Press release
Global Nitrobenzene Market to grow with a CAGR of 3.6% during forecast period (2020 - 2030)
Nitrobenzene Market
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Asia Pacific (East Asia, and South Asia & Oceania) top the list of target markets for nitrobenzene manufacturers. Success of countries such as Indonesia, India, and Singapore in batting Covid-19 presents fast recovery opportunities for market players. Amidst omnipresent lockdowns due to novel coronavirus, companies with a healthy cash reserve will comfortably weather the economic downturns during Covid-19.
Key Takeaways of Nitrobenzene Market Study
• On the back of surging infrastructure development across countries gives construction share-wide dominance. Construction accounts for over 49% of the total market value.
• Modernization of agriculture processes to fulfill demand for food raw materials is giving impetus to the purchase of nitrobenzene based products such as conveyor belts. The agriculture end-use segment offers the highest growth during the forecast period.
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• Aniline Production to facilitate manufacturing of high-performance plastic products exhibits a stronghold on the nitrobenzen market. The application segment holds a lion’s share of more than 74% share of the total market value.
• Pain Solvent is the highest growth application segment. Renovation of existing infrastructure and efficient paint solutions for new ones can be attributed to the 6.5% CAGR through 2030.
• East Asia emerges as the most financially rewarding region with a majority share of over ? of the total market value. Presence of prominent manufacturers in China is a central factor for growth of the East Asia nitrobenzene market.
• South Asia & Oceania offer the most remunerative growth opportunities on the back of surging demand for high performance plastics in automotive applications. The region will continue to grow at a steady 5.3% CAGR between 2020 and 2030.
Manufacturers Eye Post Covid-19 Normalization
In the current market scenario, nitrobenzene manufacturers are witnessing a drop in production and demand for the product. However, once the global pandemic settles, market players can expect revenues from paint solvents, and automotive applications.
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Analysts predict a rise in demand for nitrobenzene from plastics, rubber, and paint solvent manufacturers. For instance, the increasing demand for high-performance plastics in medical equipment and the need for rubber tires to transport medicines, and healthcare devices. Factors such as these will continue to drive the demand for nitrobenzene as a raw material.
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