Wilmington, Delaware, United States, March 23, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – According to a Transparency Market Research study, the global Nitrobenzene Market has valued at US$ 11.31 Bn in 2020 and is estimated to grow at a CAGR of 5.3% during the forecast period from 2021 to 2031.
Nitrobenzene is an oily, organic compound, which can easily dissolve in water. It is available in both liquid and powdered form and is available in three grades: industrial, agricultural, and pharmaceutical.
Leading nitrobenzene market players are collaborating with other companies to expand their presence and improve revenue share. Prominent manufacturers are likely to increase production capacities to meet consumer requirements in different end-use industries. Additionally, manufacturers are undertaking measures to efficiently store nitrobenzene to reduce the possibility of accidents.
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Key Findings of Market Study
- Increase in Demand to Manufacture Aniline: In terms of application, the global market has been segmented into aniline production, lubricating oils, synthetic rubber, dyes & pigments, pesticides, and others. The aniline production segment is estimated to account for the dominant market share during the forecast period. Aniline is extensively used to produce polyurethane and synthetic rubber, which has been widely used in the automotive industry. Additionally, aniline has been used as an intermediary product for dyes, agriculture, and polymers.
- Rise in Nitrobenzene Usage in Fertilizers: Nitrobenzene has been widely deployed in fertilizers in the past few years. Its usage in fertilizers has helped improve the crop yield. Plants can absorb nitrobenzene quickly and the chemical has helped increase the number of fruits per plant. Surge in usage of fertilizers in agricultural activities is likely to drive the global nitrobenzene market.
- Increase in Demand for Nitrobenzene with Low Microbial Content: Key players in the nitrobenzene market are focusing on microbial degradation of the chemical to reduce the environmental impact of nitrobenzene and their derivatives. In the past few years, different end-use industries across the world have increased focus on using biodegradable products and adopting sustainable practices, which is likely to increase demand for nitrobenzene with reduced microbial content and propel the market.
Nitrobenzene Market - Key Drivers
- Rise in production and demand for automobiles and automobile interior products, such as airbag covers, is anticipated to drive the global nitrobenzene market during the forecast period
- Growth of the pharmaceutical and agriculture industries has increased demand for nitrobenzene, which is creating lucrative business opportunities for leading players
- Surge in nitrobenzene usage in leather dressings and floor polishes to decrease the odor in shoe polish products is likely to propel business growth during the forecast period
- Increase in demand for different MDI-based adhesives such as sealants and adhesives in the construction industry is likely to bolster market growth
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Nitrobenzene Market - Regional Insights
- The market in Asia Pacific is anticipated to witness significant growth during the forecast period. Rise in nitrobenzene demand in end-use industries, such as agriculture, pharmaceuticals, and automotive, in countries such as India and China is projected to drive market development in the region.
Additionally, rapid urbanization and increase in disposable income in developing countries have led to high demand for different automobiles. Hence, automobile production has increased, which is fueling demand for nitrobenzene. Leading manufacturers can establish nitrobenzene production units in countries in Asia Pacific due to ease of availability of resources such as land and labor. - The market in Europe is likely to witness robust growth in the next few years due to the continuous growth of the automotive industry in countries such as the U.K. and Germany
- An increase in investment in non-residential construction activities in countries, such as the U.S. and Canada, is projected to propel the market in North America in the next few years
- The market in Latin America and Middle East & Africa are projected to witness moderate growth in the near future due to less presence of prominent market players in countries such as Brazil and Saudi Arabia
Nitrobenzene Market - Key Players
The global market is competitive, with the presence of several international and local players. New players entering the market are likely to intensify competition in the next few years.
Leading players in the market are
- The Dow Chemical Company,
- Covestro AG,
- Huntsman International LLC,
- The Chemours Company, and SP Chemicals Holdings Limited.
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The global market has been segmented as follows:
Form
- Liquid
- Powder
Grade
- Industrial
- Agricultural
- Pharmaceutical
Application
- Aniline Production
- Lubricating Oils
- Dyes & Paints
- Synthetic Rubber
- Pesticides
- Others (including fertilizers and drugs)
By End-use
- Pharmaceutical
- Automotive
- Leather
- Agriculture
- Others (including construction and chemicals)
By Region
- North America
- Asia Pacific
- Europe
- Middle East & Africa
- Latin America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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