Published Date : 21 Apr 2023
The nitrobenzene industry size will increase to USD 18.42 billion by 2032 from valued at USD 11.23 billion in 2022, it is growing at a CAGR of 5.07% from 2023 to 2032.
The nitrobenzene industry growth is driven by the increasing construction industry, the growing pharmaceutical sector, and the growing demand from the paint and coating industry.
Nitrobenzene is a compound that occurs spontaneously. It is frequently produced as an aniline precursor. Despite being an uncommon flavoring or perfume component, nitrobenzene is highly toxic when used in large quantities. In the laboratory, it is infrequently used as a solvent, especially for electrophilic compounds. In leather coverings, paint solutions, shoe and floor polishes, and other materials, it is also employed to mask unpleasant odors. A significant industry for nitrobenzene is the production of the painkiller acetaminophen. It is also employed in Kerr cells due to its enormous Kerr constant.
The Asia Pacific is expected to capture the largest industry share during the forecast period. The regional growth is attributed to the growing construction industry, especially in the countries like India and China. Moreover, the growing infrastrustructural projects such as roads, smart cities and others are creating an attractive opportunity for industry expansion. For instance, according to the United Nations Department of Economic and Social Affairs, two out of every three individuals are expected to live in cities or other urban areas by the year 2050.
Between 2018 and 2050, the expected increase in the world's urban population will be accounted for by 35% by India, China, and Nigeria combined. According to estimates, India, China, and Nigeria will each have gained 416 million, 255 million, and 189 million urban residents. Thus, the growing number of projects in the nations positively impacted the industry expansion over the forecast period.
Europe is expected to grow at a significant rate during the forecast period. The growth in the region is attributed to the increasing presence of major players. The product's primary European customers were Belgium and Germany. The two biggest makers of aniline with factories in these two nations are BASF and Bayer. Recent research indicates the robustness of the European construction industry, with total expenditure rising by 5.2% in 2021. The European construction Industry Federation (FIEC) forecasts a 2.4% rise this year, with civil engineering and new house expanding. The fastest-growing building industry places in the EU will be found in Slovenia (+10.4%), Spain (+5.4%), Ireland (+7.3%), and the Netherlands (+5.0%) in 2022, according to the organization's 65th Statistical Report.
The North American industry is growing at a rapid pace over the forecast period. The regional growth is supported by the United States due to the presence of a robust pharmaceutical industry and the presence of major players. For instance, according to the secondary analysis, the US is responsible for 22% of the global pharmaceutical industry's production and about 45% of its total revenue. Due to the continuing global immunization campaign and the increased demand for both essential and voluntary medical treatments in 2022, the US produced and sold a lot of pharmaceuticals. Thus, the aforementioned facts support the industry expansion during the forecast period.
Nitrobenzene Industry Report Scope:
|Market Size in 2022||USD 11.23 Billion|
|Projected Forecast Value in 2032||USD 18.42 Billion|
|Growth Rate||5.07% from 2023 to 2032|
|Largest Market||Asia Pacific|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Increasing automotive industry
The industry growth is driven by the growing automotive sector. For instance, according to the Society of Indian Automobile Manufacturers, from April 2021 to March 2022, From April 2020 to March 2021, the automobile industry created a total of 22,933,230 vehicles, including passenger cars, industrial trucks, three-wheelers, two-wheelers, and quadricycles. Moreover, the consumer demand for cutting-edge technologies in automobiles further propels the industry expansion over the projected timeframe.
Growing demand for bio-based fertilizers
To reduce the emissions of volatile organic compounds (VOCs), the EU Commission and the US EPA established regulatory standards. These standards are expected to raise demand for bio-based chemicals and impede the industry development of nitrobenzene. The United States EPA classified nitrobenzene as a possible workplace carcinogen, and the sector is likely to face significant obstacles soon as a result. The development of the nitrobenzene industry will be constrained in the near future by rising demand for organic fertilizer as a result of increasing environmental concerns.
Rise in agricultural sustainability
Crop output rises as a result of nitrobenzene's use by plants as an energy source. The agricultural sector has undergone substantial change due to technological advancements in cultivation methods, drip irrigation, crop safety, and land management. Governments are consistently putting more emphasis on organic farming on behalf of the economy, society, and ecology by giving producers instruction and training to enhance the quality of crops, output, and soil texture.
Major Key Players:
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