Bromobenzene Market is Estimated To Witness High Growth Owing To...

Bromobenzene Market is Estimated To Witness High Growth Owing To Increasing Demand for Electronics

نشر بتاريخ 2023-12-01 08:00:25

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Bromobenzene is an organobromine compound which is used as an important intermediate in organic synthesis. It is used in manufacturing other brominated compounds that are used as fire retardants, pesticides, cosmetics and pharmaceuticals due to its advantages such as non-combustibility and resistance to moisture. It helps produce an array of consumer products that enhances safety, health and hygiene.

One of the key trends driving the growth of the bromobenzene market is its increasing use as a building block chemical in various end use industries like agrochemicals, petrochemicals, and polymers. It acts as an intermediate in manufacturing brominated flame retardants that are widely used across automotive, construction and electrical & electronics industries to improve fire safety of materials. Moreover, rising use of bromobenzene derivatives in agricultural fungicides and herbicides is also fueling the market growth. Furthermore, increasing investments by market players to expand production capacities of bromobenzene to cater to the growing demand is expected to open new avenues for the market over the forecast period.

The bromobenzene market is dominated by the agricultural segment. Bromobenzene is majorly used as an intermediate in manufacturing agricultural fungicides and pesticides. The agricultural segment accounted for over 60% of the global bromobenzene market share in 2023. This is because bromobenzene acts as a precursor for various agrochemicals and is used extensively for manufacturing pesticides that are applied to protect crops from infestations and disease.

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 the agricultural industry.

Asia Pacific dominated the global bromobenzene market in 2023 and is expected to maintain its lead over 2023-2030. This is owing to the rising crop productivity and presence of various key bromobenzene producers in countries such as China and India. North America and Europe are also significant markets for bromobenzene due to the increasing agricultural exports from these regions.

https://healthcarelatesteditionnews.blogspot.com/2023/11/bromobenzene-as-building-block-chemical.html