Nitrobenzene Market: Introduction
Transparency Market Research delivers key insights on the global nitrobenzene market. In terms of revenue, the global nitrobenzene market is projected to expand at a CAGR of 5.3% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global nitrobenzene market.
The global nitrobenzene market is broadly affected by several factors, including increase in usage of nitrobenzene in various end-use industries such as pharmaceuticals, automotive, leather, and agriculture. The rise in the global demand for aniline has led to a significant growth in the usage of nitrobenzene. The Increase in production and demand for automobiles is expected to be the primary driver of the global nitrobenzene market. The growth of agriculture and pharmaceutical industries is also propelling the demand for nitrobenzene across the globe.
Nitrobenzene Market: Dynamics
Nitrobenzene is primarily used in the manufacture of aniline, a chemical intermediate for dyes, agricultural, polymers, etc. Nitrobenzene is also used to produce lubricating oils such as those used in motors and machinery. A small amount of nitrobenzene is used in the manufacture of dyes, drugs, pesticides, and synthetic rubber.
Nitrobenzene is used in automotive, pharmaceutical, leather, and agriculture industries. In the automotive segment, the Methylene Diphenyl Diisocyanate (MDI) used to manufacture Polyurethane (PU) foams and synthetic rubber is derived from nitrobenzene via aniline production. It is also used in the production of various automotive interiors and different sections of a vehicle such as steering wheels, airbag covers, front and rear glass panes, and waterproof floor materials. The global automotive sector is expected to expand considerably during the forecast period. Thus, rise in MDI derived from aniline is projected to boost the demand for nitrobenzene during the forecast period. Manufacturers are focusing on the automotive industry, as the share held by the segment in the nitrobenzene market is likely to increase during the forecast period.
Nitrobenzene is used extensively in fertilizers due to its ability to increase the crop yield. Plants rapidly absorb nitrobenzene, which, in turn, increases their flowering capacity and maximizes the number of fruits per plant. The rise in the demand for food products has effectively laid emphasis on agriculture. This is driving the demand for nitrobenzene.
Nitrobenzene Market: Prominent Regions
Asia Pacific holds major share of the global nitrobenzene market. The market in the region is anticipated to expand at a CAGR of more than 6.3% during the forecast period. The increase in the demand for nitrobenzene in various end-use industries such as automotive, agriculture, and pharmaceuticals in Asia Pacific is driving the nitrobenzene market in the region. China is a key country of the nitrobenzene market in Asia Pacific. It held significant share of the nitrobenzene market in Asia Pacific in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.
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Europe is also a prominent region of the global nitrobenzene market. Germany led the nitrobenzene market in Europe in 2020. The expansion of the automotive industry in Europe is driving the nitrobenzene market in the region.
Nitrobenzene Market: Major Players
The global nitrobenzene market is consolidated with the presence of key players. Prominent players operating in the global nitrobenzene market include The Chemours Company, The Dow Chemical Company, Huntsman International LLC, Connell, Bann Química Ltda, Covestro AG, SP Chemicals Holdings Ltd, Aromsyn Co., Ltd, Nanjing Chemical Material Corp, KUMHO MITSUI CHEMICALS CORP, China Qingdao HongJin Chemical Co., Ltd, Anhui Bayi Chemical Industry Co., Ltd, Shanghai Yuanye Bio-Technology Co., Ltd, and Shandong Jinling Chemical Co.