Press release
Global Nitrobenzene Market Projected to Surpass $15.8 Billion by 2029 with 7.9% Annual Growth
Nitrobenzene
The anticipated growth of the nitrobenzene market is attributed to the escalating demands from the automotive industry. This industry includes businesses that engage in the production, wholesaling, retail, and maintenance of motor vehicles. Nitrobenzene is majorly utilized to produce aniline, a crucial predecessor to methylene diphenyl diisocyanate (MDI). MDI is extensively applied in manufacturing high-performance plastics, urethane polymers like polyurethane foams and elastomers, rubber chemicals, among other auto-related products. As per the data from the European Automobile Manufacturers Association, a Belgium-based car manufacturers group, in 2022, there was a worldwide production of 85.4 million motor vehicles. This signified a significant rise of 5.7% compared to 2021. Therefore, this surging demand within the automotive industry fuels the nitrobenzene market's expansion.
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How will the growth rate of the nitrobenzene market shape industry trends by 2034?
The size of the nitrobenzene market has demonstrated considerable growth in the past few years. The market size, from being $10.96 billion in 2024, is projected to grow to $11.67 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.5%. This impressive growth during the historic period can be credited to its increasing usage in the electronics and plastics industries, expansion in the paints and coatings sector, growth in synthetic fiber production, and applications in petroleum refining.
Expectations are high for the nitrobenzene market, projecting substantial growth over the next several years. The size of the market is anticipated to reach $15.8 billion by 2029, with a compound annual growth rate (CAGR) of 7.9%. This development during the forecast period can be tied to the increasing demand in industries like explosives, agrochemicals, besides a surge in its use in rubber and polymer manufacturing, and a rise in the demand for synthetic fibers. Significant trends during the forecast period consist of a move towards sustainable production, a concentration on green chemistry, advances in synthesis technology, investigations for substitute feedstocks, and product innovation.
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What new trends are reshaping the nitrobenzene market and its opportunities?
Major players in the nitrobenzene market are strategically investing to gain a market advantage. These strategic investments serve to further the company's long-term vision and mission rather than purely focusing on gaining financial benefits. For example, in July 2023, Wanhua-BorsodChem, a chemical raw material producer from Hungary, launched Site IV and their production units. These new facilities house nitrobenzene and aniline production units, essential for manufacturing its flagship products, such as methylene diphenyl diisocyanate (MDI), a common ingredient in construction adhesives and elastomers. The new operating units encourage better environmental practices and comply with the principles of Best Available Technology (BAT), utilizing the latest advances in science and technology.
What major market segments define the scope and 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
Subsegments:
1) By Liquid: Industrial Grade Liquid Nitrobenzene, Purified Liquid Nitrobenzene
2) By Powder: Crystalline Nitrobenzene, Powdered Nitrobenzene For Specialty Applications
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Which region dominates the nitrobenzene market?
Asia-Pacific was the largest region in the nitrobenzene market in 2024, and is expected to be the fastest-growing region in the forecast period. The regions covered in the nitrobenzene market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the nitrobenzene industry growth?
Major companies operating in the nitrobenzene market include 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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What Is Covered In The Nitrobenzene Global Market Report?
•Market Size Forecast: Examine the nitrobenzene market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the nitrobenzene market for a structured understanding.
•Key Players Overview: Analyze major players in the nitrobenzene market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the nitrobenzene market.
•Segment Contributions: Evaluate how different segments drive overall growth in the nitrobenzene market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the nitrobenzene market.
•Industry Challenges: Identify potential risks and obstacles affecting the nitrobenzene market.
•Competitive Landscape: Review strategic developments in the nitrobenzene market, including expansions, agreements, and new product launches.
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