The global nitrobenzene market is expected to grow 1.4x, at a moderate 3.6% CAGR, during the assessment period 2020 – 2030. The global nitrobenzene market has been hit hard owing to a number of factors during the covid-19 pandemic. Disruptions in end use verticals has reduced global demand. In addition, suspension of factory activities has impacted productivity. In addition, reluctance by investors, supply chain disruptions, and workforce shortages has also hurt market prospects in the short term.
According to the study released by Fact.MR, nitrobenzene manufacturers have to focus on evaluating budgets, cash flow, and supply chains during this low-revenue period. Temporary closure of facilities could threaten the survival of small-scale businesses in the industry.
“The nitrobenzene market is gaining opportunities owing to strong demand for nitrobenzene, which will replace chemicals that emit volatile organic compounds, meeting the needs of sustainability goals. Rapid developments in the dyes, pharmaceuticals, pesticide, and chemical industries will account for substantial market growth through the end of the pandemic,” says the FACT.MR study.
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Nitrobenzene Market- Critical Takeaways
- Aniline manufacturing remains the primary application for nitrobenzene, driven by extensive usage in the rubber industry.
- Pharmaceutical applications of nitrobenzene are gaining ground, propelled by use in paracetamol production.
- Construction industry is a major consumer of nitrobenzene, owing to the demand for MDI products in residential and commercial projects.
- Asia Pacific has emerged as a prominent nitrobenzene market, as major manufacturers are pushing their production facilities to the region.
Nitrobenzene Market- Drivers
- Strong demand for aniline in construction and automotive industries support the adoption of nitrobenzene.
- Extensive applications in agriculture, cosmetics, and industrial applications generate lucrative opportunities.
- Rising production and use of polyurethane products help in the growth of the nitrobenzene market.
- Cheaper raw material and low labor costs in the Chinese market boost the nitrobenzene market.
Nitrobenzene Market- Restraints
- High demand for bio-based chemicals and regulations associated to environment protection hamper market growth.
- Carcinogenic properties of nitrobenzene and health concerns hurt global adoption rates.
COVID-19 Impact on Nitrobenzene Market
Prior to the pandemic, the nitrobenzene market had been slammed by the U.S. – China trade war. With the pandemic spreading across the globe, the Chinese industry has been among the worst effected by the outbreak. Currently concerns over a second wave of coronavirus cases, are hampering developments in the nitrobenzene industry. International restrictions on exports and imports also affect the global market. Poor demand arising from a downturn in construction and automotive industrial activity will restrict the market. The recovery of the market post-pandemic will go well into 2021 as the automotive industry is expected to gain demand gradually in the months ahead.
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Prominent nitrobenzene manufacturers are investing in strategic mergers and acquisitions. Also, major producers pushing for the expansion of production capacities. For instance, Solvay has acquired U.S. based Cytec for composite materials and technology. Further, SABIC has merged with Aramco, which will contribute to its portfolio including that of nitrobenzene.
Huntsman Corporation, Wanhua Chemical Group Co. Ltd., BASF SE, and Covestro AG are some of the key nitrobenzene producers in the global market.
About the Study
The study offers readers an exhaustive market forecast of the nitrobenzene market. Global, regional and national-level analysis of the latest industry trends influencing the nitrobenzene market is covered in this FACT.MR report. The study provides actionable insights on nitrobenzene market according to application (aniline production, pesticide additive, synthetic rubber manufacturing, paint solvent, and others), and end use (construction, agriculture, pharmaceutical, automotive, and others) across six regions (North America, Latin America, Europe, South Asia & Oceania, East Asia, and MEA).