Bromobenzene, also known as monobromobenzene, is an aromatic hydrocarbon compound with the chemical formula C6H5Br. It is a colorless, dense liquid with a sweet aroma. Bromobenzene is commonly used as an industrial solvent and an intermediate in the production of dyestuffs, pesticides, and other chemicals. Bromobenzene has advantages like non-corrosiveness, non-flammability, and high chemical stability. The increasing use of bromobenzene in the manufacturing of pharmaceutical drugs is augmenting the growth of the market. The global bromobenzene market is estimated to be valued at US$ 77.7 Bn in 2024 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 Opportunity

The increasing adoption of bromobenzene in the pharmaceutical industry offers lucrative opportunities for the bromobenzene market growth. Pharmaceutical companies are increasingly using bromobenzene as an intermediate in the production of various drugs like analgesics, antibiotics, and anti-cancer drugs. Bromobenzene is used in the production of barbiturates that help in relieving anxiety and insomnia. It is also utilized in the synthesis of sulfonamides that are antibacterial and antifungal in nature. Moreover, bromobenzene plays a vital role in pharmaceutical process development and research activities as a model substrate in drug metabolism studies. Thus, the rising demand for pharmaceutical products globally will augment the adoption of bromobenzene, thereby fueling market growth over the forecast period.

Porter's Analysis

Threat of new entrants: Low barriers of entry, well established players with strong distribution channels.

Bargaining power of buyers: Large number of buyers in end use industries, however differentiated products provide some control to suppliers.

Bargaining power of suppliers: Few number of suppliers and suppliers have some control on prices due to specialized production process.

Threat of new substitutes: Moderate threat as bromobenzene has applications that are difficult to substitute.

Competitive rivalry: Intense competition due to large number of players and differentiated products.

SWOT Analysis

Strengths: Wide applications, technical advantages over substitutes, growing end use industries.

Weaknesses: Health hazards associated with production and use, stringent regulations.

Opportunities: Expanding markets in developing regions, potential for new applications development.

Threats: Substitute threats from alternative chemicals, regulatory pressures on emissions.

Key Takeaways

The Global Bromobenzene Market Share is expected to witness high growth during the forecast period of 2024 to 2031. The market size was valued at US$ 77.7 Bn in 2024 and is projected to reach over US$ 100 Bn by 2031, registering a CAGR of around 20%.

North America dominated the global market in 2024 with over 35% share. Presence of major end use industries such as electrical & electronics and automotive provide growth opportunities. Stringent environmental regulations pose challenges for growth in the region.

The Asia Pacific region is expected to be the fastest growing market during the forecast period. Countries such as China, India, Indonesia, and Thailand offer high growth potential owing to increasing per capita income, rapid industrialization and growing electronics demand.

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. Major players are focusing on capacity expansions and new product launches to gain higher market shares.

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https://www.ukwebwire.com/bromobenzene-market-analysis-size-share-growth-outlook-2023/