Global Nitrobenzene Market - Segmented by Application, End-user Industry, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global nitrobenzene market is expected to witness a CAGR of approximately 3.5% during the forecast period, 2018-2023. The major factor driving the market growth is the increasing demand for aniline. In addition, recovering construction in countries, like the United Kingdom and Australia, is expected to drive the market during the forecast period.
Automotive Production Driving the Market
The nitrobenzene market is majorly driven by demand for aniline, as nitrobenzene is the primary raw material for aniline production. Aniline is a major component in the production of various chemicals, like MDI, which are further utilized in many end-user industries, like construction, cosmetic, pharmaceuticals, automotive, agriculture, and others. It is also utilized in manufacturing insulators, which are used in the construction industry.
Aniline Production the Largest Application Type
The market can be segmented by application into aniline production, pesticides, synthetic rubber, and lubricating oil, with aniline production being the major application. In 2017, more than 90% of nitrobenzene was used for aniline production.
Construction Industry Driving Asia Pacific Region
Asia-Pacific has the largest market for nitrobenzene, globally, because of demand from countries like China and India. Growing residential construction activities in these countries, because of rapid urbanization, is expected to drive 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 represents approximately 35% of the global demand.
Major Players: BASF, Chemours, Covestro, Huntsman, and Wanhua Industrial, amongst others
Reason to Purchase this Report
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