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Global Nitrobenzene Market 2024 : SWOT Analysis Of Key Driving Factors For Growing CAGR Value
Nitrobenzene Global Market Report 2024
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Nitrobenzene Market 2024 Key Insights:
• 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%.
• Nitrobenzene Market Accelerates With Surging Demand From The Automotive Industry
• Nitrobenzene Market Thrives On Escalating Demand For Agrochemicals
• Asia-Pacific was the largest region in the nitrobenzene market in 2023, and is expected to be the fastest-growing region in the forecast period
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