SAN FRANCISCO, April 7, 2020 /PRNewswire/ -- The global nitrobenzene market size is projected to reach USD 14.3 billion by 2027, registering a revenue based CAGR of 5.6% over the forecast period, according to a new report by Grand View Research, Inc. The demand is anticipated to grow significantly owing to rising consumption of nitrobenzene in the production of synthetic rubber.
The automotive sector is considered to be the largest end-user of rubber manufactured from nitrobenzene. It is used to produce automotive tires, tubes, covers, belts, mats, steering wheel covers, and other accessories. According to Organisation Internationale des Constructeurs d'Automobiles (OICA), the global vehicle production grew from 90.8 million units in 2015 to 95.6 million units in 2018. Rising automotive sales is also expected to boost its aftermarket, in turn, propelling the demand for synthetic rubber.
Key suggestions from the report:
- Aniline production was the dominant application segment in 2019 and is expected to witness a revenue based CAGR of 5.7% from 2020 to 2027
- Synthetic rubber manufacturing is anticipated to lead the market in China with a revenue-based CAGR of 6.5% from 2020 to 2027 due to its wide usage in the automotive Original Equipment Manufacturer (OEM) and aftermarket sectors
- Construction and automotive industries are the major end-use markets for nitrobenzene due to high demand for aniline in different applications. These industries consumed 82% of the total nitrobenzene volume globally in 2019
- The demand for MDI in Europe has led to companies investing in the production of aniline, thus driving the nitrobenzene market in the region with a revenue-based CAGR of 4.6% from 2020 to 2027
- Nitrobenzene manufacturers are focusing on forward integration in order to strengthen their market position.
Read 115 page research report with ToC on "Nitrobenzene Market Size, Share & Trends Analysis Report By Application (Aniline Production, Synthetic Rubber Manufacturing), By End Use (Construction, Automotive), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/nitrobenzene-market
Consumption of nitrobenzene across the globe is largely affected by fluctuating raw material prices. This is due to the fact that major raw materials used in manufacturing are petrochemical derivatives and are obtained by the synthesis of crude oil. Besides, the prices are largely affected by currency fluctuations, as the global production of the product is concentrated in China.
North America is the third-largest market after Asia Pacific and Europe. The growing demand of aniline for methyl diisocyanate (MDI) in the region is anticipated to drive the nitrobenzene market over the forecast period. Bayer acquired the aniline production facility of DuPont, in Baytown, Texas, in 2014, in order to support the growing demand and strengthen its position in North America. The facility also produces MDI, toluene diisocyanate (TDI), and polycarbonate, thus having a forward integration.
BASF expanded the production capacity of its Verbund site in Geismar, Louisiana, in 2016, owring rising demand for MDI in North America. The facility initially produced 300,000 tons of MDI annually and currently has a capacity of 600,000 tons. These factors are anticipated to drive the production of aniline, in turn boosting the demand for nitrobenzene in the region.
Grand View Research has segmented the global nitrobenzene market on the basis of application, end use, and region:
- Nitrobenzene Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Aniline Production
- Pesticide Additive
- Synthetic Rubber Manufacturing
- Paint Solvent
- Nitrobenzene End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Nitrobenzene Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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