The Global Nitrobenzene market is forecast to reach USD 12.28 Billion by 2028, according to a new report by Reports and Data. Nitrobenzene can be defined as an organic compound that is considered to be an important industrial. It is produced in large quantities for industrial uses like in the automotive sector and construction industry. A large portion of the organic compound manufactured in the United States is used to produce aniline. I
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Increasing consumer inclination towards sustainability and thus considering products based on criteria such as circularity and carbon footprint is expected to change materials and chemical market trends during in the coming years. The growing consumer concern about carbon emissions has prompted industry players to make investment in renewable energy, de-carbonization of transportation, and energy efficiency. These trends are expected to have a significant impact end markets for chemicals, notably in construction and automotive.
Increasing focus of the materials and chemical companies on adoption of de-carbonization technologies, re-examination of their assets, and diversification away from hydrocarbons to some extent will favor global Nitrobenzene market growth during the forecast period.
The report provides an extensive assessment of the prominent companies operating in the materials and chemical industry to offer better insights into competition scenario on a regional and global level.
Rise in competition in the global market has led to increasing innovation and technological advancement in the materials and chemical sector to meet the rising demand of environmentally conscious consumers. Industry players in the Nitrobenzene market are adopting the strategy of forward integration to cater increasing product demand, while adapting to the sustainability trends and to expand their in the global market.
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Further key findings from the report suggest
- The Nitrobenzene market held a market share of USD 9.64 Billion in the year 2020 that is forecasted to grow at a rate of 3.2% during the forecast period.
- In context to Grade, the Agriculture grade segment is projected to witness a considerable growth rate of 5.2% during the forecast period, which is expected to occupy more than 5.0% of the market by 2028. The growth rate witnessed by the Agriculture grade segment is attributed to the continuous expansion of the agriculture sector, associated rising demand for agrochemicals, elevating emphasis on pest control and applicability of the compound in producing pesticides, which is resulting in the growing demand for the organic compound in this grade contributing to the growth rate witnessed by this segment.
- In context to End-user, the Pharmaceuticals segment is projected to witness a considerable growth rate of 3.9% during the forecast period, which is expected to hold more than 5.0% of the market by 2028. The growth rate witnessed by the Pharmaceuticals segment is attributed to the continuous growth of the pharmaceutical sector and applicability of the organic compound in manufacturing widely used medications like paracetamol or analgesic acetaminophen contributes to the growth rate witnessed by this segment.
- In regards to Application, the Aniline Production segment held a significant share of the market of more than 80.0% in 2020, with a CAGR of 3.2% during the forecast period. The market share held by the Aniline segment is its wide arena of use ranging from rubber chemicals, explosives, pharmaceuticals, pesticides, and dyes, wherein it is used as a precursor.
- In regards to the region, North America held more than 20.0% of the market in 2020, with a CAGR of 3.2% during the forecast period. The presence of well-established chemical industry and growing pharmaceutical sector is supporting the expansion of the industry in this region.
- Key participants include BASF SE, Aromsyn Co., Lt, Bann Quimica Ltd, Huntsman Corporation, Finetech Industry Limited, The Chemours Company, Shandong Jinling Chemical Co, The Dow Chemical Company, Tianjin Elong Co, Ltd, Yantai Wanhua Polyurethane Co Ltd, and Covestro.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/nitrobenzene-market
For the purpose of this report, Reports and Data have segmented the global Nitrobenzene market according to Grade, Application, End-user, and Region:
Grade Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
- Agriculture grade
- Technical grade
- Pharmaceutical grade
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
- Aniline Production
- Synthetic Rubber Production
- Pesticides Production
- Paint Solvent
End-user Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
- North America
- Asia Pacific
- Latin America
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