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The bromobenzene market share is expected to increase by USD 34.11 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.61%.
This bromobenzene market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers bromobenzene market segmentation by product (phenylmagnesium bromide and phencyclidine) and geography (APAC, North America, Europe, Middle East and Africa, and South America). The bromobenzene market report also offers information on several market vendors, including AB Enterprises, B Joshi Agrochem Pharma, Bhavika Chemicals Corp., Bromorganics Corp., ChemSampCo LLC, Heranba Industries Ltd., Krishna Solvechem Ltd, Mody Chemi-Pharma Ltd., Neogen Chemicals Ltd., Otto Chemie Pvt. Ltd., RXChemicals, SAM Laboratories Pvt. Ltd., Simson Pharma Ltd., Sisco Research Laboratories Pvt. Ltd., Sontara Organo Industries, Thermo Fisher Scientific Inc., Tokyo Chemical Industry Co. Ltd., Toronto Research Chemicals Inc., Yancheng Longshen Chemical Co. Ltd., and Merck KGaA among others.
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The growing pharmaceutical market is notably driving the bromobenzene market growth, although factors such as fluctuating prices of benzene in the domestic markets of various countries may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the bromobenzene industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Bromobenzene Market Driver
One of the key factors driving growth in the bromobenzene market is the growing pharmaceutical market. Bromobenzene has application in the pharmaceutical industry. Bromobenzene introduces a phenyl group via palladium-catalyzed coupling reactions, also called the Suzuki reaction. The Suzuki coupling reaction is scalable and cost-effective for use in the synthesis intermediates for pharmaceuticals. The growing pharmaceutical market will drive the demand for bromobenzene. The global life expectancy recorded a substantial increment during the past couple of years. With the increase in average life expectancy, global pharmaceutical sale is expected to rise during the forecast period. The growing aging population is expected to increase the sales of prescription drugs. The growth of the market has further been augmented by the ongoing COVID-19 pandemic, which has increased the demand for pharmaceuticals across the world. The growth in the sales of pharmaceutical products is expected to increase the demand for bromobenzene.
Key Bromobenzene Market Trend
The rising application of benzoic acid is another factor supporting the bromobenzene market share growth. Phenylmagnesium bromide is a versatile Grignard reagent used to prepare benzoic acid. The rising application of benzoic acid is driving the demand for phenylmagnesium bromide. Recently, benzoic acid demand has been increasing due to the increasing demand for packaged food. Benzoic acid and its derivative compounds act as food preservatives in packaged food. Factors such as the increasing awareness of healthy eating and living, increased per capita income and expenditure, and rapid economic development has led to a significant increase in the demand for processed and packaged foods. Chemical manufacturing, metal processing, paper and pulp, automotive, textile processing, and paints and pigments applications are expected to foster the demand for benzoic acid during the forecast period. Such factors will influence the market growth.
This bromobenzene market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global bromobenzene market as a part of the global chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the bromobenzene market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the bromobenzene market encompasses successful business strategies deployed by the key vendors. The bromobenzene market is fragmented and the vendors are deploying growth strategies such as pricing and marketing strategies to retain their existing market shares to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The bromobenzene market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the bromobenzene market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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51% of the market's growth will originate from APAC during the forecast period. China, South Korea, and Japan are the key markets for bromobenzene in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The rapid industrialization, population growth, and urbanization in the countries of this region will facilitate the bromobenzene market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 impacted many end-users industries of bromobenzene. Due to lockdowns, the production of bromobenzene was also reduced in the region. However, with the ongoing COVID-19 vaccination drives, the number of COVID-19 cases is expected to subside during the forecast period. The operations at manufacturing sites are expected to rebound during the forecast period, which is anticipated to increase the demand for benzene across the end-user industries, including the chemical manufacturing industry.
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The bromobenzene market share growth by the phenylmagnesium bromide segment will be significant during the forecast period. Phenylmagnesium bromide is a versatile Grignard reagent used to prepare benzoic acid, secondary amines, benzophenones, and other chemicals. Benzoic acid has application in multiple industries like food preservatives in the food and beverage industry because of its excellent solubility and anti-fungal characteristics. Benzoic acid is extensively used in the food and beverage, pharmaceutical, adhesive and sealant, coating, and chemical industries.
This report provides an accurate prediction of the contribution of all the segments to the growth of the bromobenzene market size and actionable market insights on post COVID-19 impact on each segment.
Bromobenzene Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.61% |
Market growth 2022-2026 |
$ 34.11 million |
Market structure |
Fragmented |
YoY growth (%) |
4.36 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 51% |
Key consumer countries |
US, Canada, China, South Korea, Japan, and Germany |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
AB Enterprises, B Joshi Agrochem Pharma, Bhavika Chemicals Corp., Bromorganics Corp., ChemSampCo LLC, Heranba Industries Ltd., Krishna Solvechem Ltd, Mody Chemi-Pharma Ltd., Neogen Chemicals Ltd., Otto Chemie Pvt. Ltd., RXChemicals, SAM Laboratories Pvt. Ltd., Simson Pharma Ltd., Sisco Research Laboratories Pvt. Ltd., Sontara Organo Industries, Thermo Fisher Scientific Inc., Tokyo Chemical Industry Co. Ltd., Toronto Research Chemicals Inc., Yancheng Longshen Chemical Co. Ltd., and Merck KGaA |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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