by Bromobenzene, also known as monobromobenzene, is an organobromine compound with the formula C6H5Br. It is a colorless liquid that is slightly denser than water and has a sweet aromatic odor. Bromobenzene is primarily used as an intermediate in the production of other organic compounds and in organic synthesis reactions. Some key applications include fire retardants, pesticides, chemical intermediates, dyestuffs, and pharmaceuticals. With the robust growth of end-user industries like agrochemicals, specialty chemicals, cosmetics, and pharmaceuticals worldwide, the demand for bromobenzene and its derivatives has increased substantially in recent years.
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:
One of the major trends driving the bromobenzene market is its increasing use in agrochemical formulations. Bromobenzene acts as an important intermediate in the manufacturing of various bromine-based pesticides and herbicides. The growing need to boost agricultural yields to meet the rising global food demand has significantly propelled the demand for agrochemicals in recent years. According to statistics, the global agrochemical market valued at over US$ 60 billion in 2020 and is projected to grow at a rate of 4-5% during the forecast period. This rising demand for agrochemicals worldwide will eventually augment the consumption of bromobenzene as a key manufacturing component. Apart from this, the expanding application scope of bromobenzene derivatives in specialty chemicals and pharmaceuticals synthesis is another key factor likely to support market growth over the coming years.
Porter’s Analysis
Threat of new entrants: Low capital requirements pose a moderate threat of new entrants in the Global Bromobenzene Market Size. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes.
Bargaining power of suppliers: A few major players operate in the bromobenzene market, giving them significant bargaining power over buyers.
Threat of new substitutes: Substitutes like chlorobenzene pose a moderate threat due to their similar applications.
Competitive rivalry: The bromobenzene market exhibits high competitive rivalry due to established presence of major players.
Key Takeaways
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.
The bromobenzene market in Asia Pacific is expected to dominate during the forecast period. China and India are major consumers and producers of bromobenzene in the region.
Key players comprises
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
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