by The global Bromobenzene Market is estimated to be valued at US$ 67.44 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Bromobenzene is an aromatic organic compound composed of a phenyl group substituted with a bromine atom. It is a colorless, flammable liquid with a sharp, pungent odor. Bromobenzene is primarily used as an intermediate in the production of other chemicals, pharmaceuticals, and dyes.
Market key trends:
One of the key trends in the bromobenzene market is its use as an intermediate in the production of agricultural chemicals. Bromobenzene goes into the production of herbicide compounds such as nitrobromobenzenes which are used as intermediates for S-triazine and phenylurea herbicides. The demand for crop protection chemicals is growing with the increasing global population and declining arable land. This is expected to drive the demand for bromobenzene over the forecast period. In addition, bromobenzene also finds application as an intermediate in the production of industrial surfactants, pharmaceuticals, and electric & electronic chemicals. The rising demand from these end-use industries will accelerate the bromobenzene market growth in the coming years.
SWOT Analysis
Strength: Bromobenzene has applications across various end-use industries like electronics, agrochemicals, etc. due to its unique physical and chemical properties. It is an important chemical intermediate for producing various brominated compounds.
Weakness: Stringent regulations regarding the production and use of bromobenzene due to its toxic nature can restrain the market growth. Improper handling of bromobenzene can lead to severe health issues.
Opportunity: Rising consumption of agrochemicals and electronics globally is estimated to present growth opportunities for the bromobenzene market during the forecast period. Research & development of new applications will further support the market expansion.
Threats: Presence of alternatives and volatility in raw material prices can threaten the consistent demand for bromobenzene. Environmental concerns pertaining to bromobenzene emissions may also negatively impact the market.
Key Takeaways
The Global Bromobenzene Market Share is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing consumption of electronics and agrochemicals globally.
Regional analysis
Asia Pacific dominated the global bromobenzene market in 2022 and is estimated to maintain its leading position during the forecast period. This is attributed to growing electronics and agrochemical industries in China, India, and South Korea. North America and Europe are also anticipated to present lucrative opportunities for market growth due to the increasing demand for bromobenzene intermediates from major end-use industries in the regions.
Key players
Key players operating in the bromobenzene market are CM Fine Chemicals GmbH, Hawks Chemical Company, Hebei Yingong New Material Technology Co., Ltd., Heranba Industries Ltd., Jiangsu Dacheng Pharmaceutical and Chemical Co., Ltd., Luyunjia Chemistry Xiamen Limited, Merck KGaA, Mody Chemi-Pharma Limited, RX MARINE INTERNATIONAL, and Yancheng Longsheng Chemical Co., Ltd. Mergers & acquisitions, expansions, and new product launches are some major strategies adopted by these players to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
