Bromobenzene Market Estimated to Witness Robust Growth Due to Its Wide Applications in Pharmaceutical Industry
Bromobenzene, also known as monobromobenzene, is an aromatic hydrocarbon compound derived from benzene by substitution of one hydrogen atom by a bromine atom. It is a colorless liquid with an aromatic odor. Bromobenzene finds wide applications as an intermediate in various chemical processes including production of drugs, dyes, pesticides and other brominated compounds. It is majorly used in production of sedatives, analgesics, anticonvulsants and antithyroid drugs. Bromobenzene is also used as a solvent in chemical reactions due to its non-polar and relatively inert nature.
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 Dynamics:
One of the key drivers propelling the growth of the Global Bromobenzene Market Size is its wide range of applications in pharmaceutical industry for production of various drugs and medicines. According to GlobalMarketInsights.com, the global pharmaceutical market is expected to reach a value of USD 1.38 trillion by 2024, growing at a CAGR of 6% from 2020 to 2024. The rising demand for pharmaceutical products globally is expected to drive the demand for bromobenzene which is extensively used as an intermediate in production of analgesics, anesthetics, anticonvulsants and other key drugs. Additionally, bromobenzene also acts as a solvent in various chemical reactions owing to its non-polar and inert nature. This wide application of bromobenzene as a solvent is further fueling the market growth over the forecast period.
SWOT Analysis
Strength: Bromobenzene has a high melting point and boiling point, which makes it thermally stable. It is soluble in most organic solvents like ethanol and ethers. Bromobenzene is an important intermediate in the production of various fine chemicals and crop protection products.
Weakness: Exposure to bromobenzene can cause skin and eye irritation. Inhalation or ingestion of high concentrations may affect the central nervous system. Strict regulations are in place for the handling and transportation of bromobenzene due to its toxicity.
Opportunity: Growing demand from crop protection and pharmaceutical industries is expected to drive the bromobenzene market. Bromobenzene is used as an intermediate in the synthesis of important agrochemicals like bromoxynil and phenoxibenzamine. Increasing food demand also boosts the consumption of crop protection chemicals.
Threats: Stringent environmental regulations regarding the emission and disposal of bromobenzene pose a major challenge for manufacturers. Alternative technologies that reduce or eliminate the use of toxic chemicals continue to emerge, threatening the demand for bromobenzene.
Key Takeaways
The global bromobenzene market is expected to witness high growth over the forecast period of 2023 to 2030. The market size in 2023 is estimated at US$ 67.44 million and is projected to reach US$ 110.56 million by 2030, expanding at a CAGR of 5.4%.
Asia Pacific dominates the global bromobenzene market and is expected to maintain its leading position during the forecast period. Countries like China, India, and Japan are major producers and consumers of bromobenzene. Growing demand from agrochemical, pharmaceutical, and specialty chemical industries drives the market in the Asia Pacific 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. These companies account for a significant share of the global market.
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