Bromobenzene Market - Forecast(2023 - 2028)

Bromobenzene Market Overview

The Bromobenzene Market size is forecast to reach $2.1 billion by 2026, after growing at a CAGR of 4% during 2021-2026. Bromobenzene is used as a chemical intermediate to manufacture organic chemicals including pesticides and flame retardants for polymeric materials, which are used in pharmaceuticals. Bromobenezene is an aryl halide a colorless liquid, soluble in methanol and diethyl ether. This is prepared in presence of ferric bromide by bromine on benzene. Bromobenzene has very low flammability and water partition coefficients which help to produce more bromide. Bromobenzene is used as a solvent to produce phenylmagnesium bromide, and motor oil additive and making other chemicals like benzoic acid and benzophenones. Additionally, bromobenzene is a precursor in the manufacture of a dissociative drug, which is estimated to grow the demand for bromobenzene.

Impact of COVID-19

However, during the year 2020, major sectors saw a steady decline in growth owing to the decrease in transportation during the lockdown pandemic. But due to COVID-19, the medical sector saw growth during the pandemic. The rise in consumer awareness about the importance of disposable textiles such as face masks, and the surge in social media marketing to encourage a positive attitude towards using bromobenzene.

Report Coverage

The report: “Bromobenzene Market Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Bromobenzene Industry.

By Product: Phenylmagnesium Bromide, Phencyclidine, and Others.
By Application: Palladium-Catalyzed Coupling Reactions, Grignard reagent, Heavy Liquid Solvents, Motor Oil Additives, Chemical Intermediates, and Others.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Spain, Netherlands, Russia, Belgium, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia & New Zealand, Indonesia, Taiwan, Malaysia, and Rest of Asia Pacific), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and RoW (Middle East and Africa).

Key Takeaways

• Asia Pacific dominates the bromobenzene market owing to increasing investment in the pharmaceutical sector.
• Increasing demand for copolymers, plastics, bi-phenyls, and emulsifiers as it reacts violently with water, is driving the growth of the bromobenzene market.
• Bromobenzene is used to produce phenyl groups in coupling reactions, like Suzuki reactions, which are used to synthesizing chemical intermediates. These intermediates are used in pharmaceuticals.

Figure: Bromobenzene Market Revenue, 2021-2026 (US$ Billion)

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Bromobenzene Market Segment Analysis – By Product

Phenylmagnesium bromide dominated the bromobenzene market in 2020. Penylmagnesium bromide is a compound, which reacts with water and gives bromobenzene as the organic product. The phenylmagnesium bromide reacts with CO2 to form a benzoate salt, which is hydrolyzed to form benzoic acid and. Hence, the phenylmagnesium bromide is likely to dominate the market during the forecast period. 

Bromobenzene Market Segment Analysis – By Application

Palladium-Catalyzed Coupling Reactions dominated the bromobenzene market in 2020 and is growing at a CAGR of 4.2% during the forecast period as bromobenzene is used for palladium-catalyzed coupling reactions, like Suzuki reactions. These reactions are used widely for synthesizing intermediates that are used in pharmaceuticals. This provides a practical synthetic route in pharmaceutical for the direct formation of carbon-carbon bonds, which has found considerable academic and industrial use for the production of polymers, fine chemicals, and materials. Bromobenzene is a heavy colorless liquid and an aryl halide with a pungent odor and is also known as monobromobenzene and phenyl bromide. This aryl halide is used to produce phenyl magnesium bromide as well as in its use as a solvent and as an additive in motor oil, which is likely to boost the demand for bromobenzene.

Bromobenzene Market Segment Analysis – By Geography

Asia Pacific dominated the bromobenzene market size in 2020 with 30%, followed by North America. Asian countries are significantly increasing investment in the pharmaceutical sector, which is expected to create huge demand for bromobenzene. According to The Indian Pharmaceutical Alliance (IPA), India has become the world’s largest and most reliable high drugs supplier and achieve 120-130 billion US$ by 2030 and is growing at a CAGR of 11% to 12%. China’s pharmaceutical market was worth $123 billion in 2016 and is projected to surge to $573 billion by 2022. Besides this, in North America, increasing demand for co-polymer and plastic industry has also been witnessing strong growth in the region. According to the National Healthcare of United States, healthcare spending increased 4.6 percent to reach $3.8 trillion in 2019. Additionally, according to the American Society for Aesthetic Plastic Surgery (ASAPS), in the United States, patients spent US$ 761 million on breast lift surgery, US$ 358 million on eyelid surgery, and US$ 1.1 billion on silicone breast implant surgery in 2018. Hence, the growing pharmaceutical industry is expected to drive the demand for the bromobenzene market.

Bromobenzene Market Drivers

Growing Pharmaceutical Industry at Global Level

Bromobenzene is a chemical intermediate that is used in the production of pharmaceutical drugs and chemicals driving the demand for bromobenzene in the pharmaceutical industry. Asia is the fastest-growing region for pharmaceutical investment in the world. According to the National Investment Promotion and Facilitation Agency, the Indian pharmaceutical industry is expected to reach US$65 bn by 2024 and US$120 bn by 2030. Additionally, according to the India Brand Equity Foundation (IBEF), the healthcare market is expected to increase by Rs. 8.6 trillion (US$ 133.44 billion) by 2022. Furthermore, India’s domestic pharmaceutical market is estimated at US$ 41 billion in 2021. The sector is also expected to reach US$ 65 billion by 2024 and ~US$ 120-130 billion by 2030. Although, according to the international trade administration, in Mexico, medical devices and supplies reached US$ 4.9 billion in 2019, and the pharmaceutical market was US$ 2.5 billion in 2019. According to the European Federation of Pharmaceutical Industries and Association, the R&D expenditure in the pharmaceutical sector in the United States was increased by US$ 62.2 million in 2019 compared to US$ 55.7 million in 2018. In Europe, this expenditure increased by euro 36.3 billion (US$ 40.63 billion) in 2019 compared to euro 35.4 billion (US$ 41.80 billion) in 2018. These factors are the growing demand for bromobenzene. 

Bromobenzene Market Challenges

Bromobenzene Pose a Health Risk

Bromobenzene Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Bromobenzene Market. Major players in the Bromobenzene Market top 10 companies are:

1. Hawks Chemical Company
2. Alfa Aesar
3. Merck KGaA
4. ExxonMobil Corporation
5. SONTARA ORGANO INDUSTRIES
6. Fang Qioa (Fang Qioa East Chemical Plant)
7. Formosa Chemicals & Fiber Corporation
8. Chanzhou Elly Industrial Import and Export Co. Ltd.
9. Shanghai Wescco Chemical Co. Ltd., and among others.

Relevant Reports

Solvent Market
Report Code: ITR 0168

Benzoic Acid Market
Report Code: ITR 0095

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