NitrobenzeneMarket: Introduction
TransparencyMarket Research delivers key insights on the global nitrobenzenemarket. In terms of revenue, the global nitrobenzene market isprojected to expand at a CAGR of 5.3% duringthe forecast period, owing to numerous factors, regarding which TMR offersthorough insights and forecasts in its report on the global nitrobenzenemarket.
The globalnitrobenzene market is broadly affected by several factors, including increasein usage of nitrobenzene in various end-use industries such as pharmaceuticals,automotive, leather, and agriculture. The rise in the global demand for anilinehas led to a significant growth in the usage of nitrobenzene. The Increase inproduction and demand for automobiles is expected to be the primary driver ofthe global nitrobenzene market. The growth of agriculture and pharmaceuticalindustries is also propelling the demand for nitrobenzene across the globe.
Nitrobenzene Market: Dynamics
Nitrobenzeneis primarily used in the manufacture of aniline, a chemical intermediate fordyes, agricultural, polymers, etc. Nitrobenzene is also used to producelubricating oils such as those used in motors and machinery. A small amount ofnitrobenzene is used in the manufacture of dyes, drugs, pesticides, andsynthetic rubber.
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Nitrobenzeneis used in automotive, pharmaceutical, leather, and agriculture industries. Inthe automotive segment, the Methylene Diphenyl Diisocyanate (MDI) used tomanufacture Polyurethane (PU) foams and synthetic rubber is derived fromnitrobenzene via aniline production. It is also used in the production ofvarious automotive interiors and different sections of a vehicle such assteering wheels, airbag covers, front and rear glass panes, and waterprooffloor materials. The global automotive sector is expected to expandconsiderably during the forecast period. Thus, rise in MDI derived from anilineis projected to boost the demand for nitrobenzene during the forecast period.Manufacturers are focusing on the automotive industry, as the share held by thesegment in the nitrobenzene market is likely to increase during the forecastperiod.
Nitrobenzeneis used extensively in fertilizers due to its ability to increase the cropyield. Plants rapidly absorb nitrobenzene, which, in turn, increases theirflowering capacity and maximizes the number of fruits per plant. The rise inthe demand for food products has effectively laid emphasis on agriculture. Thisis driving the demand for nitrobenzene.
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Nitrobenzene Market: ProminentRegions
AsiaPacific holds major share of the global nitrobenzene market. The market in theregion is anticipated to expand at a CAGR of more than 6.3% during the forecastperiod. The increase in the demand for nitrobenzene in various end-useindustries such as automotive, agriculture, and pharmaceuticals in Asia Pacificis driving the nitrobenzene market in the region. China is a key country of thenitrobenzene market in Asia Pacific. It held significant share of thenitrobenzene market in Asia Pacific in 2020. The country is estimated tomaintain its dominant position in the region during the forecast period.
Europe isalso a prominent region of the global nitrobenzene market. Germany led thenitrobenzene market in Europe in 2020. The expansion of the automotive industryin Europe is driving the nitrobenzene market in the region.
Nitrobenzene Market: Major Players
The globalnitrobenzene market is consolidated with the presence of key players. Prominentplayers operating in the global nitrobenzene market include The ChemoursCompany, The Dow Chemical Company, Huntsman International LLC, Connell, BannQuímica Ltda, Covestro AG, SP Chemicals Holdings Ltd, Aromsyn Co., Ltd, NanjingChemical Material Corp, KUMHO MITSUI CHEMICALS CORP, China Qingdao HongJinChemical Co., Ltd, Anhui Bayi Chemical Industry Co., Ltd, Shanghai YuanyeBio-Technology Co., Ltd, and Shandong Jinling Chemical Co.
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