Nitrobenzene leading market products, applications & regional performance by 2024.

Global Nitrobenzene Market size is growing at a moderate rate and is projected to attain CAGR close to 3.5% by 2024.

Nitrobenzene is used to manufacture aniline and serves as a major component in the production of various chemicals and derivatives utilized in construction, cosmetic, pharmaceuticals, automotive, agriculture and other industrial applications. It is utilized in manufacturing insulators used in construction industry It is also applicable in the production of synthetic rubber, pesticides, and lubrication oil.

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Increase in demand of bio-chemicals and stringent environment regulations are likely to create unfavourable market conditions for the product globally. The European Union and US Environment Protection Agency (EPA) have proposed to oppose the use of Volatile Organic Compounds (VOC) in inclination with environment regulations and so are likely to impact the industry.

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Nitrobenzene is commonly used to manufacture aniline, pesticides, synthetic rubber and lubricating oil. Anile production is most prominent and it consumes over 95% of nitrobenzene. The product serves as a base for synthesis of aniline which is used to produce polyurethane to be utilized in manufacturing insulators used in construction industry. With the growing automotive industry, the demand for tyre is likely to increase henceforth increasing the production of synthetic rubber which is manufactured using nitrobenzene.

Middle East region has proposed refineries expansion on account of increasing demand of construction industry which is likely to offer new opportunities for the market. The nitrobenzene manufacturers have launched several patents to continuously synthesize the product as traditional process was prone to explosion hazards which is likely to open new market opportunities during the forecast period.

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Regionally, Asia pacific is the most competitive market for nitrobenzene due to growing agriculture industry in China, India, Philippines, Bangladesh and Pakistan. This is due to increasing demand of fertilizer thereby leading to growing market size of the product in Asia Pacific. With considerable amount of growth in construction industry and easy availability of cheap labour and raw material in China, it has captured majority of share in Asian Pacific market. Increasing production of pharmaceuticals, dyes, pesticides and chemical industry has also added to the growing market size of product in Asia Pacific.

The key global players of nitrobenzene market include BASF SE, Bayer AG, DuPont Chemical Solution Enterprise, Huntsman Corporation, Shandong Jinling Chemical Co., Yantai Wanhua Polyurethane Corporation Limited, Bann Quimica Limited, Sumitomo Chemical Corporation Limited, BP PLC (U.S), Exxonmobil Corporation, China National Petroleum Corporation (CNPC), The Dow Chemical Company, JX Nippon Oil And Energy Group, SABIC, Royal Dutch Shell PLC, Tianjin Elong Corporation Limited, Yantai Wanhua Polyurethane Corporation Limited, and Chevron Phillips Chemical.

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