The new report by Expert Market Research titled, ‘Global Benzyl Bromide Market Report and Forecast 2023-2028’, gives an in-depth analysis of the global Benzyl Bromide market, assessing the market based on its segments like form, grade, application and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020):
- Forecast CAGR (2023-2028): 6.8%
- Forecast Market Size (2026):
The market for benzyl bromide has seen substantial growth due to factors such as rising demand for pesticides, paints and pharmaceuticals. Also, increased knowledge across different industries offers an enormous market opportunity for key players in the benzyl bromide market. However, benzyl bromide is highly corrosive and contact with it can severely irritate/burn the skin. This can impede the global demand for benzyl bromide. Still, North America is expected to maintain its lead in the total market share due to the strong presence of chemical industries in this region. Nevertheless, the strongly growing demand for pharmaceuticals and pesticides in the growing economies of the Asia Pacific region is poised to become a significant factor in determining the growth of the market.
Industry Definition and Major Segments
Benzyl bromide is an organic compound and has the formula C6H5CH2Br. It is a colourless liquid and is known to cause secretion of tears on exposure. It is a chemical reagent and used in the addition of benzyl groups (C6H5CH2-) to organic compounds. It is also used as a foaming agent in several industries. It is produced by the bromination (addition of bromine) of toluene (C6H5CH3).
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Based on the form, the industry is divided into:
Based on the grade, the industry is categorised into:
- Reagent Grade
- Technical Grade
Based on the application, the industry is bifurcated into:
- Synthetic Resins
- Photographic Chemicals
- Plasticisers and Esters
The regional markets for Benzyl Bromide include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Geographically, North America is predicted to have a maximum market share in the global market for benzyl bromide due to the involvement of the US and Canada chemical industries. Asia Pacific is trailing North America in terms of market share in the global market for benzyl bromide due to the upcoming pharmaceutical industries in the country, especially countries such as China and India. Europe has made a major contribution to the global demand for benzyl bromide. Latin America and the Middle East and Africa are at an emerging stage in the global benzyl bromide market and are projected to have a moderate CAGR in the forecast period.
The increase in the use of synthetic resins due to the rising austerity of trade and tax regulations worldwide is driving the benzyl bromide industry due to its applications in the manufacture of synthetic resins. Metal and other heavy materials are replaced by synthetic resins due to their lightweight properties, as goods below a certain weight level are excluded from regulatory taxes and duties. As a result, the market for lighter products leads to an increase in the production potential for benzyl bromide. The recent surge in the pharmaceutical industry as a result of the COVID-19 pandemic is boosting the benzyl bromide industry due to the different applications of benzyl bromide in the formulation of drugs and other pharmaceutical products. This is anticipated to fuel the growth throughout the forecast period (2021-2026).
Key Market Players
The major players in the market are Sigma Aldrich, Spectrum Chemical Mfg, Corp., Luyuan Technology Development Co. Limited, ShiJiaZhuang Dongcheng Chemical Co., Ltd, Vandana Chemicals, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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