Nitrobenzene Market Size: Global Industry Analysis, Size, Sh...| MENAFN.COM

Thursday, 30 March 2023 11:11 GMT

Nitrobenzene Market Size: Global Industry Analysis, Size, Share, Growth, Trends, And Forecast 2023-2033

(MENAFN- America News Hour)

The Global Nitrobenzene Market is projected to register a CAGR of more than 3.5% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Considering the pandemic scenario, the construction, and automotive manufacturing activities were temporarily stopped as the governments of several countries imposed lockdown in order to curb the spreading of the virus, thus led to the decrease in demand for various nitrobenzene derivative-based products including methylene diphenyl diisocyanate (MDI) based adhesives, sealants, polyurethane-based steering wheels, bumpers, and others, which in turn negatively impacted the market demand. However, the demand for paracetamol derived from nitrobenzene derivative aniline has been increased during the current situation, thereby stimulating the demand for the nitrobenzene market.

Click Here to Download Sample Report
– Over the medium term, the increasing demand for nitrobenzene to produce aniline, easy availability of raw materials, and the growing construction activities in the Asia-Pacific region are expected to drive the market's growth.
Key Market Trends
Increasing Demand for Aniline Production

– Aniline production accounts for the largest share of nitrobenzene's application, accounting for more than 90% of the share. It is majorly produced by the catalytic hydrogenation of Nitrobenzene. The root pertaining to the production of nitrobenzene by phenyl amination is no longer employed. Mitsui in Chiba, Japan was the last to close their plant in 2009 due to poor economics.
– The methylene diphenyl diisocyanate (MDI) produced from aniline acts as a major precursor for polymers used in the various end-user industries including construction, automotive, and others. Furthermore, polyurethane foams produced from MDI, mainly used in various building insulation applications, acts as one of the major components in the construction both in their flexible and rigid form.
– The global construction industry was valued at about USD 12 trillion in 2019, with a growth rate of about 4%, compared to the previous year, thus led to an increase in the consumption of MDI-based rigid polyurethanes, binders, adhesives, sealants, coatings, and other MDI products, thereby enhancing the demand for aniline and hence, in-turn stimulating the demand for the market studied.
Asia-Pacific Region to Dominate the Market
– Asia-Pacific was the largest market for nitrobenzene, in terms of consumption and production in 2019. With affordable infrastructure and labor costs, various international manufacturers have shifted their manufacturing units in the region. Expanding production capacities by major aniline and methylene diphenyl diisocyanate (MDI) manufacturing companies in recent years is also a major driver for nitrobenzene production and consumption in the region.
– The construction industry is the most dominant end-user market for nitrobenzene due to the rising demand for various MDI-based products such as adhesives, sealants, elastomers, and polyurethanes. It can be also used as a binder for wood and furniture. Owing to these applications of nitrobenzene, the construction industry consumes about 48% of the total nitrobenzene produced globally, with significant consumption in the Asia-Pacific region.

Request For The Sample Report Here:

– In 2020, the Chinese construction industry was valued at about USD 1,049.2 billion and is estimated to reach about USD 1,117.4 billion by 2021, with a growth rate of about 6.5%, which led to an increase in the demand for MDI-based construction industry materials including sealants, adhesives, polyurethanes, and others, in-turn stimulating the demand for the studied market.
– Furthermore, the total new construction in Japan was accounted for about 127.55 million square meters in 2019 and reached about 113.74 million square meters in 2020, with a decline rate of about 10.5%, thus led to a decrease in the demand for MDI based construction materials, thereby negatively impacted the market demand for market studied.
Competitive Landscape
The nitrobenzene market is partially consolidated in nature. Some of the major players include BASF SE, The Chemours Company (DuPont), Covestro AG, Huntsman International LLC, and Wanhua, among others.

1.1 Study Assumptions
1.2 Scope of the Study
4.1 Drivers
4.1.1 Increasing Demand for Aniline
4.1.2 Easy Availability of Raw Materials
4.1.3 Growing Construction Activities in Asia-Pacific Regions
4.2 Restraints
4.2.1 Growing Demand for Bio – Based Chemicals
4.2.2 Impact of COVID-19 Pandemic
4.2.3 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Regulatory Policy Analysis

Request For Full Report nitrobenzene market

About SDKI:

The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count ( SDKI ) provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.