Press release
Global Nitrobenzene Market 2024 : Trends, Business Growth And Major Driving Factors | Sumitomo Chemical Co Ltd., China Petrochemical Corporation, Sinopec Nanjing Chemical Industrial Corporation, Mitsui Chemicals Inc., BASF SE, Dow Inc.
Nitrobenzene Global Market Report 2024
The Business Research Company offers in-depth market insights through Nitrobenzene Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The nitrobenzene market size has grown strongly in recent years. It will grow from $10.32 billion in 2023 to $11.03 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to emergence in electronics and plastics industries, growth in paints and coatings sector, synthetic fiber manufacturing, petroleum refining applications.
The nitrobenzene market size is expected to see strong growth in the next few years. It will grow to $14.48 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to demand growth in explosives industry, increasing demand in agrochemicals, growing usage in rubber and polymer manufacturing, rising demand for synthetic fibers. Major trends in the forecast period include shift towards sustainable production, focus on green chemistry, technological advancements in synthesis, exploration of alternative feedstocks, product innovation.
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Market Segmentation:
The nitrobenzene market covered in this report is segmented -
1) By Form: Liquid, Powder
2) By Application: Aniline Production, Pesticide Additive, Synthetic Rubber Manufacturing, Paint Solvent, Other Applications
3) By Sales Channel: Direct Company Sale, Direct Import, Distributors And Traders, Retailers
4) By End-Use: Construction, Agriculture, Pharmaceutical, Automotive, Other End Users
Major Driver - Nitrobenzene Market Accelerates With Surging Demand From The Automotive Industry
Growing demand from the automotive industry is expected to propel the growth of the nitrobenzene market going forward. 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, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based automobile manufacturers association, in 2022, the global production of motor vehicles reached 85.4 million units, reflecting a notable increase of 5.7% compared to 2021. Therefore, the growing demand from the automotive industry is driving the growth of the nitrobenzene market.
Competitive Landscape:
Major companies operating in the nitrobenzene market report are Sumitomo Chemical Co Ltd., China Petrochemical Corporation, Sinopec Nanjing Chemical Industrial Corporation, Mitsui Chemicals Inc., BASF SE, Dow Inc., Bayer MaterialScience AG, Chevron Phillips Chemical Company LLC, AstraZeneca plc, Mitsubishi Chemical Corporation, Wanhua Chemical Group Co Ltd., Covestro AG, Toray Industries Inc., Kureha Corporation, Huntsman International LLC, The Chemours Company, Wilbur-Ellis Holdings Inc., UBE Industries Ltd., Aarti Industries Ltd., Chemplast Sanmar Limited, Atul Ltd., Sadhana Nitro Chem Ltd., SP Chemicals Pte. Ltd., Connell Chemical Industry LLC, Aromsyn Co Ltd., Bann Quimica Ltd., Shandong Jinling Chemical Co, Chemieorganics Chemical India Pvt Ltd., Jilin Economic and Technology Development Zone General Co Ltd., Finetech Industry Limited
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Top Trend - Strategic Investments Propel Wanhua-Borsodchem Leadership In Nitrobenzene Market With Site Iv Inauguration
Major companies operating in the nitrobenzene market are focused on adopting strategic investments to gain a competitive edge in the market. Strategic investments are those made with the primary goal of advancing an organization's overall long-term goals and objectives, rather than solely focusing on maximizing financial returns. For instance, in July 2023, Wanhua-BorsodChem, a Hungary-based chemical raw material manufacturing company, inaugurated Site IV and production units. The inaugurated Site IV and production units contain nitrobenzene and aniline production units, which enable the production of key raw materials for BorsodChem's flagship products, such as methylene diphenyl diisocyanate (MDI), which is used in the construction industry for adhesives and elastomers. The product facilities promote environmental footprints and adhere to the principles of Best Available Technology (BAT), which emphasizes the use of modern advances in science and technology.
The Table Of Content For The Market Report 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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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