N-Propyl Bromide Market to Expand at CAGR of 2% through 2030; COVID-19 Decelerates Growth, Opines Fact.MR's New Study
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N-Propyl Bromide Market to Expand at CAGR of 2% through 2030; COVID-19 Decelerates Growth, Opines Fact.MR's New Study

Tuesday, September 22, 2020 9:30 AM
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Prominent players in the n-propyl bromide market are focusing on offering cost-effective cleaning solvents to gain an edge amid cut-throat competition that houses numerous alternatives.

ROCKVILLE, MD / ACCCESSWIRE / September 22, 2020 / The n-propyl bromide market is projected to grow at a sluggish CAGR of 2% in terms of value through the period of forecasting between 2020 and 2030. The report suggests that the growth of the market is predominantly attributed to demand for n-propyl bromide in industrial cleaning applications such as vapor degreasers and ultrasonic systems. However, the COVID-19 pandemic is acting as a roadblock to the sluggish growth of the market, as the global chemical industry comes to a screeching halt.

"Owing to N-propyl bromide's minimal ozone-depleting potential (ODP), it is considered more environment friendly as compared to other materials and has been approved by the EPA under the Significant New Alternatives Program (SNAP), which is serving as a vital factor driving the growth of the market," says the Fact.MR report.

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N-Propyl Bromide Market - Key Takeaways

  • The n-propyl bromide market is forecasted to surge past valuation of US$ 158 Mn by the end of 2030.
  • By application, the cleaning and vapor degreasing application segment accounted for 1/3rd of market share in 2019 backed by its high solvency and strong cleaning capabilities, which make n-propyl bromide an ideal fit.
  • On the basis of end-use, the pharmaceutical and agrochemical industries are poised to remain the largest consumers of n-propyl bromide, holding nearly half of global value.
  • East Asia, which represented a value of US$ 46 Mn in 2019, is forecasted to spearhead the regional landscape, accounting for more than 1/3rd of market value.
  • East Asia's dominance is attributed to the high consumption of n-propyl bromide in China, which is the world's largest semiconductor manufacturer.

N-Propyl Bromide Market - Driving Factors

  • N-propyl bromide finds remarkable usage in applications such as cleaning of optical components, medical equipment, and electronics.
  • Restrictions on the usage of trichloroethylene and perchloroethylene are compelling end-use industries to seek sustainable alternatives, thereby propelling demand for n-propyl bromide.
  • Growing adoption of n-propyl bromide in cold wiping applications, vapor degreasing, and aerospace applications, is also impelling the revenue flow.

N-Propyl Bromide Market - Constraints

  • The imposition of a ban on n-propyl in the UK due to its negative effects on sexual functioning and fertility is posing a major challenge to the growth of the market.
  • Other European nations including Germany, France, and Spain are currently considering restricting the usage of the chemical, and it is expected to hinder the long term growth of the market

Anticipated Market Impact by Coronavirus Outbreak

The COVID-19 pandemic has severely affected the global chemical market and the n-propyl bromide market is no exception. With operations in both the end-use industries and chemical sector coming to a screeching halt, both the production and demand of the product witnessed a steep decline. However, the ongoing operations in the pharmaceutical industry are likely to alleviate the challenge to an extent.

Explore the global n-propyl bromide market with 82 figures, 62 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/589/n-propyl-bromide-market

Competition Landscape

The key players operating in the n-propyl bromide market include, but not limited to, Albemarle, ICL (Israel Chemicals Limited), Shouguang fukang pharmaceutical co. Ltd., Enviro Tech International Inc., Nova International, and Solaris Chemtech. Market players are focusing on offering application-specific products. For instance, Lanxess is offering n-propyl bromide for agrochemical, pharmaceutical, metal cleaning, and vapor degreasing applications. Likewise, Albemarle offers ABZOL EG, ABZOL JEG, ABZOL JG, and ABZOL VG for applications such as vapor degreasing, cleaning electronics, and others.

More on the Report

The FACT.MR's market research report provides in-depth insights into the n-propyl bromide market. The market is scrutinized on the basis of function (intermediate, solvent, and others) and application (metal cleaning & degreasing, electronics, pharmaceuticals, agrochemicals, and others), across five major regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).

Explore Wide-ranging Coverage of FACT.MR's Chemical Landscape

Perchloroethylene Market: Find insights on the perchloroethylene market with analysis of segments, statistics, influencers, market players, and business strategies adopted over a 10-year forecast period.

Trichloroethylene Market: FACT.MR's report on the trichloroethylene market offers insights on the market during 2020-2030, including restraints, revenue sources, market leaders, and market strategies.

Taxifolin Market: Read an analysis of the taxifolin market forecast with insights on growth factors, opportunities, restraints, regional market forecast, regulatory policies, and strengths of market leaders.

About Fact.MR

Fact.MR is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. Fact.MR is headquartered in Dublin, and has offices in Dubai. FACT.MR's latest market research reports industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.

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SOURCE: Fact.MR

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