Press release
Synthetic & Bio-based Aniline Market Showing 6.5% CAGR Growth to 2024: Company Profiles & Trends Analysis
High growth in Asia Pacific packaging industry will augment the synthetic & bio-based aniline demand throughout the forecast years as the product is a precursor to MDI, which in turn is used in manufacturing polyurethane foams. Polyurethane is extensively used to manufacture rigid as well as flexible plastic packaging materials and their rising demand for interstate to transcontinental transportation of substances boosted by the growing logistics industry will supplement the synthetic & bio-based aniline market up to 2024. The global plastic packaging market was valued at around USD 285 billion in 2016 and is set to exceed 400 billion in 2024.
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Synthetic & Bio-based Aniline Market size will surpass USD 19 billion by 2024; according to a new research report.
Robust growth in Asia Pacific FMCG industry will boost demand for plastic packaging materials, which will drive the synthetic & bio-based aniline market throughout the forecast timespan. The Indian FMCG sector was valued over USD 45 billion in 2016 and is likely to cross USD 100 billion in 2024. Fast growth in Chinese consumer goods industry, valued over USD 4.6 trillion in 2016, will also boost demand for plastic packaging materials which will eventually influence the industry development. Rising demand for packaged food & beverage products in the U.S. and developing countries of Latin America, Asia Pacific, and Middle East will also contribute towards synthetic & bio-based aniline market growth.
The health hazards associated with aniline may hamper the industry growth as stringent government regulations and guidelines associated with its handling will make the production process more expensive. NIOSH has recommended that aniline be declared as a potential carcinogen, while OSHA has set the permitted exposure limit of the product at 2 ppm as an 8-hour time weighted average concentration. The product must be stored in a cool, dry, well-ventilated area in sealed containers with labels in accordance with OSHA’s hazard communication standard. These factors will increase the storage and handling cost which may affect the synthetic & bio-based aniline market growth.
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The synthetic & bio-based aniline market is categorized into two processes which are substitution of chlorobenzene and reduction of nitrobenzene. Reduction of nitrobenzene is a more popular process accounting for most of the market in 2016. This segment will generate beyond USD 18 billion by 2024.
According to product, the industry is segmented into bio-based and synthetic types. Bio-based aniline will be commercialized in 2017 and will gain in market share in the later stage of the forecast timespan. Synthetic segment will grow by around 6% CAGR throughout the forecast timespan.
Rubber processing chemical is a significant application segment for the synthetic & bio-based aniline market which will generate a revenue beyond USD 1.5 billion in 2024. Increasing tire demand from the rapidly growing automotive industry in Asia Pacific and North America will drive aniline usage as rubber processing chemicals.
Among the end-users, product demand for transportation will exceed USD 2.5 billion by 2024, gaining by about 6.5% CAGR. Rising automotive production in Asia Pacific will augment the segment’s growth throughout the forecast spell. By 2024, adhesives & sealants segment will account for around 10% of the total market in terms of volume, gaining the synthetic & bio-based aniline market by above 6% CAGR.
Asia Pacific is a significant regional market which will account for around 40% of the global industry in 2024. Rising polyurethane packaging material production in China along with the fast-developing automobile and construction industries will significantly contribute to the regional synthetic & bio-based aniline market development.
Major manufacturers in the synthetic & bio-based aniline market include Chemours, BASF, Dow Chemicals, Huntsman, Sinopec, Sumitomo Chemical, Tosoh Corporation, Covestro, Hindustan Organic Chemicals, Yantai Wanhua Polyurethane Company, BorsodChem, Jilin Connell Chemical Industry, Volzhsky Orgsintez, Shandong Jinling Group, SP Chemicals, etc.
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