Nitrobenzene Global Market Report 2024

Nitrobenzene is a pale yellow oil with an almond-such as odor, exhibiting insolubility in water. Primarily serving as an intermediate in the synthesis of aniline, nitrobenzene also finds application in the production of specialty compounds such as acetaminophen.

Nitrobenzene is obtainable in both liquid and powder forms. Liquid nitrobenzene is characterized by its oily, yellow consistency and almond-such as odor. It serves multiple purposes, including the production of aniline and lubricating oils essential for automobiles and machinery. Nitrobenzene finds applications in various sectors such as aniline production, pesticide additives, synthetic rubber manufacturing, and as a paint solvent. The distribution of nitrobenzene involves multiple channels, including direct company sales, direct import, distribution through intermediaries such as distributors and traders, and retail sales. End-use industries benefiting from nitrobenzene include construction, agriculture, pharmaceuticals, automotive, and others.

The nitrobenzene market research report is one of a series of new reports from The Business Research Company that provides nitrobenzene market statistics, including nitrobenzene industry global market size, regional shares, competitors with a nitrobenzene market share, detailed nitrobenzene market segments, market trends and opportunities, and any further data you may need to thrive in the nitrobenzene industry. This nitrobenzene market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The nitrobenzene market size has grown strongly in recent years. It will grow from $10.32 billion in 2023 to $11.03 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth observed during the historical period can be attributed to the emergence in the electronics and plastics industries, growth in the paints and coatings sector, synthetic fiber manufacturing, and applications in petroleum refining.

The nitrobenzene market size is expected to see strong growth in the next few years. It will grow to $14.48 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The anticipated growth in the forecast period can be attributed to the increasing demand in the explosives industry, growing demand in agrochemicals, expanding usage in rubber and polymer manufacturing, and the rising demand for synthetic fibers. Major trends expected during this period include a shift towards sustainable production, a focus on green chemistry, technological advancements in synthesis, exploration of alternative feedstocks, and a continued emphasis on product innovation.

The anticipated growth in demand from the automotive industry is set to propel the expansion of the nitrobenzene market. The automotive industry, encompassing activities related to the manufacturing, wholesale, retailing, and repair of automobiles, is a key driver for the nitrobenzene market. A significant portion of nitrobenzene is utilized in the production of aniline, a precursor to methylene diphenyl diisocyanate (MDI). MDI is essential in the manufacturing of high-performance plastics, urethane polymers such as polyurethane foams and elastomers, rubber chemicals, and various other automotive-related products. For example, as reported by the European Automobile Manufacturers Association in May 2023, the global production of motor vehicles in 2022 reached 85.4 million units, reflecting a notable increase of 5.7% compared to the previous year (2021). This surge in automotive production signifies an increased demand for key components such as MDI, thus driving the growth of the nitrobenzene market. The close connection between nitrobenzene and the automotive industry underscores the crucial role this market plays in meeting the evolving needs of the automotive sector.

The anticipated rise in demand from the construction industry is poised to drive the expansion of the nitrobenzene market. The construction industry, encompassing the planning, design, assembly, and construction of physical structures and infrastructure, relies on nitrobenzene as a plasticizer in concrete admixtures. This application enhances the workability of concrete, facilitating easier pouring and molding in large-scale construction projects. As reported by Oxford Economics in September 2021, the global construction output is projected to increase by 42%, equivalent to $4.5 trillion, reaching a total of USD 15.2 trillion by the year 2030. This substantial growth in construction activity underscores the pivotal role of nitrobenzene in meeting the demands of the construction sector, positioning it as a key driver in the expansion of the nitrobenzene market.

