Bromobenzene Market - Forecast(2024 - 2030)

Bromobenzene Market Overview

The Bromobenzene Market size is forecast to reach $2.4 billion by 2030, after growing at a CAGR of 4% during 2024-2030. 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.

There is a growing emphasis on environmental sustainability, prompting companies to explore greener alternatives to bromobenzene in manufacturing processes. Regulatory pressures and compliance standards are tightening, necessitating thorough risk assessments and safety protocols in the handling and disposal of bromobenzene-based products. Technological advancements in chemical synthesis and production methodologies are streamlining the manufacturing processes of bromobenzene derivatives, leading to improved efficiency and cost-effectiveness. Lastly, there is a heightened focus on the health and safety aspects of bromobenzene exposure in occupational settings, driving investments in employee training, protective gear, and exposure monitoring systems to mitigate risks and ensure workplace well-being.

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 (2024-2030)”, 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. 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%

• Additionally, growing applications of bromobenzene across various industries such as pharmaceuticals, agrochemicals, and electronics bolster market growth. Bromobenzene serves as a crucial intermediate in the synthesis of pharmaceutical compounds, agrochemicals, and specialty chemicals, thereby fueling its demand globally.

• 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.

Bromobenzene Market Segment Analysis – By Product

Phenylmagnesium bromide dominated the bromobenzene market in 2023. 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. Advancements in synthetic methodologies and process optimization have enhanced the production efficiency of phenylmagnesium bromide, consequently streamlining the manufacturing process of bromobenzene derivatives. The expanding applications of bromobenzene across diverse sectors such as pharmaceuticals, agrochemicals, and fine chemicals have spurred the demand for phenylmagnesium bromide as a fundamental precursor. This increased demand stems from bromobenzene's versatility as a building block in the synthesis of various compounds, ranging from pharmaceutical intermediates to specialty chemicals. 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 2023 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 2023 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%. 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 Health Expenditure Accounts (NHEA) in 2022, U.S. health care spending increased by 4.1 percent to reach $4.5 trillion, or $13,493 per person.  Health spending made up 17.3 percent of the country's GDP.  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. The sector is also expected to reach US$ 65 billion by 2024 and ~US$ 120-130 billion by 2030. In 2022, North America held a 52.3% share of global pharmaceutical sales, while Europe accounted for 22.4%. These factors are the growing demand for bromobenzene. 

Bromobenzene Market Challenges

Bromobenzene Pose a Health Risk

Despite its widespread use as a solvent, intermediate, and chemical reagent in various industrial processes, Bromobenzene poses significant health hazards to workers and the environment alike. Exposure to Bromobenzene vapor or liquid can lead to adverse health effects, including respiratory irritation, skin sensitization, and central nervous system disorders. Moreover, prolonged or repeated exposure may increase the risk of serious conditions such as liver and kidney damage. Addressing these health risks requires stringent adherence to safety protocols, including the implementation of proper ventilation systems, personal protective equipment (PPE), and employee training programs on safe handling procedures. Additionally, regulatory compliance with health and safety standards set forth by occupational health agencies is imperative to safeguarding the well-being of workers and minimizing environmental impact. Despite the challenges posed by Bromobenzene's health risks, proactive measures in risk assessment, hazard communication, and workplace safety practices are essential for fostering a sustainable and responsible Bromobenzene Market. Thus, such factors may limit the market growth.

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. Spectrum Chemical
2. Hawks Chemical Company
3. Thermo Fisher Scientific Inc.
4. Merck KGaA
5. Sontara Organo Industries
6. VWR International, LLC.
7. BLD Pharmatech Ltd.
8. Otto Chemie Pvt. Ltd.
9. Procurenet Limited
10. Biosynth

Relevant Reports

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Report Code: ITR 0168

Benzoic Acid Market
Report Code: ITR 0095

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