Bromobenzene is an organic compound that is primarily used in the production of intermediates for agrochemicals, rubber, and plastic industries. It has high demand as an intermediate in the synthesis of rubber accelerators and flame retardants. Bromobenzene possesses properties such as low reactivity, high stability, and ease of handling, which make it ideal for use as an intermediate in various end-use industries.
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 key trends:
Growing demand from rubber and plastic industries has been a major trend propelling the Global Bromobenzene Market Size. Bromobenzene is a key intermediate in the production of rubber accelerators and flame retardants which enhances the properties of rubber and plastics. With growing automobile and construction industries worldwide, the demand for tires, hoses, sheets, wires, pipes and other products made from rubber and plastics has surged rapidly. This in turn is driving the consumption of bromobenzene as an important intermediate chemical. The rising applications of rubber and plastics across various end-use industries will continue to offer promising growth opportunities for the bromobenzene market over the forecast period.
SWOT Analysis
Strength: The bromobenzene market has several applications in various end-use industries such as agrochemical, pharmaceutical, and others. It is used as an intermediate in the production of medicines, dyes, and other chemicals.
Weakness: Strict environmental regulations regarding the use of bromobenzene may hamper market growth. Exposure to bromobenzene can cause health issues.
Opportunity: Growing demand from the agrochemical industry for crop protection is expected to create new opportunities. Increasing R&D activities to develop novel applications can also provide opportunities.
Threats: Presence of alternative chemicals and easy availability of substitutes are major threats. Fluctuations in raw material prices also pose threats.
Key Takeaways
The global bromobenzene market is expected to witness high growth over the forecast period. The market was valued at US$ 67.44 Mn in 2023 and is expected to reach US$ 114.74 Mn by 2030, growing at a CAGR of 5.4%.
Regional analysis: Asia Pacific accounts for the largest share of the global bromobenzene market and is expected to maintain dominance over the forecast period. China, India, and Japan are major countries contributing to the region’s growth. Increasing agricultural production and expanding pharmaceutical industry are driving market growth in Asia Pacific.
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. These players are focusing on new product development and expansion strategies to gain higher market share.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it