Press release
Nitrobenzene Industry Growth Outlook: 7.5% CAGR and $15.35 Billion by 2029
Nitrobenzene
What Is the Long-Term Growth Forecast for the Nitrobenzene Market Size 2025?
In the past few years, the size of the nitrobenzene market has witnessed significant growth. It is projected to increase from $10.96 billion in 2024 to $11.51 billion in 2025, with a compound annual growth rate (CAGR) of 5.1%. The substantial growth during the historical period can be traced back to the rise in electronics and plastics industries, expansion in paints and coatings sector, the production of synthetic fiber, and applications in petroleum refining.
What CAGR is Forecasted for the Nitrobenzene Market Through 2029?
The market size for nitrobenzene is predicted to experience substantial growth in the upcoming years. The market is expected to expand to $15.35 billion by 2029, with a compound annual growth rate (CAGR) of 7.5%. The anticipated growth in the forecast period can be linked to increasing demand in the explosives industry, escalated demands in agrochemicals, expansion in usage in rubber and polymer production, and a surge in demand for synthetic fibers. Notable trends projected to be evident throughout the forecast period include a shift towards sustainable production methods, a focus on eco-friendly chemistry, advancements in synthetic technologies, exploration of substitute raw materials, and product innovation.
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What Are the Critical Factors Driving Nitrobenzene Market Development?
The burgeoning need from the auto industry is projected to fuel the ascent of the nitrobenzene market in the future. This industry includes domains that contribute to the production, wholesale, retail, and automobile repair services. Aniline, which is produced predominantly from nitrobenzene, is a vital ingredient for methylene diphenyl diisocyanate (MDI). This MDI plays a significant role in the production of high-performing plastics, urethane polymers such as polyurethane foams and elastomers, rubber chemicals, plus other products related to automobiles. As an example, in May 2023, the European Automobile Manufacturers Association, a car makers association based in Belgium, stated that in 2022, worldwide motor vehicle production hit 85.4 million units, an impressive increase of 5.7% in comparison to 2021. Consequently, this rising demand within the auto industry is promoting the expansion of the nitrobenzene market.
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How Does the Nitrobenzene Market Break Down Across Major Segments?
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
What Are the Major Trends Transforming the Nitrobenzene Industry?
Dominant entities in the nitrobenzene market are prioritizing strategic investments as a tactic to gain an advantage in the industry. Rather than merely focusing on boosting financial profits, these strategic investments aim to further an organization's overarching long-term goals and objectives. For example, Wanhua-BorsodChem, a Hungarian producer of chemical raw materials, opened Site IV and related production facilities in July 2023. The added Site IV and its production units, boasting nitrobenzene and aniline production facilities, allow for the manufacturing of vital raw materials for BorsodChem's leading items, such as methylene diphenyl diisocyanate (MDI), a material used in creating adhesives and elastomers in the construction field. Such production facilities uphold environmental sustainability and adhere to the principles of Best Available Technology (BAT), promoting the adoption and utilization of cutting-edge scientific and technological developments.
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Which Players Are Driving Innovation in the Nitrobenzene Market?
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
Which Regions Are Driving Global Nitrobenzene Market Expansion?
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.
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Asia: +44 7882 955267 & +91 8897263534,
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