Bromobenzene Market Is Projected To Witness High Growth Owing To Increasing Adoption In Pharmaceutical Industry

 

Bromobenzene Market

Bromobenzene, also known as monobromobenzene, is an organic compound that consists of a phenyl group with one bromine atom as a substituent. It is a colorless flammable liquid with a sharp, disagreeable odor. Bromobenzene finds wide usage as an intermediate in the production of other chemicals and pharmaceuticals. It is primarily used to make flame retardants which are added to plastics, electronics, textiles and other materials to inhibit or prevent ignition and decrease the flammability. The global bromobenzene market is estimated to be valued at US$ 77.7 Mn in 2024 and is expected to exhibit a CAGR of 20% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:

The growing demand for flame retardants from various end-use industries such as construction, electronics, automotive and others is the primary driver propelling the bromobenzene market growth. Bromobenzene is a key raw material in the production of flame retardant additives like hexabromocyclododecane (HBCD) which are extensively used in insulation and building materials to meet fire safety standards. Additionally, with rising electronics production and e-waste, the need for brominated flame retardants is also increasing thereby augmenting the market of bromobenzene. However, stringent regulations regarding the use of brominated flame retardants due to their hazardous nature can hamper the market expansion over the forecast period.

 

SWOT Analysis

Strength: Bromobenzene is used across several industries like pharmaceutical, agrochemical and electronics which creates many opportunities for growth. It has applications in medicine manufacturing which is steadily increasing due to expanding healthcare needs. The chemical is also used to make dyes, resins, disinfectants and pesticides that have stable demand from different sectors.

Weakness: Bromobenzene is hazardous in nature and needs careful handling during production and transportation. Strong regulations around its usage can negatively impact manufacturers. Alternative chemicals are also being developed that may replace bromobenzene in few applications over time.

Opportunity: Growing electronics industry worldwide is expected to boost demand for bromobenzene as it is used in making flame retardants for circuit boards. Expansion of pharmaceutical sector in emerging nations will augment its consumption for synthesizing various medicines. Countries making investments in agriculture will increase agrochemical production benefiting bromobenzene suppliers.

Threats: Restrictions on hazardous chemicals may come into effect due to environmental norms. This can limit bromobenzene application scope. Economic slowdowns impacting key consumer industries can lower its sales temporarily. Development of substitutes is a long-term threat for established bromobenzene producers.

 

Key Takeaways

The Global Bromobenzene Market Share is expected to witness high growth. It is projected to grow at a CAGR of 20% during the forecast period of 2024 to 2031. The market size for 2024 is estimated at US$ 77.7 Bn indicating huge opportunities.

 

Regional analysis: Asia Pacific region currently dominates the global market and is expected to maintain its leading position during the forecast period. Growing electronics, pharmaceutical and agrochemical industries in China, India and other Asian countries will drive the demand. North America is another major consumer market for bromobenzene owing to well-established end-use industries. Europe is anticipated to witness above average growth with increasing investments in medicine manufacturing.

 

Key players: 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 capacity additions to cater to the rising requirement of bromobenzene from various applications globally. New product launches, collaborations and acquisitions are some of the core growth strategies adopted.

 


Get More Insights Here

https://www.pressreleasebulletin.com/bromobenzene-market-analysis-size-share-growth-outlook-2023/

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