March 2, 2024
Bromobenzene Market

The Bromobenzene Market Is Driven By Growing Demand For Crop Protection Products

Bromobenzene is an aromatic organic compound utilized in crop protection agents and intermediates for dyes, solvents, pesticides and other chemicals. Bromobenzene acts as an intermediate for various brominated flame retardants and biocides. It provides effective protection against bacterial wilt disease in tomatoes and other vegetable crops. Bromobenzene based crop protection agents help increase agricultural productivity and food production globally.

The global bromobenzene market accounted for US$ 28.5 billion in 2023 and is estimated to be valued at US$ 77.7 Bn in 2024. The global bromobenzene Market is estimated to exhibit a CAGR of 20% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends driving the growth of bromobenzene market is its increasing use in polymer and plastic industry. Bromobenzene is utilized in the production of brominated flame retardants, which are further used as additives in plastics, textiles and electronics. Stringent regulations regarding fire safety standards have boosted the demand for flame retardant additives globally. Additionally, rising construction activities along with growing electronics and automotive sectors have augmented the consumption of bromobenzene in flame retardant production. Expanding applications in new sectors are expected to offer lucrative opportunities for market players over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the bromobenzene market is moderate as producing bromobenzene requires substantial capital investment and technical know-how. Bargaining power of buyers: The bargaining power of buyers is moderate in the bromobenzene market as there are a large number of established players. Bargaining power of suppliers: The bargaining power of suppliers is high in the bromobenzene market as raw materials used for producing bromobenzene have few substitutes. Threat of new substitutes: The threat of substitutes is moderate in the bromobenzene market as bromobenzene has limited substitutes for its applications. Competitive rivalry: Competition in the bromobenzene market is high owing to the presence of various international players.

Key Takeaways

The Global Bromobenzene Market Share is expected to witness high growth over the forecast period of 2024 to 2031.

Regional analysis: The Asia Pacific region dominates the global bromobenzene market and is expected to continue its dominance over the forecast period owing to high demand from countries such as China, India, and Japan.

Key players operating in the bromobenzene market are Activision Blizzard, Inc., NVIDIA Corporation, Valve Corporation, Nintendo of America Inc., Riot Games, Inc., Epic Games, Inc., Tencent Holding Limited, Gameloft SE, Turner Broadcasting System, CJ Corporation and Electronic Arts Inc. Key players The key players focus on new product launches, expansions, and mergers & acquisitions to gain a competitive edge in the bromobenzene market. For instance, In November 2021, NVIDIA Corporation announced that it had entered into a definitive agreement to acquire ARM from SoftBank Group Corp for $40 billion.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it