Nitrobenzene Market to Reach US$ 19.72 Billion by 2033 | Fact.MR Report
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FACT.MR
Fact.MR’s latest report on Nitrobenzene Market provides a detailed analysis of growth drivers, market restraints, and emerging trends. It also offers insights Covering 30+ Countries Including Analysis of US, Canada, Brazil, Mexico, UK, Germany, France, GCC countries, Japan, Korea and many more
Rockville , July 03, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, The global nitrobenzene market stands at a value of US$ 11.82 billion in 2023 and is forecasted to expand at a steady CAGR of 5.2% from 2022 to 2033.
Nitrobenzene is a crucial raw material required for aniline production and this is projected to account for the majority of revenue generation for nitrobenzene suppliers throughout the forecast period. Growing automotive production, surging demand for high-performance polymers, increasing investments in infrastructure development, and a hike in demand for synthetic rubber products are other key prospects that are projected to steer market growth over the next ten years.
China, India, and Japan are estimated to contribute to the dominant share of nitrobenzene shipments in the Asia Pacific region throughout the forecast period. The trend of installation of new production facilities in the APAC region started by the Western companies to improve profitability and scale their business is what is estimated to create a highly opportunistic business scenario in this region going forward.
Report Attributes
Details
Forecast Period
2023 - 2033
Value Projection (2033)
US$ 19.72 Billion
Growth Rate (2023-2033)
5.2% CAGR
No. of Pages
170 pages
No. of Tables
74 Tables
No. of Figures
194 Figures
Key Takeaways from Market Study
The global nitrobenzene market stands at a valuation of US$ 11.82 billion in 2023.
Worldwide demand for nitrobenzene is projected to expand at a CAGR of 5.2% from 2023 to 2033.
The market is anticipated to achieve a revenue total of US$ 19.72 billion by 2033.
Rapid industrialization and urbanization, growing chemical manufacturing activity, high demand for (methylene diphenyl diisocyanate) MDI-based products, and rising automotive manufacturing are set to be prime market drivers through 2033.
Strict laws to regulate environmental conservation and the growing availability of alternative aniline production methods are expected to have a hampering effect on overall market potential.
The market in the Asia Pacific region is estimated to hold a dominant position by the end of the forecast period.
Aniline production is estimated to account for more than 80% share of global nitrobenzene sales by 2033-end.
“The Asia Pacific region is projected to offer highly lucrative growth scope owing to rapid urbanization and industrialization in several countries,” says a Fact.MR analyst
Leading nitrobenzene manufacturers are focusing on increasing the production capacity of their facilities to meet the rising demand. These companies are focusing on setting up shops in Asian countries such as China, Japan, and India to benefit from low labor and raw material costs along with supportive government initiatives to promote growth of the manufacturing industry. Building sustainability-compliant nitrobenzene production facilities will also be an area of interest for nitrobenzene companies in the future.
In 2021, Sadhana Nitro Chem Ltd., a leading producer of nitrobenzene based in India, made its para ameno phenol (PAP) plant live in two phases. The plant started producing PAP using a proprietary manufacturing process based on green principles and utilizes nitrobenzene, which is also produced by Sadhana Nitro Chem.
In September 2021, Karun Petrochemical Company, the first company to produce nitrobenzene and isocyanates in the Middle Eastern region, revealed that they had witnessed a substantial increase in their MDI and MDI-based pre-polymer output.
Key Segments of Nitrobenzene Industry Research Report
Fact.MR, in its new offering, presents an unbiased analysis of the global nitrobenzene market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on form (liquid, powder), application (paint solvents, pesticide additives, aniline production, synthetic rubber manufacturing, others), and end-use industry (pharmaceuticals, construction, automotive, agriculture others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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