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 is an organic compound that contains a bromine atom attached to a benzene ring. It is a colorless, dense liquid that has a sweet odor. Bromobenzene is mainly used as an intermediate in the synthesis of other organic compounds such as dyes, drugs, pesticides, and specialty chemicals. It is also used as a solvent in chemical reactions due to its non-polar properties. Market key trends: One of the major trends driving the growth of the bromobenzene market is the rising demand from the electronics industry. Bromobenzene is used as an intermediate in the manufacturing of flame retardants that are extensively utilized in the production of printed circuit boards, semiconductors, and other electronic components. The rapid expansion of the consumer electronics sector around the world has led to increased consumption of bromobenzene. Moreover, bromobenzene also finds application in agrochemicals and pharmaceuticals. The mounting requirement from these industries is projected to fuel the market expansion over the forecast period. Changing lifestyle patterns and increased per capita spending on consumer goods are also contributing to the market growth. Porter’s Analysis Threat of new entrants: The bromobenzene market requires huge initial investments for research and development as well as production facilities. This factor poses moderate threat of new entrants. Bargaining power of buyers: The presence of large number of established bromobenzene manufacturers limits the bargaining power of buyers. Bargaining power of suppliers: Raw materials required for bromobenzene production such as benzene are commoditized. This gives suppliers moderate bargaining power. Threat of new substitutes: There exist no close substitutes for bromobenzene in applications such as intermediates for dyes, drugs, and agricultural chemicals. Threat is low. Competitive rivalry: The bromobenzene market is moderately concentrated with key players. Rivalry is high. SWOT Analysis Strengths: Established manufacturing infrastructure and wide application base in industries such as pharmaceuticals and agrochemicals. Weaknesses: Requirement of sizable capital investments and regulatory approvals for new entries. Vulnerability to raw material price fluctuations. Opportunities: Growing demand for bromobenzene from emerging economies of Asia Pacific and Latin America. Potential for application expansion in flame retardants. Threats: Stringent environmental regulations regarding solvent emissions. Risk of substitution by newer chemicals. 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. The market size for 2023 is estimated to reach US$ 67.44 Mn. Regional analysis- Asia Pacific dominates the global bromobenzene market and the region is estimated to maintain its dominance during the forecast period. China accounts for the major production and consumption of bromobenzene in the region. 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 capacity expansions to strengthen their market position. Read more https://www.ukwebwire.com/bromobenzene-market-size-share-growth-outlook-2023/
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