Nitrobenzene Market to Witness Drop in Production; Growth Sustained in Near Term through Automotive Applications, Opines Fact.MR Study
Published : 20 Apr 2020 Industry: Chemical & Materials
Use of nitrobenzene in lieu of volatile organic compounds helps in reducing carbon emissions from plastic products. The global nitrobenzene market will multiply 1.4X from its current value during the forecast period (2020 to 2030). Uptake of high-performance plastic with the penetration of light weight two-wheelers is presenting lucrative opportunities. Versatility of the chemical in manufacturing automotive parts such as steering wheel covers, rubber tires, covers, belts, mats, and other accessories will strengthen the demand from automotive applications. Asia Pacific (East Asia, and South Asia & Oceania) top the list of target markets for nitrobenzene manufacturers. Success of countries such as Indonesia, India, and Singapore in batting Covid-19 presents fast recovery opportunities for market players. Amidst omnipresent lockdowns due to novel coronavirus, companies with a healthy cash reserve will comfortably weather the economic downturns during Covid-19.
Key Takeaways of Nitrobenzene Market Study
On the back of surging infrastructure development across countries gives construction share-wide dominance. Construction accounts for over 49% of the total market value.
- Modernization of agriculture processes to fulfill demand for food raw materials is giving impetus to the purchase of nitrobenzene based products such as conveyor belts. The agriculture end-use segment offers the highest growth during the forecast period.
- Aniline Production to facilitate manufacturing of high-performance plastic products exhibits a stronghold on the nitrobenzen market. The application segment holds a lion’s share of more than 74% share of the total market value.
- Pain Solvent is the highest growth application segment. Renovation of existing infrastructure and efficient paint solutions for new ones can be attributed to the 6.5% CAGR through 2030.
- East Asia emerges as the most financially rewarding region with a majority share of over ? of the total market value. Presence of prominent manufacturers in China is a central factor for growth of the East Asia nitrobenzene market.
- South Asia & Oceania offer the most remunerative growth opportunities on the back of surging demand for high performance plastics in automotive applications. The region will continue to grow at a steady 5.3% CAGR between 2020 and 2030.
Manufacturers Eye Post Covid-19 Normalization
In the current market scenario, nitrobenzene manufacturers are witnessing a drop in production and demand for the product. However, once the global pandemic settles, market players can expect revenues from paint solvents, and automotive applications. Analysts predict a rise in demand for nitrobenzene from plastics, rubber, and paint solvent manufacturers. For instance, the increasing demand for high-performance plastics in medical equipment and the need for rubber tires to transport medicines, and healthcare devices. Factors such as these will continue to drive the demand for nitrobenzene as a raw material.
Find More Valuable Insights on the Nitrobenzene Market
Fact.MR, in its new offering, provides an unbiased analysis of the global nitrobenzene market, with historical data on demand (2015-2019) and expected projections for the period 2020-2030. The report discloses compelling insights into the demand for nitrobenzene based on applications (aniline production, pesticide additive, synthetic rubber manufacturing, paint solvent, and others), end-use (construction, agriculture, pharmaceutical, automotive, and others), across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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