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.
– 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.
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– 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.
Bromobenzene Market Size Inclinations and Development Status Highlighted During Forecast Period 2022-2031
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