– Overwhelming use of nitrobenzene to increase crop yield is expected to offer considerable growth prospects to the global market during the forecast period of 2021-2031
– Use of nitrobenzene in manufacturing aniline, a chemical intermediate for dyes, polymers, etc., is anticipated to drive global market
ALBANY, N.Y., Oct. 12, 2021 /PRNewswire/ — The growing popularity of nitrobenzene for use in numerous applications in various end-use industries such as pharmaceuticals, leather, agriculture, building and construction, chemicals, automotive, and others is projected to result in substantial growth of the nitrobenzene market during the forecast period of 2021-2031.
Transparency Market Research has conducted an extensive research on various aspects related to the expansion of the nitrobenzene market. The analysts at TMR expect the global nitrobenzene market to expand at a CAGR of 5.3% during the forecast period. The global nitrobenzene market is expected to surpass the valuation of US$ 19.86 Bn by 2031.
Increasing focus on developing organic flower boosters is anticipated to widen the growth prospects of the nitrobenzene market. These flower boosters are made using natural extracts and nitrobenzene. Thus, these aspects are likely to assure growth opportunities for market players. Nitrobenzene has an almond-like odor and is yellowish in color. It is produced in liquid form. The stakeholders in the nitrobenzene market are mainly focusing on the microbial degradation of nitrobenzene to decrease the environmental impact of nitrobenzene and its derivatives. These factors are projected to help increase the growth rate of the nitrobenzene market, as end-use industries are also inclining toward following sustainable practices and using biodegradable products. In addition, manufacturers are also taking several measures regarding nitrobenzene storage to avoid accidents and mishaps.
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Key Findings of Report
Growing Demand for Aniline for Use in Various Applications to Drive Global Market
A rise in the demand for MDI derived from aniline is expected to attract considerable growth for the nitrobenzene market. Furthermore, MDI-based binders, polyurethanes, coatings, sealants, and others are used on a large scale in the construction industry. Automotive industry also makes use of MDI-derived polyurethane foams and synthetic rubber in airbag covers, steering wheels, front and rear glass panes, waterproof floor materials, and others. Thus, increase in demand for aniline is expected to positively impact the growth trajectory of the nitrobenzene market.
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Nitrobenzene Market to Attract Revenue Opportunities from Leather Industry
The growing use of nitrobenzene in floor polishes and leather dressings to reduce the smell of shoe polishes will have a positive effect on the global market. It is prominently used for masking pungent and harmful odor coming from floor polishers, leather, shoes, etc. These factors serve as growth drivers of the nitrobenzene market.
Regional Landscape of Nitrobenzene Market
The nitrobenzene market has been segmented into North America, Asia Pacific, Europe, Middle East &Africa, and Latin America. Among all regions, the Asia Pacific is estimated to hold a large share of the nitrobenzene market. The use of nitrobenzene in pharmaceuticals, automotive, and agriculture industries is increasing at a rapid rate in the Asia Pacific. Thus, based on these aspects, this market in the Asia Pacific region is anticipated to expand at a CAGR of 6.3% during the forecast period. China is prognosticated to emerge as a significant market for nitrobenzene market in Asia Pacific.
Europe is also expected to a significant share of the nitrobenzene market. In Europe, Germany is expected to emerge as the leading country in terms of consumption. The automobile industry in Europe is gaining momentum and this factor is expected to drive the nitrobenzene market across the region.
Some well-established players in the nitrobenzene market are KUMHO MITSUI CHEMICALS CORP, The Chemours Company, Nanjing Chemical Material Corp, Shandong Jinling Chemical Co., China Qingdao HongJin Chemical Co., Ltd, and Aromsyn Co., Ltd.
Global Nitrobenzene Market: Segmentation
Nitrobenzene Market, by Form
Nitrobenzene Market, by Grade
Nitrobenzene Market, by Application
- Aniline Production
- Lubricating Oils
- Dyes & Paints
- Synthetic Rubber
- Others (including Fertilizers and Drugs)
Nitrobenzene Market, by End-use
- Others (including Construction and Chemicals)
Nitrobenzene Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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