The increasing demand for agrochemicals and the elevating demand for Nitrobenzene from the pharmaceutical sector have resulted in boosting the Nitrobenzene market.
Market Size – USD 9.31 Billion in 2019, Market Growth – CAGR of 3.2%, Market Trends – The rising demand for Nitrobenzene in the Agriculture sector
The Global Nitrobenzene market is forecast to reach USD 11.97 Billion by 2027, according to a new report by Reports and Data. Nitrobenzene can be defined as an organic compound that is considered to be an important industrial. It is produced in large quantities for industrial uses like in the automotive sector and construction industry. A large portion of the organic compound manufactured in the United States is used to produce aniline. It is also applicable for producing lubricating oils like those applied in machinery and motors. A certain portion of this compound is also used to produce drugs, dyes, synthetic rubber, and pesticides. A large percentage of this compound is used for the production of aniline that is a precursor to pesticides, rubber chemicals, dyes, pharmaceuticals, and explosives.
Key participants include BASF SE, Aromsyn Co., Lt, Bann Quimica Ltd, Huntsman Corporation, Finetech Industry Limited, The Chemours Company, Shandong Jinling Chemical Co, The Dow Chemical Company, Tianjin Elong Co, Ltd, Yantai Wanhua Polyurethane Co Ltd, and Covestro.
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Further key findings from the report suggest
- The Nitrobenzene market held a market share of USD 9.31 Billion in the year 2019 that is forecasted to grow at a rate of 3.2% during the forecast period.
- In context to Grade, the Agriculture grade segment is projected to witness a considerable growth rate of 5.2% during the forecast period, which is expected to occupy more than 5.0% of the market by 2027. The growth rate witnessed by the Agriculture grade segment is attributed to the continuous expansion of the agriculture sector, associated rising demand for agrochemicals, elevating emphasis on pest control and applicability of the compound in producing pesticides, which is resulting in the growing demand for the organic compound in this grade contributing to the growth rate witnessed by this segment.
- In context to End-user, the Pharmaceuticals segment is projected to witness a considerable growth rate of 3.9% during the forecast period, which is expected to hold more than 5.0% of the market by 2027. The growth rate witnessed by the Pharmaceuticals segment is attributed to the continuous growth of the pharmaceutical sector and applicability of the organic compound in manufacturing widely used medications like paracetamol or analgesic acetaminophen contributes to the growth rate witnessed by this segment.
- In regards to the region, North America held more than 20.0% of the market in 2019, with a CAGR of 3.2% during the forecast period. The presence of well-established chemical industry and growing pharmaceutical sector is supporting the expansion of the industry in this region.
The market is estimated to grow at CAGR of 3.2% during the forecast period. With regards to the end-users, the market demand mainly attributes to industries like automotive, construction, agriculture, and many others. The automotive industry accounts for a considerably major shareholder of the demand and associated demand of rubber, synthetic fibres and resin, etc. The rise in demand for automobiles is a huge boost to the nitrobenzene market. Based on grade, technical grade is seen to have captured around 80% of the market in 2019. It is expected to grow further at a rate of 3.7% during the forecast years.
Grade Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Agriculture grade
- Technical grade
- Pharmaceutical grade
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Aniline Production
- Synthetic Rubber Production
- Pesticides Production
- Paint Solvent
End-user Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
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Key Coverage of the Nitrobenzene Market:
- Insightful information regarding the global Nitrobenzene market
- Identification of growth in various segments and sub-segments of the Nitrobenzene market
- Strategic recommendations for investment opportunities
- The report covers significant statistics related to the industry along with products, applications, price analysis, demand & supply, and production and consumptions rate
- Emerging trends and current market segment analysis to help investors formulate new business strategies
- Accelerates the decision-making process through the availability of the drivers and limitations
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The Asia Pacific region dominates the market, on the regional basis, owing to the vast population base and growth. Agriculture is the integral occupation in this region, and thus, the demand for nitrobenzene is also high in this region. Moreover, the huge population base also resulted in heavy demand for automobiles in the region which again encourages the growth of the nitrobenzene market. The growth in this region is also boosted due to the huge high industrialization in the region.
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
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