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Global Nitrobenzene Market – by Product Type, Component, Industry, Region - Market Size, Demand Forecasts, Company Profiles, Industry Trends and Updates (2018 - 2025)
Nitrobenzene market – Segmented by Product Type, Component, Industry, Region | Market Size, Growth, Drivers, Trends, Industry Structure and Forecasts, Competitive Intelligence, Company Profiles | MarkGenes
Nitrobenzene is an organic compound used in the manufacturing of aniline. Almost 98% of nitrobenzene is used to manufacture aniline. Aniline is an aromatic amine and acts as a predecessor for the production and used to create insulation products, rubber products, packaging products, cosmetics and agriculture products. This is also used in industrial applications as a precursor to manufacture methylene diphenyl isocyanate (MDI). The global nitrobenzene market was USD 8.61 billion in 2018 and is estimated to reach USD 10.78 billion by 2025 at a CAGR of 3.26% during the forecast period
Growth by Region
Asia Pacific has the major market for nitrobenzene, because of demand from countries like China and India. The commercial growth of countries in APAC will be one of the key trends that will excite the growth of the nitrobenzene market during the projected period. Rising residential construction activities in these countries, because of quick urbanization, is anticipated to drive the Asia-Pacific nitrobenzene market during the forecast period. In addition, improving construction in countries, like the United Kingdom and Australia, is predictable to drive the market during the forecast period.
Drivers vs Constraints
The nitrobenzene market is majorly determined by demand for aniline, as nitrobenzene is the primary raw material for aniline production. Aniline is a major constituent in the production of various chemicals, like MDI, which are further utilized in many end-user industries, like construction, cosmetic, pharmaceuticals, automotive, agriculture, and others. It is also applied in manufacturing insulators, which are used in the construction industry.
Speedy urbanization in developing economies such as China and India among others has led to the development of the construction industry, which has been one of the leading factors driving the nitrobenzene market because of accessibility of cheap labor and low cost of raw materials in China is likely to drive the nitrobenzene market in this region.
Rising competition is witnessed against companies in the market based on factors such as innovation, price, operational cost, and product quality. Dealers with well financial and technological resources can survive changes in market conditions.
Industry Structure and Updates
The rising demand for aniline in applications such as furnishing, consumer goods, and automotive interiors and upholstery will directly influence the adoption of nitrobenzene across numerous industries during the predicted period.
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