Sep 17, 2020
N-Propyl Bromide Market to Experience Sluggish Growth during COVID-19 Pandemic, Finds Fact.MR
by Team Fact.MR
Attributed to n-propyl bromide’s low ozone depleting potential (ODP), it is approved by the EPA under the Significant New Alternatives Program (SNAP). Efficacy to dissolve hard wax, oils, greases and other contaminants from metal surfaces, coupled with its low ODP has resulted in n-propyl bromide emerging as an ideal replacement for trichloroethylene and perchloroethylene. Growing demand for n-propyl bromide from industrial cleaning applications such as vapor degreasers and ultrasonic systems are set to fuel market growth over the forecast period (2020-2030). Apart from metal cleaning and vapor degreasing, n-propyl bromide is highly utilized in cleaning optical components, medical equipment, and in electronic cleaning applications.
As per Fact.MR analysis, the global n-propyl bromide market is slated to be valued around US$ 158 Mn in 2030.
Key Takeaways from N-Propyl Bromide Market Study
- For replacing trichloroethylene and perchloroethylene, n-propyl bromide has become an ideal cleaning solvent in metal cleaning and vapor degreasing applications.
- On the basis of function, n-propyl bromide is primarily used as a solvent in metal cleaning and vapor degreasing applications, which currently accounts for near half of global consumption.
- Growing demand for precision cleaning from the semiconductor industry and increasing consumption of n-propyl bromide in the electronics industry are set to result in their market valuation of over US$ 7 Mn by 2030.
- The pharmaceutical and agrochemical industry has become the largest consumer of n-propyl bromide, accounting for near half of global consumption.
- East Asia has driven the demand for n-propyl bromide during the historical period, creating a market value worth over US$ 45 Mn in 2019.
- After identification of the toxic nature of n-propyl bromide by the EPA and European Union, developed regions are poised to reduce its consumption during the forecast period.
- The United Kingdom has banned the usage of n-propyl, and other European countries such as Germany, France, Spain, and others are on the verge of banning this chemical, which will significantly impact its demand over the coming years.
- Manufacturing and trade restrictions due to the COVID-19 outbreak will result in sluggish growth of the global n-propyl bromide market.
“Despite being a hazardous air pollutant, n-propyl bromide is still a cost effective cleaning solvent over its alternatives offered by 3M, Chemours, and Honeywell, which will fuel its demand to some extent during the forecast period,” says a Fact.MR analyst.
Global N-Propyl Bromide Market to Remain Oligopolistic
The n-propyl bromide market is led by a very few manufacturers such as Albemarle Corporation, ICL (Israel Chemicals Limited), and Solaris Chemtech. Currently, these producers account for near half of global production. Albemarle Corporation is the largest n-propyl bromide producer in the United States, followed by Lanxess AG. In terms of production, Chinese manufacturers dominate global production, and currently account for over one-third of the market share. However, n-propyl bromide manufacturers are facing stiff competition from competitors such as 3M, The Chemours Company, and Honeywell, which may create numerous impediments for market players.
More Valuable Insights on N-Propyl Bromide Market
Fact.MR, in its new offering, presents an unbiased analysis of the global n-propyl bromide market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the n-propyl bromide market on the basis of function (intermediate, solvent, and others) and application (metal cleaning & degreasing, electronics, pharmaceuticals, agrochemicals, and others), across five major regions.
>>> To Get more insights on n-propyl bromide market, visit- https://www.factmr.com/report/589/n-propyl-bromide-market
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