by The 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, also known as monobromobenzene, is an aromatic organic compound with the molecular formula C6H5Br. It is a colorless liquid with a slight agreeable odor. Bromobenzene is majorly used as an intermediate in the manufacturing of other organic chemicals like dyestuffs, biocides, pharmaceuticals and others. It is also used as a solvent in certain industries.
Market Dynamics:
Bromobenzene market is primarily driven by the increasing demand from agrochemical and pharmaceutical industries. Bromobenzene is used as an intermediate in manufacturing certain pesticides and antibiotics. Growing agricultural production and increasing focus on health globally is fuelling the demand for agrochemicals and pharmaceuticals, thereby propelling the bromobenzene market growth. Additionally, bromobenzene also finds application as a solvent in certain chemical processes. Rapid industrialization and expansion of chemical industries across developing regions is also contributing to the market growth. However, being toxic in nature, stringent regulations around the production and usage of bromobenzene may hamper the market growth over the forecast period.
Segment Analysis
The bromobenzene market is segmented into phenol-bromobenzene, brominated polystyrene, and brominated bisphenol-A. Among these, the phenol-bromobenzene segment dominates the market and accounts for over 30% of the overall sales. This is because phenol-bromobenzene is widely used in the production of pharmaceuticals and agrochemicals. It acts as an important intermediate in the manufacturing of numerous drugs and active pharmaceutical ingredients.
PEST Analysis
Political: The bromobenzene market is regulated by environmental laws pertaining to the handling of hazardous chemicals. Stringent regulations regarding the manufacture and use of bromobenzene can impact the growth of players.
Economic: A stable growth in end-use industries such as pharmaceuticals, agrochemicals, and polymers augments the demand for bromobenzene. Economic fluctuations affecting these industries negatively impact market revenue.
Social: Strict occupational health and safety norms discourage the use of toxic materials at the workplace. Growing environmental consciousness among consumers also prompts them to shift towards greener products.
Technological: Advancements in bromination techniques help reduce waste and improve reaction efficiency. Emerging bromination catalysts aid in developing new application areas for bromobenzene.
Key Takeaways
The Global Bromobenzene Market Share is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period of 2023 to 2030, due to increasing demand from the pharmaceutical industry. The market size for 2023 is estimated to be US$ 67.44 Mn.
Regional analysis indicates that Asia Pacific dominates the global bromobenzene market with over 40% share. This is owing to the strong presence of pharmaceutical manufacturers in India and China. These countries are also major agrochemical producers.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
