Bromobenzene Market to Surpass US$ 96.2 Mn by 2028

The global bromobenzene market was valued at US$ 57.6 Mn in 2020, according to the Global Bromobenzene Market Report, By Product Type (Phenylmagnesium Bromide, Phencyclidine, and Others), By Application (Grignard Reagent, Solvents, Organic Chemical Synthesis, Additives, Pharmaceutical Intermediate, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) published by Coherent Market Insights.

The global bromobenzene market is expected to surpass US$ 96.2 Mn by 2028 and exhibit a CAGR of 5.4% during the forecast period (2021-2028). Bromobenzene is used as an intermediate in the manufacturing of various chemicals including phenylmagnesium bromide, phencyclidine, and bifenthrin alcohol that are further used by various end-users such as the manufacturers of organic chemicals, solvents, additives, agrochemicals, active pharmaceutical ingredients, and pharmaceutical products. Bromobenzene is used in the synthesis of various organic chemicals including benzoic acid, triphenylmethanol, para-bromo nitrobenzene, bifenthrin alcohol, and others. These factors are expected to drive the demand for bromobenzene during the forecast period.

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https://www.coherentmarketinsights.com/market-insight/bromobenzene-market-4984

Browse 50 market data tables* and 40 figures* on "Global Bromobenzene Market” – Forecast to 2028

Global Bromobenzene Market - Impact of Coronavirus (COVID-19) Pandemic

Since March 2020, almost every industry in the world has suffered from the COVID-19 pandemic. It has significantly disrupted the global automotive industry. The slowdown in the automotive industry is expected to affect the demand for motor oil, which in turn will affect the demand for bromobenzene. The automotive industry has seen disruption across vehicle production and supply chain, resulting in a temporary shutdown of many major automobile production facilities. This is attributed to factors including nationwide lockdown, sealed international border, and short-term imbalance in demand. According to Coherent Market Insights Analysis, India’s vehicles and components export to Europe and North America are stalled and its export market has witnessed a fall of US$ 9 Billion in the first quarter of 2020. Moreover, in China, about 75% of auto production is directly affected by the shutdown with a larger impact on suppliers of automotive components. The pandemic has also affected the specialty & fine chemicals industry including bromobenzene. Specialty & fine chemicals have application in various industries including biocides, catalysts, mining, paints, construction, textiles, and pharmaceutical. Except for its application in the pharmaceutical industry, the Covid-19 has reduced the demand for specialty & fine chemicals across other industry verticals. According to Coherent Market Insights (CMI), the global demand for specialty chemicals fell by over 5% in May 2020 amid the COVID-19 crisis.

Key Trends and Analysis of the Global Bromobenzene Market:

• Among regions, Asia Pacific accounted for 83.7% market share in 2020 in the global bromobenzene market.
• Key players are focusing on expanding their production capacity to gain a competitive edge. According to Cambridge Isotope Laboratories (Producer of stable isotopes and stable isotope-labeled compounds), the capacity expansion increased its deuterated benzene capacity by six times the current capability. The capacity expansion of deuterated benzene has also allowed the company to invest in new reactors to increase the production of deuterated bromobenzene in the Andover, Massachusetts facility. Similarly, in November 2019, Merck KGaA (Science and Technology Company), confirmed that its Gillingham distribution center completed a US$ 10.19 million expansion. The new facility, which adds 5,250 square meters to Merck's worldwide supply chain, acts as the company's major distribution center for the UK.
• Demand for co-polymers and bi-phenyls is expected to increase during the forecast period, boosting market growth. ’Key players are focusing on expanding their production capacity to gain a competitive edge’is used in the synthesis of four-armed star chain transfer agent necessary for the manufacture of amphiphilic star graft copolymers. Increasing application of Co-polymer such as floor coverings, garbage disposal bags, and packaging. Also used in the industrial market include automobile parts, fighter plane windshields, pipes, tanks, packing materials, insulation, wood substitutes, adhesives, composite matrix, and elastomers. The rising demand for copolymers, plastics, and emulsifiers is thus expected to propel the bromobenzene market forward.

Key Takeaways of the Market:

• Among application, the pharmaceutical intermediate sub-segment held the largest revenue share of 29.1% in the global bromobenzene market in 2020
• High adoption of over-the-counter (OTC) drugs by large patient population, expansion of the healthcare and pharmaceutical industry, and strong research & development in API are some of the major factors that are expected to drive the market growth during the forecast period. For instance, according to the India Brand Equity Foundation (IBEF), an Indian Government export promotion agency, investment in research and development by Indian pharmaceutical companies increased (in term of sales) from 5.3% to 8.5% during 2012 to 2018.
• Major players operating in the global bromobenzene market include 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.