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Nitrobenzene Market Size, Share | Global Industry Report
Nitrobenzene Market Size
As per the report, 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 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%.
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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.
Nitrobenzene Market Thrives On Escalating Demand For Agrochemicals
The increasing demand for agrochemicals is expected to propel the growth of the nitrobenzene market going forward. 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, in May 2023, according to the Eurostat, an EU-based statistical office, in the European Union, 355 175 tons of pesticides were sold in 2021 this represented a modest rise of 2.7%. Therefore, the increasing demand for agrochemicals is driving the growth of the nitrobenzene market.
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
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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
Contents of the report:
1. Executive Summary
2. Nitrobenzene Market Report Structure
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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