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The Worldwide Nitrobenzene Market: Size, Industry Share, And Robust Demand With A Projected CAGR Of 5.8% During 2023-2032 || Wanhua Chemical Group Co. Ltd., Covestro AG, BASF SE, Huntsman International LLC, Aromsyn Co. Ltd
Nitrobenzene Market
The Business Research Company's Nitrobenzene Global Market Report 2023 the growing demand from the automotive industry as the major driver for the nitrobenzene market's growth in the forecast period. The automotive industry encompasses industries involved in the manufacture, wholesale, retailing, and repair of automobiles. The vast majority of nitrobenzene is used to create aniline, which is a precursor to methylene diphenyl diisocyanate (MDI). MDI is also used to make high-performance plastics, urethane polymers such as polyurethane foams and elastomers, rubber chemicals, and other automotive-related products. For instance, according to an article published by International Energy Agency, a France-based intergovernmental organization that provides recommendations to the global energy sector, global electric car sales increased by almost double to 6.6 million compared to 2020 (a sales share of approximately 9%), bringing the total number of electric vehicles on the road to 16.5 million.
The global nitrobenzene market size is expected to grow from $9.76 billion in 2022 to $10.38 billion in 2023 at a compound annual growth rate (CAGR) of 6.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The nitrobenzene market is expected to reach $13.00 billion in 2027 at a CAGR of 5.8%.
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Major competitors in the nitrobenzene market are Wanhua Chemical Group Co. Ltd., Covestro AG, BASF SE, Huntsman International LLC, Aromsyn Co. Ltd., Bann Quimica Ltd.a, Dow, SP Chemicals Pte. Ltd., Wilbur-Ellis Holdings Inc., Aromsyn Co.Ltd.
A key trend in the nitrobenzene market includes increasing demand for agrochemicals. An agrochemical is any substance that is used to eradicate, deter, or restrain specific plant or animal life forms that are regarded as pests. Nitrobenzene is utilized as a plant growth supplement in agriculture because it enhances flowering and minimizes flower loss. Nitrobenzene is a nitrogen and plant growth regulator mixture that acts as a plant energizer, blooming stimulant, and yield enhancer. For instance, according to a report published by Food and Agriculture Organization, an Italy-based international organization to defeat hunger, in 2020, over the previous three decades, the average annual consumption of pesticides has been 1.58 kg per hectare, 0.37 kg per person, and 0.79 kg every USD 1000 of agricultural production.
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The nitrobenzene market is segmented -
• By Form: Liquid, Powder
• By Application: Aniline Production, Pesticide Additive, Synthetic Rubber Manufacturing, Paint Solvent, Other Applications
• By Sales Channel: Direct Company Sale, Direct Import, Distributors And Traders, Retailers
• By End-Use: Construction, Agriculture, Pharmaceutical, Automotive, Other End Users
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the nitrobenzene market.
The Business Research Company's "Global Nitrobenzene Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Nitrobenzene Market Include:
1. Executive Summary
2. Nitrobenzene Market Characteristics
3. Nitrobenzene Market Trends And Strategies
4. Nitrobenzene Market - Macro Economic Scenario
5. Nitrobenzene Market Size And Growth
……………
27. Nitrobenzene Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Nitrobenzene Market
29. Nitrobenzene Market Future Outlook And Potential Analysis
30. Appendix
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