Global Nitrobenzene Market 2017-2021
Nitrobenzene is a synthetic compound, which is primarily used to manufacture aniline and is used as a precursor for manufacturing chemicals that are used in various applications such as agriculture, cosmetics, and pharmaceuticals. Nitrobenzene is also used to manufacture synthetic rubber, pesticides, and as a solvent in petroleum refining and to manufacture acetates and cellulose ethers.
Technavio’s analysts forecast the global nitrobenzene market to grow at a CAGR of 3.12% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global nitrobenzene market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Nitrobenzene Market 2017-2021
Technavio recognizes the following companies as the key players in the global nitrobenzene market: BASF, Chemours, Covestro, Huntsman, and Wanhua Industrial Group.
Other Prominent Vendors in the market are: Aromsyn, Bann Química Ltda., Connell Chemical Industry, Nanjing Chemical Industries, and SP Chemicals.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is economic growth in APAC. APAC has witnessed an improved standard of living due to the economic growth in the region. China witnessed the fastest growth in the region in 2015, and observed a sharp rise in the economy.”
According to the report, one driver in the market is increasing demand for polyurethane foam. Nitric acid is used to produce toluene diisocyanate (TDI), which is used to manufacture polyurethane foam. TDI and MDI are the two major constituents of polyurethane foam. While MDI is primarily used for producing rigid polyurethane foams, TDI is the key raw material for flexible polyurethane foams Polyurethane foams constitute the biggest category of cellular polymeric foam.
Further, the report states that one challenge in the market is limited availability of arable land. Arable land is agricultural land that is occupied with crops both sown and harvested during the same year. Due to the rise in industrialization, urbanization, energy demand, and population growth, the conversion of cropland to other uses is increasing. In 1950, the arable land was more than the global population, but it gradually started to decrease.
BASF, Chemours, Covestro, Huntsman, Wanhua Industrial Group, Aromsyn, Bann Química Ltda., Connell Chemical Industry, Nanjing Chemical Industries, and SP Chemicals.