Nitrobenzene Market Growth and Forecast 2016-2024
Robust development in the agricultural industry and the developing economies are few of the core drivers for the nitrobenzene market growth. The chemical has been considered as a core compound in the manufacturing of polyurethane foam which is used in the construction industries. By using the products present in the market, the consumers aid in the market growth.
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The nitrobenzene market has been influenced by a number of factors such as the increasing demand for rubber in the automotive industry, the expansion of the construction industry across many core regions, the rising demand for fertilizers in the agricultural industry, and urbanization in developing countries. The market is further driven by the constant demand for nitrobenzene which can replace bio-based chemicals such as volatile organic compounds and help in decreasing its emission. Increasing development in pharmaceuticals, dyes, chemical, and pesticide industries are responsible for the enormous market growth in the near future.
A few factors might be responsible for obstructing the market growth such as strict environment regulations and the increasing demand for bio-based chemicals. North America, Asia Pacific, Europe, MEA and Latin America are taking steps for expanding the market size and these regions have been considered as the core regions for the manufacturing of nitrobenzene where continuous uplifting of the market has also been noticed.
Nitrobenzene is a kind of organic compound which is used in the manufacturing of aniline and acts as a predecessor for the production of chemicals and numerous derivatives in cosmetics, agriculture, pharmaceuticals, and other types of industrial applications. It is also used as a chemical to manufacture pesticides, synthetic rubber, and lubrication oil. Rising demand for rubber in the automotive industry is likely to fuel the growth of the nitrobenzene market over the forecast period. Expansion of the construction industry is one of the key factors likely to drive the nitrobenzene market over the forecast period.
Rapid urbanization in developing economies such as China and India among others has led to the growth of the construction industry, which has been one of the dominant factors driving the nitrobenzene market. Growth of the agriculture industry coupled with the mounting demand for fertilizers is driving the nitrobenzene market globally. Rise in the demand for bio-based chemicals and strict environment regulations are restraining the nitrobenzene market from expansion. Availability of cheap labor and low cost of raw materials in China is expected to drive the nitrobenzene market in this region.
The nitrobenzene market has been segmented on the basis of application and end-user. On the basis of application, the nitrobenzene market is segregated into pesticides, lubricating oil, aniline production, and synthetic rubber. Aniline production was the most dominant segment in 2015 and it is expected to remain so over the forecast period. On the basis of end-user, the market is segregated into pharmaceuticals, agriculture, and industrial applications. Agriculture registered the most dominant share in the nitrobenzene market in 2015 and is likely to retain its position over the years to come.
Geographically, the nitrobenzene market is segmented by North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia-Pacific accounted for the largest market share in 2015 and it is expected to remain so over the forecast period. Rapid pace of urbanization in developing countries such as China, India, and Bangladesh is a key driver of the nitrobenzene market in this region. Growth of agricultural industry in this region has fuelled the growth of the nitrobenzene market. North America accounts for a considerable share in the nitrobenzene market. Growth of the pharmaceutical industry is driving the market for nitrobenzene in this region. The European Commission has proposed reduction in the level of volatile organic compounds (VOC) emissions which has resulted in the demand for bio-based chemicals which is likely to enhance the growth of the nitrobenzene market growth.
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Asia Pacific has an increasing demand for nitrobenzene owing to developments in agriculture. China accounts for majority share of the nitrobenzene market in Asia Pacific. Growth in the construction industry and rapid pace of urbanization is one of the major drivers for the nitrobenzene market in Asia Pacific. Increasing development in the dyes, pharmaceuticals, pesticides, and chemical industry among others in the developing nations has been one of the key drivers for the nitrobenzene market. Middle East & Africa has an emerging nitrobenzene market owing to increase in the demand for bio based chemicals and strict environmental regulations. Latin America occupies a considerable share in the nitrobenzene market. Brazil is one of the large markets for nitrobenzene in this region.
The major players in the nitrobenzene market are BASF SE, Aromsyn Co., Ltd., Bann Quimica Ltda. and Finetech Industry Limited. Some of the other key vendors in the market are China National Petroleum Corporation, Huntsman Corporation, Shandong Jinling Chemical Co., The Chemours Company, Total S.A., The Dow Chemical Company, and Yantai Wanhua Polyurethane Co. Ltd. among others.
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