How big is the nitrobenzene market today, and what are its future growth expectations?
The nitrobenzene market size has grown strongly in recent years. It will grow from $10.96 billion in 2024 to $11.67 billion in 2025 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to emergence in electronics and plastics industries, growth in paints and coatings sector, synthetic fiber manufacturing, petroleum refining applications.
The nitrobenzene market size is expected to see strong growth in the next few years. It will grow to $15.8 billion in 2029 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to demand growth in explosives industry, increasing demand in agrochemicals, growing usage in rubber and polymer manufacturing, rising demand for synthetic fibers. Major trends in the forecast period include shift towards sustainable production, focus on green chemistry, technological advancements in synthesis, exploration of alternative feedstocks, product innovation.
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How has the nitrobenzene market evolved, and what factors have shaped its growth?
Growing demand from the automotive industry is expected to propel the growth of the nitrobenzene market going forward. The automotive industry encompasses industries involved in the manufacture, wholesale, retailing, and repair of automobiles. The vast majority of nitrobenzene is used to create aniline, which is a precursor to methylene diphenyl diisocyanate (MDI). MDI is also used to make high-performance plastics, urethane polymers such as polyurethane foams and elastomers, rubber chemicals, and other automotive-related products. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based automobile manufacturers association, in 2022, the global production of motor vehicles reached 85.4 million units, reflecting a notable increase of 5.7% compared to 2021. Therefore, the growing demand from the automotive industry is driving the growth of the nitrobenzene market.
What are the major segments 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 companies dominate 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
How will evolving trends contribute to the growth of the nitrobenzene market?
Major companies operating in the nitrobenzene market are focused on adopting strategic investments to gain a competitive edge in the market. Strategic investments are those made with the primary goal of advancing an organization’s overall long-term goals and objectives, rather than solely focusing on maximizing financial returns. For instance, in July 2023, Wanhua-BorsodChem, a Hungary-based chemical raw material manufacturing company, inaugurated Site IV and production units. The inaugurated Site IV and production units contain nitrobenzene and aniline production units, which enable the production of key raw materials for BorsodChem’s flagship products, such as methylene diphenyl diisocyanate (MDI), which is used in the construction industry for adhesives and elastomers. The product facilities promote environmental footprints and adhere to the principles of Best Available Technology (BAT), which emphasizes the use of modern advances in science and technology.
What are the key regional dynamics of the nitrobenzene market, and which region leads in market share?
The countries covered in the nitrobenzene market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
What Does The Nitrobenzene Market Report 2025 Offer?
The nitrobenzene market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Nitrobenzene is a pale yellow oil that is insoluble in water and has an almond-like odor. Nitrobenzene is largely utilized as an intermediary in the synthesis of aniline, although it is also used in specialty compounds such as acetaminophen.
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