The nitrobenzene market is anticipated to experience growth, propelled by the rising demand for agrochemicals. Agrochemicals are substances used to eliminate, deter, or control specific plant or animal life forms considered pests. Nitrobenzene finds application in agriculture as a plant growth supplement, contributing to enhanced flowering and reduced flower loss. It functions as a combination of nitrogen and a plant growth regulator, acting as a plant energizer, blooming stimulant, and yield enhancer. For example, as of May 2023, Eurostat, the EU-based statistical office, reported that 355,175 tons of pesticides were sold in the European Union in 2021, reflecting a modest increase of 2.7%. This indicates a growing demand for agrochemicals in the region, subsequently driving the demand for nitrobenzene in the market. The role of nitrobenzene in promoting plant growth and improving agricultural yields aligns with the overall trend of increased utilization of agrochemicals, contributing to the positive outlook for the nitrobenzene market.

Leading companies in the nitrobenzene market are strategically investing to secure a competitive advantage. These strategic investments are directed towards advancing the organizations' long-term objectives, prioritizing overall growth rather than just financial returns. A recent example is the inauguration of Site IV and production units by Wanhua-BorsodChem, a Hungary-based chemical raw material manufacturing company, in July 2023. These newly inaugurated facilities house nitrobenzene and aniline production units, crucial for the manufacturing of key raw materials essential for BorsodChem's flagship products, including methylene diphenyl diisocyanate (MDI) used in the construction industry for adhesives and elastomers. Notably, these production facilities prioritize environmental sustainability and adhere to the principles of Best Available Technology (BAT), incorporating modern advancements in science and technology. This strategic investment underscores the company's commitment to long-term growth, environmental responsibility, and technological excellence in the competitive nitrobenzene market.

In April 2022, Synthomer PLC, a prominent UK-based chemicals company, successfully completed the acquisition of the adhesive resins business from Eastman Chemical Company for a total consideration of $1 billion. This strategic transaction was driven by Synthomer's objective to strengthen its market leadership in key segments, including building and construction, transportation, and consumables. The acquisition of Eastman Chemical Company's adhesive resins business positions Synthomer for continued growth and enhanced competitiveness in these attractive end-markets.

Major companies operating in the nitrobenzene market report are Sumitomo Chemical Co. Ltd., China Petrochemical Corporation, Sinopec Nanjing Chemical Industrial Corporation, Mitsui Chemicals Inc., BASF SE, Dow Inc., Bayer MaterialScience AG, Chevron Phillips Chemical Company LLC, AstraZeneca PLC, Mitsubishi Chemical Corporation, Wanhua Chemical Group Co. Ltd., Covestro AG, Toray Industries Inc., Kureha Corporation, Huntsman International LLC, The Chemours Company, Wilbur-Ellis Holdings Inc., UBE Industries Ltd., Aarti Industries Ltd., Chemplast Sanmar Limited, Atul Ltd., Sadhana Nitro Chem Ltd., SP Chemicals Pte. Ltd., Connell Chemical Industry LLC, Aromsyn Co. Ltd., Bann Quimica Ltd., Shandong Jinling Chemical Co., Chemieorganics Chemical India Pvt. Ltd., Jilin Economic and Technology Development Zone General Co. Ltd., Finetech Industry Limited

Asia-Pacific was the largest region in the nitrobenzene market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the nitrobenzene market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the nitrobenzene market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The nitrobenzene market consists of sales of azoxybenzene, azobenzene, nitrosobenzene, hydrazobenzene, and phenylhydroxylamine. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Nitrobenzene Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on nitrobenzene market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for nitrobenzene ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The nitrobenzene market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Form: Liquid; Powder
• 2) By Application: Aniline Production; Pesticide Additive; Synthetic Rubber Manufacturing; Paint Solvent; Other Applications
• 3) By Sales Channel: Direct Company Sale; Direct Import; Distributors And Traders; Retailers
• 4) By End-Use: Construction; Agriculture; Pharmaceutical; Automotive; Other End Users
• Companies Mentioned: Sumitomo Chemical Co. Ltd.; China Petrochemical Corporation; Sinopec Nanjing Chemical Industrial Corporation; Mitsui Chemicals Inc.; BASF SE
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.