Analysis of N-Propyl Bromide market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global n-propyl bromide market is poised to embark on a positive growth trajectory, registering a CAGR of 2% across the forecast period (2020-2030). Growth is attributed to its increased demand as a replacement for trichloroethylene and perchloroethylene. Stringent regulations levied on trichloroethylene and perchloroethylene have forced consumers to move towards more sustainable alternatives. Exceptional cleaning offered by n-propyl bromide and also due to its less toxic nature, it has emerged as an ideal replacement for conventional solvent chemicals.
Growing demand for n-propyl bromide from numerous cleaning applications, including, but not limited to, cold wiping applications, vapor degreasing, optical cleaning, and aerospace applications are set to fuel expansion of the n-propyl bromide market size during the forecast period.
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Increasing demand for precision cleaning from applications such as medical implant equipment, artificial joints, aerospace components, and electronics has driven the demand for n-propyl bromide during the historical period (2015-2019). Owing to its high solvency and strong cleaning capabilities, metal cleaning and vapor degreasing applications have become primary consumers of n-propyl bromide. As a result, the metal cleaning and vapor degreasing application segment accounted for over one-third of global consumption in 2019
Efficacy to act as an intermediate, n-propyl bromide has become a key ingredient in the production of insecticides, quaternary ammonium compounds, and flavors and fragrances. The pharmaceuticals sector is identified as one of the largest consumers in the global n-propyl bromide market, and generated a market value of over US$ 9 Mn in 2019. Apart from these aforementioned applications, agrochemicals and electronics are set to result in additional demand for n-propyl bromide during the forecast period. N-propyl bromide is low priced as compared to its alternate cleaning solvents such as Novec and Vertrel, which will remain one of the key driving factors of this market.
China is the largest semiconductor manufacturer across the globe, due to which, it has driven the consumption of n-propyl bromide for precision cleaning applications during the historical period. This scenario was further assisted by its increased usage as an intermediate in drug production and in the production of agrochemicals.
On the back of China, East Asia is projected to lead the global n-propyl bromide market share, accounting for over one-third of global consumption by 2030. Owing to increasing demand for n-propyl bromide from metal cleaning & vapor degreasing applications, the East Asia market is poised to expand at a CAGR of 2.5% during the forecast period.
On the other hand, the European Chemicals Agency (ECHA) has classified n-propyl bromide as toxic for reproduction, pointing out its adverse effects on sexual functioning with fertility, which will hinder its consumption in European regions.
The global n-propyl bromide market is highly consolidated in nature, where the top three players currently account for near half of global production. Albemarle, Shouguang fukang pharmaceutical co. Ltd., and Solaris Chemtech are key stakeholders in the n-propyl bromide market. Players have remained conservative in the market owing to numerous legalizations implemented by various regulatory bodies, such as EPA and ECHA.
In order to leverage the increasing demand from a plethora of applications, n-propyl bromide manufacturers have been offering a range of products. For instance, Albemarle offers ABZOL EG, ABZOL JEG, ABZOL JG, and ABZOL VG for applications such as metal cleaning, vapor degreasing, electronics, and others. Lanxess offers n-propyl bromide for agrochemical, pharmaceutical, metal cleaning, and vapor degreasing applications. Diversified product offerings across a range of applications are set to create lucrative opportunities for suppliers in the n-propyl bromide market space.
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The coronavirus outbreak has forced people to stay under lockdowns in their homes, which has affected production and demand across the globe. Fear of the COVID-19 outbreak has forced countries to halt any kind of import-export across borders. Sudden industrial and transportation shutdowns have hampered the global economy in the last few months. As per WHO and UN stats, loss caused due to the coronavirus outbreak may take years to recover. The coronavirus pandemic has affected every industry and market, including the n-propyl bromide market.
Analyzing the current scenario, the global economy may take years to recover from the current recession. Developed countries such as Germany, France, the United Kingdom, and the United States are poised to contract by 8% to 10% in 2020. With these countries being key consumers of n-propyl bromide, market growth will decline until the midterm forecast. East Asia has been the least affected region and the largest consumer, which will assist market growth during the midterm forecast period.
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Fact.MR published an exclusive forecast report on the n-propyl bromide market for 2020 and 2030. The foremost objective of this report on the n-propyl bromide market is to pitch spearhead insights on the market scenario, demand generators and technological advancements in the n-propyl bromide market. Also, the study on the n-propyl bromide market addresses key dynamics that are expected to diversify the sales and future prominence of the n-propyl bromide market.
The report on the n-propyl bromide market begins with an executive overview, in which, product definition has been provided. The report further proceeds with the taxonomy of the n-propyl bromide market, elaborating on key segments. The report also outlines visionary insights on the dynamics of the n-propyl bromide market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with the key buying factors for n-propyl bromide.
Supply chain analysis and pricing analysis of the n-propyl bromide market along with the difference between n-propyl bromide used as per application have also been included in the report to help readers clearly understand the product framework map in the n-propyl bromide market.
Fact.MR has segmented the n-propyl bromide market on the basis of function, application, and region.
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Global n-propyl bromide market is poised to embark on a positive growth trajectory, registering a CAGR of 2% across the forecast period (2020-2030)
Albemarle, Shouguang fukang pharmaceutical co. Ltd., and Solaris Chemtech are key stakeholders in the n-propyl bromide market.
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