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 consisting of bromine attached to a benzene ring. It is a colorless liquid that is slightly denser than water and has a mild, sweet odor. Bromobenzene is primarily used in industrial applications as an intermediate in the manufacturing of other organic compounds and pharmaceuticals, such as dyes, pesticides, and pharmaceuticals. It is also utilized as a solvent for a wide range of organic compounds and reactions such as nitration, bromination, and Friedel-Crafts reactions. The increasing demand from industrial applications is expected to drive the growth of the bromobenzene market over the forecast period.

Market Dynamics:

The bromobenzene market growth is majorly driven by the increasing demand from industrial applications. Bromobenzene is widely used as an intermediate in the manufacturing of various organic compounds and chemicals used in industries such as pharmaceutical, agrochemical, and dye industries. Pharmaceutical companies utilize bromobenzene derivatives in drugs and medicines due to the antibacterial properties. They are also extensively used as intermediates in the production of drugs like analgesics, antibiotics, antifungals etc. Furthermore, bromobenzene derivatives find applications as intermediates in agrochemicals like herbicides, fungicides and insecticides. The rising agricultural output and increasing demand for high-value crops has propelled the agrochemical industry growth, thereby augmenting the demand for bromobenzene. Additionally, bromobenzene derivatives are employed in dye manufacturing industries as intermediates in various azo dyes. The flourishing textile industry globally is fueling the demand for dyes, thus boosting the bromobenzene market.

SWOT Analysis

Strength: Bromobenzene has applications in various end-use industries such as agriculture, pharmaceuticals, and chemicals manufacturing. It is widely used as an intermediate in the production of brominated flame retardants, drugs, dyes, and pesticides. Bromobenzene is stable and has high reactivity which enables it to be utilized in diverse chemical reactions.

Weakness: Exposure to bromobenzene can cause various health hazards such as nausea, vomiting, headache, and weakness. Strict regulations are imposed on the usage and handling of bromobenzene due to its toxic nature. Production of bromobenzene involves use of hazardous raw materials and generates toxic byproducts.

Opportunity: Growing demand for flame retardants from construction and automotive industries presents new areas of application for bromobenzene. Increasing R&D activities to develop novel agrochemicals and pharmaceutical intermediates using bromobenzene chemistry offer lucrative opportunities.

Threats: Presence of alternative chemicals that can replace bromobenzene in some applications poses competition in the market. Stringent environmental regulations regarding production and emissions of toxic substances act as a major restraining factor.

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 usage of bromobenzene in flame retardants production.

Regional analysis: Asia Pacific dominates the global bromobenzene market and is expected to grow at the fastest rate owing to large production facilities and presence of leading bromobenzene producers in China and India. North America and Europe also hold significant shares in the overall market.

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.

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