Nitrobenzene Market is forecast to reach $11.31 billion by 2025, after growing at a CAGR of 3.58% during 2020-2025. Increasing demand for aniline is the key factor in driving Nitrobenzene market growth. In addition, recovering construction is expected to drive the market during the forecast period in countries such as the United Kingdom and Australia.
The demand for nitrobenzene is increasing which replaces bio-based chemicals such as volatile organic compounds and helps to reduce emission.
Increasing development in pharmaceuticals, dyes, chemical and chemical industries are estimated to increase the market growth in the near future.
In India, China and Brazil, growth in the agricultural industry is anticipated to boost nitrobenzene market growth, owing to supportive regulatory support for access to raw materials.
In the future, rubber growth in the automotive industry is expected to increase the growth of the nitrobenzene market.
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End-user Industry – Segment Analysis
The automotive segment held the largest share in the Nitrobenzene Market in 2018. Growing demand for synthetic rubber is likely to have a positive impact on the Nitrobenzene market. With increasing sales of passenger and commercial vehicles, the automotive industry is developing worldwide. It has been projected that nearly 90 million vehicles sold in 2015 and is expected to sell 108 million by 2020. The global automotive industry is driven by increased per capita income and an increasing population across regions.
Application – Segment Analysis
Aniline Production sector has been the primary market for Nitrobenzene at a CAGR of 5.07%. The demand for aniline drives most of the nitrobenzene market as nitrobenzene is the main raw material for the production of aniline. In the production of various chemicals such as MDI, aniline is a major component that is further used in end-user industries such as construction, cosmetics, pharmaceuticals, automotive, agriculture, and others. It is also used in the construction sector for the manufacturing of insulators.
Geography – Segment Analysis
APAC dominated the Nitrobenzene Market with a share of more than 38%, followed by North America and Europe. Agriculture outlook in China, Philippines, India, Bangladesh, and Pakistan amidst regulatory inclination to increase production at the domestic level. Due to the easy availability of raw materials like Sulfuric acid, Benzene and the low manufacturing and labor costs, the expedition development in China for pharmaceutical, dyes, pesticides, rubber, and chemical industries are anticipated to have a positive impact on nitrobenzene market growth. It is projected to increase demand for MDI for the manufacturing of insulators in India, due to the inclusion of domestic construction industry growth.
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Drivers – Nitrobenzene Market
Rise in agricultural sustainability
Nitrobenzene is used as an energy source for plants and leads to an increase in crop yield. In global agriculture, the industry has made several changes by developing, farming techniques, drip irrigation, crop protection, and soil management have changed significantly. The governments are continuously imposing the focus on organic farming in the fields of the economy, social, and the environment by providing farmers with education and training to improve the quality of crops, productivity and soil texture.
Challenges – Nitrobenzene Market
Increasing demand for bio-based fertilizers
The EU Commission and the United States EPA developed regulatory standards proposed to reduce emissions of volatile organic compounds (VOCs) leading to increased demand for bio-based chemicals and, thus, likely to hinder market growth for nitrobenzene. United States EPA listed nitrobenzene as a potential occupational carcinogen which is anticipated in the near future as a major challenge for the industry Increasing organic fertilizer demand due to growing environmental concerns will restrict the nitrobenzene market growth in the near future.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Nitrobenzene Market. In 2018, the market of Nitrobenzene has been consolidated by the top five players accounting for xx% of the share. Major players in the Nitrobenzene Market are Huntsman Corporation, BASF SE, First Chemical Corp, DuPont Chemical Solutions Enterprise, Bayer AG, Yantai Wanhua Polyurethane Co. Ltd., Shandong Jinling Chemical Co., Sumitomo Chemical Co. Ltd., and Bann Quimica Ltd., among others.
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