Scienza e Tecnologia
Nitrobenzene Market to Expand Steadily Due to Rise in Demand for MDI-based Products from Numerous End-use Industries, Says TMR
ALBANY, N.Y. , Oct. 12, 2021 /PRNewswire/ -- The growing popularity of nitrobenzene for use in numerous applications in various end-use industries such as pharmaceuticals, leather, agriculture, building and construction, chemicals, automotive, and others is projected to result in substantial growth of the nitrobenzene market during the forecast period of 2021-2031.
Transparency Market Research has conducted an extensive research on various aspects related to the expansion of the nitrobenzene market. The analysts at TMR expect the global nitrobenzene market to expand at a CAGR of 5.3% during the forecast period. The global nitrobenzene market is expected to surpass the valuation of US$ 19.86 Bn by 2031.
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A rise in the demand for MDI derived from aniline is expected to attract considerable growth for the nitrobenzene market. Furthermore, MDI-based binders, polyurethanes, coatings, sealants, and others are used on a large scale in the construction industry. Automotive industry also makes use of MDI-derived polyurethane foams and synthetic rubber in airbag covers, steering wheels, front and rear glass panes, waterproof floor materials, and others. Thus, increase in demand for aniline is expected to positively impact the growth trajectory of the nitrobenzene market.
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The growing use of nitrobenzene in floor polishes and leather dressings to reduce the smell of shoe polishes will have a positive effect on the global market. It is prominently used for masking pungent and harmful odor coming from floor polishers, leather, shoes, etc. These factors serve as growth drivers of the nitrobenzene market.
The nitrobenzene market has been segmented into North America , Asia Pacific , Europe , Middle East &Africa, and Latin America . Among all regions, the Asia Pacific is estimated to hold a large share of the nitrobenzene market. The use of nitrobenzene in pharmaceuticals, automotive, and agriculture industries is increasing at a rapid rate in the Asia Pacific . Thus, based on these aspects, this market in the Asia Pacific region is anticipated to expand at a CAGR of 6.3% during the forecast period. China is prognosticated to emerge as a significant market for nitrobenzene market in Asia Pacific .
Europe is also expected to a significant share of the nitrobenzene market. In Europe , Germany is expected to emerge as the leading country in terms of consumption. The automobile industry in Europe is gaining momentum and this factor is expected to drive the nitrobenzene market across the region.
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Some well-established players in the nitrobenzene market are KUMHO MITSUI CHEMICALS CORP, The Chemours Company, Nanjing Chemical Material Corp, Shandong Jinling Chemical Co., China Qingdao HongJin Chemical Co., Ltd, and Aromsyn Co., Ltd.
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