Nitrobenzene Market Forecast and Growth Analysis By 2030: A Comprehensive Segmentation Approach

New York, May 03, 2023 (GLOBE NEWSWIRE) -- Based on the Global Nitrobenzene Market research report published by Reports Insights, the market was valued at USD 10.95 Billion in 2022 and is expected to grow at a CAGR of 5.8% to reach USD 18.19 Billion by 2030.

List of Major Global Nitrobenzene Market Players

The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment — 

• • Bann Quimica Ltda
  • Aromsyn Co., Ltd.
  • Dow Inc.
  • Merck KGaA
  • Alfa Aesar (Thermo Fisher Scientific)
  • TCI Chemicals Pvt. Ltd.
  • Sumitomo Chemical Co., Ltd.
  • Panoli Intermediates India Private Limited
  • LobaChemie Pvt. Ltd.
  • Sadhana Nitro Chem Ltd.

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Nitrobenzene is a pale yellow, toxic, and water-soluble liquid with molecular formula C₆H₅NO₂. Nitrobenzene is synthesized through two different procedures including the nitration of the benzene ring in the presence of concentrated sulfuric acid and nitric acid and by the electrophilic substitution of a halogen on a benzene ring with the nitro group.

Nitrobenzene is used as an organic solvent to mask unpleasant odors resulting from shoes and paints. In addition, they are primarily used as a precursor for aniline, which is an aromatic compound widely used to manufacture dyes, explosives, plastics, and photographic and rubber chemicals. As a result, all the aforementioned factors are proliferating the demand for nitrobenzene.

Furthermore, the increasing growth of the pharmaceutical industry is boosting the demand of the market. Nitrobenzene is used in the pharmaceutical industry for the production of drugs including analgesic paracetamol or acetaminophen. For instance, according to the report published by Statista, the revenue in the analgesics segment is generated to be USD 33.16 billion in 2023 and is expected to grow annually by 6.49% by 2027. Hence, the increasing growth of analgesics is expected to drive the demand for nitrobenzene over the forecast period.

Global Nitrobenzene Market Segmentation Details:

Based on Application, in 2022, the aniline segment accounted for the largest market share in nitrobenzene market. Aniline is obtained from nitrobenzene by catalytic hydrogenation reaction and further the aniline produced is widely used in rubber industry for the processing of rubber chemicals and products such as balloons, car tyres, gloves, and others. Additionally, aniline is an organic base toxic aromatic amine, particularly in the manufacture of dyes. Thus, all the aforementioned factors are driving the growth of nitrobenzene market for the production of aniline.

Based on End-Use Industry, the agriculture segment is anticipated to offer substantial shares to the global nitrobenzene market growth during the forecast period. In the agriculture industry, nitrobenzene is used to enhance the plant canopy and induces profuse flowering, thereby, increasing the yield.

Furthermore, nitrobenzene is used for the manufacturing of pesticides including insecticides and fungicides that are used to control weeds, insect infestation, and diseases. As, a result, the growing need for crop protection and higher yield is driving the growth of the nitrobenzene market.

Based on region, in 2022, Asia Pacific accounted for the largest market share in nitrobenzene market due to growing construction and pharmaceutical industries that require nitrobenzene for the production of various drugs and construction materials including adhesives and sealants. For instance, according to the report published by Statista, in 2022, the production volume of nitrobenzene in India amounted to 61.14 thousand metric tons and in 2021, the production volume increased to 76 thousand metric tons. Hence, the increased production of nitrobenzene for the manufacturing of various pharmaceutical and construction applications is proliferating the growth of the market in the region.

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 Key Market Highlights

• The global nitrobenzene market size is estimated to exceed USD 18.19 billion by 2030 and grow at a CAGR of 5.8% during the forecast period (2023-2030).
• Globally, nitrobenzene is divided based on the application into flavoring, perfume additive, aniline, rubber chemicals, pesticides, dyes, shoe & floor polishes, cosmetics, leather dressings, paint solvents, and others.
• On the basis of end-use industry, the market is classified into construction, pharmaceutical, automotive, leather, agriculture, food & beverages, and others.
• The market is geographically divided into five regions: Europe, South America, the Asia-Pacific, North America, and the Middle East and Africa.
• North America is estimated to support the market growth during the forecast period due to the increasing automotive industry particularly in the U.S. that requires nitrobenzene to manufacture different parts of the vehicle including windows, rear glass panes, and fronts.

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Recent Developments

• In April 2020, Sumitomo Chemical Company, Limited acquired four South American subsidiaries in Brazil, Argentina, Chile, and Colombia, owned by group companies of Nufarm Limited for increasing the sales network of crop protection products in South America, including Brazil.
• In June 2022, Sadhana Nitro Chem announced the commencement of first para-aminophenol (PAP) plant production by carrying hydrogen-based catalytic reduction of nitrobenzene.

Global Nitrobenzene Market Segmentation: 

• By Application
  • Flavoring
  • Perfume Additive
  • Aniline
  • Rubber Chemicals
  • Pesticides
  • Dyes
  • Shoe & Floor Polishes
  • Cosmetics
  • Leather Dressings
  • Paint Solvents
  • Others
• By End Use Industry
  • Construction
  • Pharmaceutical
  • Automotive
  • Leather
  • Agriculture
  • Food & Beverages
  • Others

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