The global Bromobenzene Market is primarily driven by its wide range of applications in the pharmaceutical sector. Bromobenzene is majorly used in manufacturing of various drugs such as analgesics, antipyretics, antibiotics and anticancer agents. Its unique properties like high melting point, low boiling point and stability at ambient temperature makes it suitable for use in drug manufacturing process. The global Bromobenzene Market is estimated to be valued at US$ 77.7 Bn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The pharmaceutical industry has seen a spurt in growth over the past few years owing to increasing production of generic as well as patented drugs globally. According to World Health Organization, the global pharmaceutical market is projected to reach US$ 1.5 trillion by 2023. This rising demand from pharmaceutical sector is acting as a key growth driver for the bromobenzene market. Bromobenzene is an important chemical intermediate that finds various applications in synthesizing antipyretic and analgesic drugs. With growing prevalence of diseases and increasing healthcare expenditure across regions, the demand for pharmaceutical drugs is anticipated to boost during the forecast period, thereby positively impacting the bromobenzene market.
Segment Analysis
The global bromobenzene market is segmented based on application into dyes, pesticides, and others. The dyes sub-segment dominates the market and accounts for around 40% share of the global market. Bromobenzene finds widespread application as an intermediate in the manufacturing of brominated organic compounds that are used as dyes. The demand for bromobenzene from the dye manufacturing segment is expected to continue growing during the forecast period.
Key Takeaways
The Global Bromobenzene Market Share is expected to witness high growth over the forecast period of 2024 to 2031. The market size is projected to reach US$ 135.8 billion by 2031, expanding at a CAGR of 20%.
Regional analysis: North America is currently the largest and fastest growing regional market for bromobenzene. This is attributed to the strong presence of dye manufacturers in the US and Canada. The Asia Pacific region is also emerging as a major consumer of bromobenzene with China accounting for over 30% of the regional demand. Expanding textile industry and increasing application of bromobenzene in agrochemical manufacturing is driving the market growth in Asia Pacific.
Key players: Key players operating in the bromobenzene market are Activision Blizzard, Inc., NVIDIA Corporation, Valve Corporation, Nintendo of America Inc., Riot Games, Inc., Epic Games, Inc., Tencent Holding Limited, Gameloft SE, Turner Broadcasting System, CJ Corporation and Electronic Arts Inc. and Others. The leading players are focusing on capacity expansion and backward integration to gain higher market share.
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