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 Overview:
Bromobenzene commonly known as monobromobenzene, is a colorless, oily liquid which possesses a sweet odor. It is predominantly used as an intermediate in the production of other chemicals including pharmaceuticals, agrochemicals, and dyes & pigments. Bromobenzene has a molecular formula of C6H5Br and is insoluble in water but soluble in organic solvents. Due to its ability to inhibit plant growth, it finds widespread application in herbicides, fungicides, and insecticides.
Market key trends:
One of the key trends in the bromobenzene market is its rising use in agrochemical formulations. Bromobenzene acts as an intermediate for producing bromoxynil which is primarily used as a contact herbicide for controlling broadleaf weeds in cereals and grasses. Increasing demand for food grains to sustain the rising global population has augmented the demand for agrochemicals. This is anticipated to positively influence the consumption of bromobenzene over the forecast period. Additionally, the growing application of bromobenzene in pharmaceuticals as antibacterial, antifungal and antiseptic agents is also expected to propel market growth in the coming years.
Porter’s Analysis
Threat of new entrants: The specialty chemicals industry requires large capital investments in R&D and production facilities. These high entry barriers deter new players from venturing into this market.
Bargaining power of buyers: The bromobenzene market has the presence of many global players. Buyers can negotiate better prices due to the availability of substitutes.
Bargaining power of suppliers: The raw materials used for bromobenzene production are commodities traded on global markets. This gives suppliers moderate bargaining power over buyers.
Threat of new substitutes: There exist substitute chemicals that can be used instead of bromobenzene in certain applications. Continuous R&D helps pioneers introduce new green substitutes.
Competitive rivalry: The market has few major leaders with strong brand equity and economies of scale. Intense competition keeps pricing pressures and profit margins low.
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 demand from agrochemical and pharmaceutical industries.
Regional analysis: Asia Pacific dominates the bromobenzene market and is expected to continue its lead through 2030. This can be attributed to growing manufacturing industry and rising R&D investments in China and India.
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. Key players are focusing on expanding their production capacities and global footprint through strategic partnerships.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
