Global Nitrobenzene Market size was valued at US$ 9.3 billion in 2019 and the total revenue is expected to grow at 5.6% through 2020 to 2026, reaching nearly US$ XX Bn in the forecast period.
The global Nitrobenzene market report is a comprehensive analysis of the industry, market, and key players. The report has covered the market by demand and supply-side by segments. The global Nitrobenzene market report also provides trends by market segments, technology, and investment with a competitive landscape.
Global Nitrobenzene Market
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Global Nitrobenzene Market Overview:
Nitrobenzene is an oily, yellowish, aromatic nitro compound with the chemical formula C₆H₅NO₂ which can be produced by treating benzene with concentrated nitric acid and concentrated sulphuric acid. Nitrobenzene is used to produce aniline, which further can be used to yield methylene diphenyl diisocyanate (MDI) and polyurethanes and find its major application in the various end-user industries including automotive, construction, and others.
As a chemical, nitrobenzene is also involved in the process of manufacturing synthetic pesticides, rubber, and lubrication oil. The nitrobenzene market is foreseen to hit the forecast period due to core applications in quite a few end-user industries. Vital development in the agricultural industry and the emerging economies are some of the core drivers for nitrobenzene market growth. The chemical has been measured as a crucial compound in the manufacturing of polyurethane foam, which is used in the construction industries.
Global Nitrobenzene Market Dynamics:
The nitrobenzene market has been fuelled by several factors, including the expansion of the construction industry across many core regions, increasing demand for rubber in the automotive industry, urbanization in developed and developing countries, and the increasing demand for fertilizers in the agricultural industry. The market is further anticipated to boost by the constant demand for nitrobenzene, which can replace bio-based chemicals such as volatile organic compounds.
Rising development in dyes, pharmaceuticals, pesticide, and chemical industries are accountable for the enormous market growth shortly. A few features might be responsible for hindering market growth, such as strict environmental regulations and the growing demand for bio-based chemicals.
In July 2020, KBR, Inc. (American engineering, procurement, and Construction Company) developed an exclusive process for adiabatic nitration of benzene to nitrobenzene (NB). For this technology, KBR has been awarded an agreement by Kutch Specialities Pvt Ltd, India. Under the terms of the contract, KBR has to deliver elementary and detailed engineering design, equipment, and related advisory amenities to Kutch Specialities Pvt Ltd for its grassroots nitrobenzene project in India.
Market Dynamics during the COVID-19 Pandemic
Oil & gas production plants are at an unsurpassed low capacity. The Covid-19 pandemic has disturbed the value chain for nitrobenzene. For the time being, raw material availability, procurement, and logistics are chief alarms for market players. The impact of COVID-19 on key regions such as China, and the US will stimulate the recovery pattern of the market. Countries are prolonging lockdowns to restraint the proliferating spread of covid-19.
Though, nitrobenzene organizations can find supportable opportunities in pharmaceuticals. As the word fights with anxiety and stress due to extended lockdowns. The demand for palliative acetaminophen will observe a surge during the forecast period. Alternative opportunity lies in the need for sanitization of residential and commercial infrastructure due to Covid-19. It will create a response for fresh paint and the repainting of infrastructure. Such inclinations post the pandemic will fuel the demand from paint solvents applications of nitrobenzene.
Fruitful recovery strategies can be formed by directing low-impact regions and mapping other distribution and raw material gaining routes. Companies with digitized business operations are leveraging the benefits of technology in terms of reduced losses. A popular recovery strategy is integrating industry 4.0 technologies to reduce the reliance on human labor post-Covid-19.
Global Nitrobenzene Market Segment Analysis:
By End-Use, the market is bifurcated into aniline production and synthetic rubber manufacturing. Aniline production is dominating the market with aniline production being the major application as an intermediate for dyes and pigments, explosives, agricultural chemicals, and pharmaceuticals. In 2017, more than 90% of nitrobenzene was used for aniline production.
Global Nitrobenzene Market
By Application, the segment is bifurcated into construction and automotive. The nitrobenzene market is mainly determined by the demand for aniline, as nitrobenzene is the prime raw material for aniline manufacturing and dominates the construction market. Aniline is a chief element in the production of various chemicals, like MDI, which is further utilized in many end-user industries, like construction, cosmetics, pharmaceuticals, automotive, agriculture, and others. It is correspondingly utilized in manufacturing insulators, which are used in the construction industry.
Construction Industry Driving Asia Pacific Region.
Asia-Pacific has the largest market for nitrobenzene, globally, and is dominating the market because of response from countries like China and India. Mounting domiciliary construction activities in these countries, because of rapid urbanization, is estimated to motivate the Asia-Pacific nitrobenzene market during the forecast period. China is the major driving force as it accounts for almost 70 % of Asia-Pacific’s demand, and signifies almost 35% of the global demand.
Global Nitrobenzene Market
Global Nitrobenzene Market Regional Insights:
Asia-Pacific had the chief share in the market, accounting for a share of almost 42% of the global market. The Asia-Pacific market is predominantly driven by the escalation in the demand from end-user industries, including electronics, aerospace, and medical equipment.
China is the leading consumer of Nitrobenzene in the Asia-Pacific region. The Chinese Nitrobenzene market is highly modest. Capacitors and high-end military applications are the key consumption areas for Nitrobenzene in the nation.
North America, U.S. dominated the North American market in 2019 due to great demand from the construction, automotive, and electronics sectors. The automotive manufacture in the U.S. propagated from 11.3 million units in 2017 to 11.2 million units in 2018. The compound has great usage in automotive manufacturing in the form of Polyurethane (PU) foams manufactured from MDI. MDI grounded products are used in different sections of the vehicle including windows, front and rear glass panes, paints and coatings.
Global Nitrobenzene Market Regional Insights
The objective of the report is to present a comprehensive analysis of the global Nitrobenzene market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the global Nitrobenzene market dynamics, structure by analyzing the market segments and project the global Nitrobenzene market size. Clear representation of competitive analysis of key players by Grade, price, financial position, Grade portfolio, growth strategies, and regional presence in the global Nitrobenzene market make the report investor’s guide.
Global Nitrobenzene Market Scope: Inquire before buying
Global Nitrobenzene Market
Global Nitrobenzene Market, by Region
• North America
• Asia Pacific
• Middle East and Africa
• South America
Global Nitrobenzene Market Key Players
• BASF SE,
• Aromsyn Co., Ltd.,
• Bann Quimica Ltda.
• Finetech Industry Limited
• China National Petroleum Corporation,
• Huntsman Corporation,
• Shandong Jinling Chemical Co.,
• The Chemours Company,
• Total S.A.,
• The Dow Chemical Company,
• Yantai Wanhua Polyurethane Co. Ltd.
• Covestro AG
• Tianjin Elong Co.,Ltd,
• Wanhua Chemical Group Co., Ltd.
• Sumitomo Chemical Co., Ltd.
• BP p.l.c.
• Exxon Mobil Corporation
• JXTG Nippon Oil & Energy Corporation
• Royal Dutch Shell
• Chevron Phillips Chemical Company
• SP Chemicals Holdings Ltd.This report submitted by Maximize market Research Company
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