Global nitrobenzene market is expected to witness growth on account of increasing application as an intermediate in manufacturing of solvents, dyes, polishes, pesticides and anti odor agent. The applications of nitrobenzene further include manufacturing of lubricating oils and synthetic rubber. Growing demand for rubber in automotive industry on account of increasing awareness to reduce vehicle weight is likely to augment the market growth over the forecast period. Expansion of methylene diphenyl diisocyanate market in light of application growth for insulators production is likely to have a positive impact on market.
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Nitrobenzene is an organic compound, majorly used to manufacture aniline and act as a precursor in manufacture of numerous chemicals and derivatives in cosmetics, pharmaceuticals, and agriculture industries. Growth of agricultural industry in Brazil, China and India in vague of supportive regulatory policies coupled with ease in raw material access is expected to drive the demand for fertilizers thereby bolstering the market. Growing healthcare sector in emerging economies of India, China and Mexico in light of increase in the investments to increase domestic manufacturing output is expected to positively impact market. The European Commission published regulatory norms aimed at reducing volatile organic compound emissions (VOC) thus has resulted in demand for bio based chemicals which can hinder the market growth in the near future.
Positive agricultural outlook in India, Bangladesh, China and Philippines coupled with government inclination to increasing domestic output is expected to provide lucrative opportunity for Asia Pacific growing nitrobenzene market. Growing rubber, pharmaceutical and dyes industries in China increasing foreign direct investments coupled with low labor cost is likely to augment market growth in the near future. Robust manufacturing base of U.S. nitric acid is likely to keep nitrobenzene manufacturers in vicinity and thus likely to have a positive impact on the market.
Growing construction and automobile industries in Mexico on account of growing domestic consumption is likely to augment the demand for MDI and thus in turn acting as a booster to growth for nitrobenzene market. Expansion of refineries in Middle East in vague to cater the growing demand for automotive and construction industries is expected to open new ventures for manufacturers. Key players include Bayer AG, DuPont Chemicals, Huntsman Corporation, Sumitomo Chemical Co. Ltd., Bann Quimica Ltd. and BASF SE.
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