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Global Aniline market is witnessing a considerable growth owing to the increasing demand for polyurethane rigid foams.
NEWARK, UNITED STATES, December 5, 2022 /einpresswire.com / -- Global aniline market is expected to reach USD 21.59 billion by 2028, at a CAGR of 7.85% from 2021 to 2028. Growing demand from the rubber and plastics industry coupled with the increasing use of aniline in the production of polyurethane foams is expected to drive the market growth.
Aniline is a colorless, volatile liquid, derived from coal tar and used in the manufacture of dyes, explosives, and drugs. It is also used as a solvent in some paints and varnishes, and as an intermediate in the synthesis of various organic compounds. This compound is also used in various industrial applications such as rubber, plastic, and pharmaceuticals.
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The rubber and plastics industry is the largest consumer of aniline as it is used in the production of polyurethane foams. Increasing demand for polyurethane foams in the automotive, construction, and furniture industries is expected to drive the demand for aniline.
The market is expected to witness significant growth owing to the increasing demand for polyurethane foam in the automotive industry. The growing use of aniline in the production of foam used in car seats and dashboards is expected to drive the market growth. Furthermore, increasing demand for aniline as a raw material in the production of nylon and other synthetic fibers will also fuel market growth.
Restraints of the global Aniline Market
1. Stringent Regulatory Environment: The global aniline market is subject to stringent regulatory regulations that can hinder the growth of the market. Governments in different countries have imposed regulations on the use of aniline for various applications, due to its potential health hazards. Moreover, the environmental regulations on the use of aniline can further hamper the growth of the market.
2. Volatility in Raw Material Prices: The global aniline market is highly dependent on the availability and prices of raw materials. The prices of raw materials such as ammonia, nitrobenzene and propylene are highly volatile and can adversely affect the market.
3. Growth of Substitute Products: The global aniline market is facing stiff competition from alternative products that have replaced aniline in various applications. The use of other products such as ethanolamines, alkylbenzenes, and other derivatives has reduced the demand for aniline significantly.
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On the basis of region, Asia Pacific is expected to witness the fastest growth in the market due to the increasing demand for aniline in India and China. Increasing industrialization and rapid urbanization in the region are expected to drive the demand for aniline.
The major players in the market include BASF, Solvay, AkzoNobel, BASF, Mitsubishi Chemicals, and Dow Chemical Company. These companies are focusing on the development of new products and investing in research and development activities to increase their market share.
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