May 22, 2024
Bromobenzene Market

The Ascending Gaming Industry Drives Growth in the Bromobenzene Market

The rising popularity of gaming has expanded the use of bromobenzene across various applications. Bromobenzene finds wide usage as an intermediate in the manufacturing of flame retardants, which are extensively used in electronic components and circuits to enhance safety. The growing adoption of flame retardants in gaming accessories such as joysticks, controllers and wiring has increased the demand for bromobenzene. The Global Bromobenzene Market Size is estimated to be valued at US$ 77.7 Bn in 2024 and is expected to exhibit a 20% CAGR over the forecast period from 2024 to 2030.

Bromobenzene, also known as monobromobenzene, is an organic compound that consists of a benzene ring with one bromine atom as a substituent. It is a colorless viscous liquid with a disagreeable odor. Bromobenzene is primarily used in the production of alpha-bromo styrene and flame retardants. Alpha-bromo styrene finds applications as an intermediate in the manufacturing of various resins, dyes, pharmaceuticals and other fine chemicals. Meanwhile, bromobenzene-derived flame retardants help enhance the fire safety of electronic components and circuit boards commonly found in gaming devices. The increasing fire safety standards and growing complexity of gaming hardware has boosted the demand for such flame retardants.

Key Takeaways

Key players operating in the Bromobenzene Market are Activision Blizzard, Inc., NVIDIA Corporation, Valve Corporation, Nintendo of America Inc., Riot Games, Inc., Epic Games, Inc., Tencent Holding Limited, Gameloft SE, Turner Broadcasting System, CJ Corporation and Electronic Arts Inc. and Others. These companies are focusing on developing advanced gaming technologies and immersive gaming experiences to engage more users.

The gaming industry has observed exponential growth over the past decade driven by rising digitization and improving network connectivity. This has increased the demand for high-performance gaming devices with enhanced safety features. The use of bromobenzene-derived flame retardants in such devices is on the rise.

Geographic expansion into emerging markets presents lucrative opportunities for gaming companies. As living standards rise in developing nations, the pool of gaming users is increasing rapidly. This global proliferation of the gaming sector will continue driving the consumption of bromobenzene and its derivatives in the coming years.

Market Key Trends

One of the major trends contributing to the growth of the bromobenzene market is the miniaturization of electronic components. As gaming devices move towards more compact and portable form factors, there is a need to tightly pack a high density of delicate internal components into small spaces. This increases fire risks, raising the importance of advanced flame retardants. Bromobenzene is increasingly used in manufacturing flame retardants suitable for miniaturized electronics applications in the gaming industry.

Porter’s Analysis

Threat of new entrants: New companies can enter the market easily as there are no major entry barriers but established companies have economies of scale and brand loyalty advantages.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes but differentiated products of companies reduce impact of buyer power.

Bargaining power of suppliers: A few major companies are engaged in production so suppliers have moderate bargaining power over price setting and supply contracts.

Threat of new substitutes: Substitute products exist but require significant development efforts and capital investments to attain similar performance levels.

Competitive rivalry: Intense competition exists between major players to gain market share and scale through pricing, advertising and new product innovations.

Geographical Regions

North America currently holds the largest share of the global bromobenzene market owing to high demand from end-use industries such as chemical intermediates and flame retardants. The thriving chemical sector coupled with stringent regulations regarding flame retardants in buildings and electronics is driving growth.

The Asia Pacific region is expected to be the fastest growing market for bromobenzene between 2024-2030. Growing construction and automotive industries along with increasing electronics manufacturing hubs in China, India, South Korea and Japan are propelling demand. Moreover, relaxations in environmental norms and availability of raw materials at competitive prices provide an impetus to regional producers.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it