Fluorobenzene Market Size, Share, Growth, and Industry Growth, By Type (Purity: 99% to 99.9%, Purity: Greater than or Equal to 99.9%), By Application (Medicine, Pesticide, Lithium Battery, Others), Regional Forecast To 2031

Updated On: 08 April 2024

Fluorobenzene Market REPORT OVERVIEW

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The global fluorobenzene market size was USD 596.5 million in 2022 and is projected to touch USD 1325.08 million by 2031, exhibiting a CAGR of 9.3% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth demand returning to pre-pandemic levels once the pandemic is over.

Fluorobenzene is a chemical compound that is more reactive than chlorobenzene and is very combustible. It is created by the reaction of aniline and sodium nitrite in the presence of hydrogen fluoride and is used as an intermediate for insecticides, reagents for plastic & resin polymers, and carbon control in steel manufacture. As a result, the chemical has broad applicability in industries such as steel, agriculture, pharmaceuticals, and plastics. Factors like as an increase in steel production volume, an increase in diabetes cases, and an increase in food production due to increasing worldwide demand are propelling the fluorobenzene market forward.

COVID-19 Impact: COVID-19 Underlying Condition Crippled and Downsized the Market Growth

The productivity of significant fluorobenzene end-user sectors including plastic and steel was adversely affected by COVID-19. Therefore, the lockdown imposed by nations throughout the world resulted in a labour scarcity and a stop in the supply of raw materials. During the production of steel, it is used to regulate the carbon level and as a reagent in the plasticization process. As a result, the productivity of these sectors dropped due to a scarcity of labour and raw materials, which had a detrimental influence on the demand for the chemical. For instance, the manufacturing of plastics worldwide decreased by 0.2% to 367 million tonnes. Additionally, the World Steel Association reports that worldwide crude steel production fell by 0.9% in 2020 to 1,864 million tonnes from 1,880 million tonnes produced in 2019. The use of the chemical in the steel and plastic industries decreased as a result of the decline in steel and plastic output, which had a detrimental effect on the expansion of the global market.

LATEST TRENDS

"Rapid Industrialization to Enlarge the Market Size"

The industrial grade sector is expected to increase at a growing rate in CAGR during the forecast period, accounting for a substantial proportion of the market in 2021. Fluorobenzene, which is more reactive than chlorobenzene, is mostly employed in agrochemicals such as insecticides and pesticides, as a reagent in plastic manufacture, and as a carbon controller in steel production. The rapid development of these sectors has boosted their productivity, which has influenced the use of the chemical. An increase in pesticide use and steel and plastic production output will result in more of the chemical being used in them, which will benefit the worldwide industry's growth.

Fluorobenzene Market SEGMENTATION

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• By Type

Based on type the market is classified as Purity: 99% to 99.9%, Purity: Greater than or Equal to 99.9%

• By Application

Based on application the market is classified as Medicine, Pesticide, Lithium Battery, Others.

DRIVING FACTORS

"The Rising Number of Diabetic Cases will Drive the Market Growth"

Fluorobenzene, which is more reactive than chlorobenzene, is used to create 1,2Difluorobenzne, which has a wide range of applications in the pharmaceutical industry. As a result, the chemical is employed to create medicines for human ailments such as diabetes. The rising number of diabetic patients has increased the need for diabetic medications, which has boosted the use of 1,2Difluorobenzene. The increased number of diabetes patients will raise the need the chemical in the production of diabetic drugs, resulting in increased use for 1,2Difluorobenzene synthesis. This will support the expansion of the worldwide market share.

"Increased Steel Production on a Rage will Boost the Market Share"

Due to its strength, steel has gained popularity in a variety of industries, including construction, the automotive industry, as well as home appliances like washing machines, dishwashers, refrigerators, and microwaves. Thus, as a result of steel's wide range of applications, its level of manufacturing has also increased. For controlling carbon content, fluorobenzene produced using hydrogen fluoride is mostly employed in the steel industry. As a result, the utilization in carbon management will increase as steel production output rises. This will accelerate the expansion of the worldwide market.

RESTRAINING FACTORS

"Certain Negative Effects on Human Health will Hamper the Market Growth"

It is extremely dangerous and exposure to it can lead to symptoms including coughing, sore throat, nausea, and dizziness. Repeated exposure can also harm internal organs like the liver, kidneys, and lungs. Its use in some industries, such as agriculture, where it is used as an intermediary for insecticides and pesticides, may be limited as a result of these harmful effects on human health. This can prevent the worldwide fluorobenzene market growth from expansion.

Fluorobenzene Market REGIONAL INSIGHTS

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"Asia Pacific To Lead the  Market With Rising Demand and Volume Production"

In terms of volume and revenue, Asia Pacific led the global fluorobenzene market share due to the presence of significant nations in the region, including China and India, which are top producers of steel, plastics, and agrochemicals. It is used increasingly frequently as an intermediate for insecticides and pesticides as a result of the rapid increase in population's impact on the world's food consumption, agricultural productivity, and utilization. Fluoro-benzene will be used more frequently in various industries as a result of rising pesticide use, steel and plastic production output, and steel and plastic consumption, all of which will contribute to the expansion of the worldwide market. In the pharmaceutical industry, it is also employed since it may be fluorinated to produce 1,2 difluorobenzene, which is a component of medicines and is produced when hydrogen fluoride is present.

KEY INDUSTRY PLAYERS

"Prominent Manufacturers to Contribute Towards Expansion of Market"

The report is an extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players ,and revenue trends of industry. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, production and consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.

List of Market Players Profiled

• Sdfuer (China)
• LIANCHANG (China)
• XLH Chemical (India)
• YongDuo Chemical (China)
• Futong Chemical (China)
• Muby Chemicals (India)
• Shinghwa Advanced Material Group (China)
• Dongzhi Detai Fine Chemical (China)
• Regal Remedies (India)
• Fuxin Hongchang Chemical (China).

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players,  recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.