H1 2023: In the first quarter of 2023, Nitro Benzene prices surged in North America. Elevated prices of upstream Benzene and Nitric Acid played a role in this increase of prices. Downstream demand for Aniline improved leading to an uptrend in production. The cost of Nitrobenzene production remained stable, supported by consistent energy prices. The availability of raw material, Benzene, also influenced bulk chemical prices in the region. Stable demand from the downstream sector, particularly in pesticide manufacturing, contributed to a steady procurement of Nitrobenzene, maintaining product demand. During the period of April-June 2023, the Nitro Benzene market in the United States experienced varied demand dynamics from downstream sectors. Stable demand from the Aniline industry provided some positive market support. Toward the May 2023, there were signs of recovery, driven by improved performance in the construction industry. Low production costs Nitrobenzene due to low pricing of upstream feedstock significantly impacted the market outlook in the US. Thus, this lack of cost support added pressure to the Nitro Benzene market from the feedstock side. Additionally, the freight market experienced a decline on both the East Coast and West Coast of the US till June 2023.
The global Nitro Benzene market stood at approximately 1170 thousand tonnes in 2022 and is anticipated to grow at a CAGR of 5% during the forecast period until 2032. The driving force behind the Nitro Benzene market is its crucial function as a precursor for Aniline production. Aniline, in turn, plays a vital role in the manufacturing of MDI (4,4-methylene diphenyl diisocyanate), which is widely utilized in the creation of rigid polyurethane foam, particularly in applications such as construction and industrial insulation.
Nitro Benzene is a viscous liquid with a yellow, dark brown hue and a smell reminiscent of almonds. Derived from the nitration of Benzene, its primary application lies in serving as a precursor for the production of Aniline. The primary application of nitrobenzene in the chemical sector is in the production of aniline. Other applications encompass p-aminophenol, dyes, pigments, and serving as a chemical intermediate and solvent. Since the majority of nitrobenzene is directed towards aniline production. Aniline is employed to manufacturing 4,4-methylene diphenyl diisocyanate (MDI), a crucial component in the production of rigid polyurethane foam and polyurethane elastomers. The primary application for MDI is in the construction sector, particularly for rigid foam used in insulation for both residential and commercial structures. Other notable applications include appliances, packaging, transportation, and industrial insulation for tanks and pipes. Consequently, key end-use industries for nitrobenzene encompass construction, appliances, packaging, transportation, and industrial insulation.
Over the course of the forecast period, one of the main factors driving the growth of the worldwide Nitro Benzene market is the increased production of Aniline to produce MDI to further form PU Foam. Thus, the anticipated surge in global Nitro Benzene market growth is driven by the increasing demand for rigid polyurethane (PU) foam in the construction and electronics sectors, as well as the demand for flexible PU foam in furniture and the transportation industry. The forecast period is expected to witness accelerated market growth due to the rising need for innovative materials like methylene diphenyl diisocyanate (MDI) to create energy-efficient insulating materials for buildings and refrigeration systems. Market expansion is closely tied to the economic performance of leading nations, aligning with increased construction and repair activities, and automotive production across the globe. The global Nitro Benzene market is anticipated to reach nearly 1900 thousand tonnes by 2032.Based on region, Asia Pacific region is the biggest consumer of Nitro Benzene.
The significant increase in production capacities undertaken by leading aniline and MDI manufacturers in recent years stands out as a key factor driving both the production and consumption of nitrobenzene in the region. Furthermore, the rising population and per capita income in emerging economies contribute to the growing demand for nitrobenzene in the Asia Pacific region. In the pharmaceutical sector, nitrobenzene plays a role in the production of paracetamol, a widely used medicine globally. Notably, the manufacturing process involves converting nitrobenzene to aniline, which is then utilized in the formulation of the drug.
Based on the end-user industry, the global Nitro Benzene market is divided into Aniline, Pesticide Additive, Synthetic Rubber, Paint Solvent, and Others. However, Aniline is the major segment and held approximately 68% of the global Nitro Benzene market in 2022. Primarily employed in the synthesis of MDI, antioxidants, activators, accelerators, and other rubber industry chemicals, aniline is also utilized in smaller quantities as an additive in fungicide and herbicide production.
Major players in the Global Nitro Benzene market are Huntsman International LLC, The Chemours Company, Connell,The Dow Chemical Company, Bann Química Ltda, Covestro AG, SP Chemicals Holdings Ltd, Aromsyn Co., Ltd, Nanjing Chemical Material Corp, KUMHO MITSUI CHEMICALS CORP..
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Nitro Benzene which covers production, demand and supply of Nitro Benzene market in the globe.
• To analyse and forecast the market size of Nitro Benzene
• To classify and forecast Global Nitro Benzene market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Nitro Benzene market in the globe.
To extract data for Global Nitro Benzene market, primary research surveys were conducted with Nitro Benzene manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Nitro Benzene market over the coming years.
ChemAnalyst calculated Nitro Benzene demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Nitro Benzene. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Nitro Benzene manufacturers and other stakeholders
• Organizations, forums and alliances related to Nitro Benzene distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Nitro Benzene manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Nitro Benzene market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
1170 thousand tonnes
Market size Volume in 2032
1900 thousand tonnes
Growth Rate
CAGR of 5% from 2023 to 2032
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2032
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Aniline, Pesticide Additive, Synthetic Rubber, Paint Solvent, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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What was the net market size of Nitro Benzene in terms of volume in 2022?
Ans:
The global market size of Nitro Benzene had reached approximately 1170 thousand tonnes in 2022.
Q2.
Which region is the major consumer of Nitro Benzene?
Ans:
Asia Pacific region is the leading consumer of Nitro Benzene globally.
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