Bromobenzene Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for bromobenzene is expected to grow at a CAGR of over 4% during the forecast period. One of the key driving factors of the market is the growing Pharmaceutical Industry in Asia-Pacific. However, the presence of low-cost chlorine-substituted compounds is likely to restrain the market growth.

Key Highlights

• Growing Demand for Co-polymers and Bi-phenyls is also likely to boost the market growth during the forecast period.
• The expansion of end-user segments in developing countries is likely to provide opportunities for market growth in the future.
• North America is likely to dominate the market during the forecast period.

Key Market Trends

Phenylmagnesium bromide to Dominate the Market

• Phenylmagnesium bromide is one of the key product types of bromobenzene, which is a versatile Grignard reagent used to prepare benzoic acid, secondary amines, benzophenones, and other chemicals.
• Phenylmagnesium bromide is also commercially available as diethyl ether or THF.
• It is also used to introduce phenyl groups in coupling reactions, like Suzuki reactions. These reactions are used widely for synthesizing intermediates that are used in pharmaceuticals or fine chemicals.
• Additionally, it is also used as a precursor in the maufacturing of phencyclidine, a dissociative drug.
• Hence, phenylmagnesium bromide is likely to dominate the market during the forecast period.

Asia-Pacific to Witness the Highest Growth Rate

• The Asia-Pacific bromobenzene market is likely to witness a strong growth rate during the forecast period owing to the increasing investment in the pharmaceutical industry of the region.
• Apart from that, co-polymer and plastic industry have also been witnessing strong growth in the region which is also likely to have a positive impact on the growth of bromobenzene market in the region.
• Some of the key factors that are driving the plastic industry in this region are the emerging e-retail & e-commerce and increasing demand from automotive and rapidly growing construction industry.
• Hence, due to the aforementioned factors, the market for bromobenzene in Asia-Pacific is likely to witness the highest growth rate during the forecast period.

Competitive Landscape

The market for bromobenzene is moderately consolidated with few companies occupying a significant amount of the market share. Some of the key players of the market include Hawks Chemical Company, Alfa Aesar, Merck KGaA, Exxon Mobil Corporation, and SONTARA ORGANO INDUSTRIES, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support