Global nitrobenzene market is expected to witness growth over the forecast period on account of increasing application as intermediate to manufacture dyes, pesticides, solvents, polishes, and anti odor agent. Nitrobenzene is an organic compound used in the production of aniline and act as a precursor for the production of chemicals and numerous derivatives in pharmaceuticals, agriculture, cosmetics, and other industrial applications. The other applications of nitrobenzene include it as a chemical to manufacture lubrication oil, pesticides and synthetic rubber. Application growth of rubber in automotive industry is expected to augment nitrobenzene market growth in the near future.
Growth in agricultural industry of India, China, and Brazil on account of supportive regulatory support with raw material access is anticipated to promote the demand for fertilizers and thus in turn bolster nitrobenzene market growth. Growth of pharmaceutical industry in emerging economies of Mexico, Brazil India and China on account of increasing investments in domestic healthcare sector is expected to have a positive impact on nitrobenzene market. The European Commission and U.S. EPA framed regulatory norms proposed for reducing volatile organic compound (VOC) emissions which have resulted in expeditive demand for bio based chemicals and thus in turn likely to hinder nitrobenzene market growth. U.S. EPA declared nitrobenzene as a potential occupational carcinogen which is anticipated to be a challenging factor for the market in near future. Increasing demand for bio-based fertilizers on account of growing environmental concerns is expected to restrict nitrobenzene market growth in near future.
Increasing demand for nitrobenzene is anticipated to witness growth in light of market growth of methylene diphenyl diisocyanate (MDI), a derivative of aniline, which is used to manufacture insulators used in buildings. Good thermal insulation property of MDI is expected to amplify its importance in refrigeration application and thus in turn augment nitrobenzene market growth over the forecast period.
Asia Pacific is expected to be one of the promising markets fornitrobenzene in light of positive agriculture outlook in China, Philippines, India, Bangladesh and Pakistan amidst regulatory inclination to increase production output at domestic level. Expeditive development in pharmaceutical, dyes, pesticides, rubber and chemical industry in China on account of ease in availability of raw material coupled with low manufacturing and labor cost is expected to have positive impact on nitrobenzene market growth. Infrastructure development in India on account of inclusion of domestic construction industry growth as a part of 12th five year national plan is expected to augment the demand for MDI for the production of insulators. and thus in turn fuelling the growth of nitrobenzene market growth. Department of Chemicals and Petrochemicals, Ministry of Chemicals and Fertilizers framed Draft National Policy in 2012, with a prime intention to increase chemical output of country at a global level from 3% in 2012 to 6% in 2020. The policy is expected to open new opportunities for nitrobenzene manufacturers in near future. In March 2011 People’s Republic of China, announced 12th five year plan for the nation prioritizing sustainable growth, promotion of domestic consumption and industrial up gradation. The plan is intended for increasing domestic manufacturing output and thus open new market for nitrobenzene manufacturers in the near future.
Robust manufacturing base of nitric acid manufacturing base in U.S. is expected to keep nitrobenzene manufacturers in vicinity. Infrastructure improvement in Mexico on account of growing construction and automobile industries is expected to fuel the demand of MDI and rubber derivatives and thus likely have a positive impact on nitrobenzene market. Expansion of refineries in Middle East on account of regulatory inclination intended to cater the growing demand for construction and automotive industries is expected to open new market opportunities for nitrobenzene. Nitrobenzene manufacturers have launched numerous patents enabling continuous process to manufacture nitrobenzene as the traditional process possess explosion hazard at the start of production, which is expected to open new market opportunities over the forecast period.
Some of the key players in nitrobenzene market include BASF SE, Huntsman Corporation, Bayer AG, DuPont Chemical Solution Enterprise, Shandong Jinling Chemical Co., Bann Quimica ltd., and Yantai Wanhua Polyurethane Co.Ltd, Sumitomo Chemical Co. ltd. Chemical manufacturers are focusing on reducing green house emissions thus rendering their expenditure on research and development in bio-based chemicals. Regulatory inclination towards promoting consumption and production of bio based chemicals is expected to pose a credible threat to nitrobenzene market over the forecast period.
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