023) ($MN)
Table 140 South America Bromine Market Outlook, By Cosmetics (2014-2023) ($MN)
Table 141 South America Bromine Market Outlook, By Textile (2014-2023) ($MN)
Table 142 South America Bromine Market Outlook, By Other Verticals (2014-2023) ($MN)
Table 143 South America Bromine Market Outlook, By Construction (2014-2023) ($MN)
Table 144 South America Bromine Market Outlook, By Furnishing (2014-2023) ($MN)
Table 145 South America Bromine Market Outlook, By Water treatment (2014-2023) ($MN)
Table 146 Middle East & Africa Bromine Market Outlook, By Country (2014-2023) ($MN)
Table 147 Middle East & Africa Bromine Market Outlook, By Derivative (2014-2023) ($MN)
Table 148 Middle East & Africa Bromine Market Outlook, By Clear Brine Fluids (2014-2023) ($MN)
Table 149 Middle East & Africa Bromine Market Outlook, By Hydrogen Bromide (BHR) (2014-2023) ($MN)
Table 150 Middle East & Africa Bromine Market Outlook, By Organobromines (2014-2023) ($MN)
Table 151 Middle East & Africa Bromine Market Outlook, By Application (2014-2023) ($MN)
Table 152 Middle East & Africa Bromine Market Outlook, By Biocides (2014-2023) ($MN)
Table 153 Middle East & Africa Bromine Market Outlook, By Catalysts (2014-2023) ($MN)
Table 154 Middle East & Africa Bromine Market Outlook, By Flame Retardants (2014-2023) ($MN)
Table 155 Middle East & Africa Bromine Market Outlook, By Oil & Gas drilling (2014-2023) ($MN)
Table 156 Middle East & Africa Bromine Market Outlook, By Organic Intermediates (2014-2023) ($MN)
Table 157 Middle East & Africa Bromine Market Outlook, By Plasma etching (2014-2023) ($MN)
Table 158 Middle East & Africa Bromine Market Outlook, By PTA synthesis (2014-2023) ($MN)
Table 159 Middle East & Africa Bromine Market Outlook, By Other Applications (2014-2023) ($MN)
Table 160 Middle East & Africa Bromine Market Outlook, By Photography (2014-2023) ($MN)
Table 161 Middle East & Africa Bromine Market Outlook, By Elastomers (2014-2023) ($MN)
Table 162 Middle East & Africa Bromine Market Outlook, By Adhesive & Tape (2014-2023) ($MN)
Table 163 Middle East & Africa Bromine Market Outlook, By Vertical (2014-2023) ($MN)
Table 164 Middle East & Africa Bromine Market Outlook, By Oil and gas (2014-2023) ($MN)
Table 165 Middle East & Africa Bromine Market Outlook, By Automotive (2014-2023) ($MN)
Table 166 Middle East & Africa Bromine Market Outlook, By Chemicals (2014-2023) ($MN)
Table 167 Middle East & Africa Bromine Market Outlook, By Pharmaceuticals (2014-2023) ($MN)
Table 168 Middle East & Africa Bromine Market Outlook, By Agriculture (2014-2023) ($MN)
Table 169 Middle East & Africa Bromine Market Outlook, By Cosmetics (2014-2023) ($MN)
Table 170 Middle East & Africa Bromine Market Outlook, By Textile (2014-2023) ($MN)
Table 171 Middle East & Africa Bromine Market Outlook, By Other Verticals (2014-2023) ($MN)
Table 172 Middle East & Africa Bromine Market Outlook, By Construction (2014-2023) ($MN)
Table 173 Middle East & Africa Bromine Market Outlook, By Furnishing (2014-2023) ($MN)
Table 174 Middle East & Africa Bromine Market Outlook, By Water treatment (2014-2023) ($MN)