The increasing demand for agrochemicals and the elevating demand for Nitrobenzene from the pharmaceutical sector have resulted in boosting the Nitrobenzene market.
Market Size – USD 9.31 Billion in 2019, Market Growth – CAGR of 3.2%, Market Trends – The rising demand for Nitrobenzene in the Agriculture sector
The global nitrobenzene market is forecasted to reach USD 11.97 Billion by 2027, according to the latest report by Reports and Data. Nitrobenzene is an organic chemical which is soluble in water and has a pale yellow colour and odour similar to almond. Mainly manufactured from benzene, it forms greenish-yellow crystals when frozen.
Key participants include BASF SE, Aromsyn Co., Lt, Bann Quimica Ltd, Huntsman Corporation, Finetech Industry Limited, The Chemours Company, Shandong Jinling Chemical Co, The Dow Chemical Company, Tianjin Elong Co, Ltd, Yantai Wanhua Polyurethane Co Ltd, and Covestro.
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The market is estimated to grow at CAGR of 3.2% during the forecast period. With regards to the end-users, the market demand mainly attributes to industries like automotive, construction, agriculture, and many others. The automotive industry accounts for a considerably major shareholder of the demand and associated demand of rubber, synthetic fibres and resin, etc. The rise in demand for automobiles is a huge boost to the nitrobenzene market. Based on grade, technical grade is seen to have captured around 80% of the market in 2019. It is expected to grow further at a rate of 3.7% during the forecast years.
Grade Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
End-user Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
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Key Coverage of the Nitrobenzene Market:
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The Asia Pacific region dominates the market, on the regional basis, owing to the vast population base and growth. Agriculture is the integral occupation in this region, and thus, the demand for nitrobenzene is also high in this region. Moreover, the huge population base also resulted in heavy demand for automobiles in the region which again encourages the growth of the nitrobenzene market. The growth in this region is also boosted due to the huge high industrialization in the region.
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
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