Nitrobenzene Market to Grow 1.4X; High Demand for Paint Solvents to Support COVID19 Recovery- FactMR

DUBLIN 2, Ireland - June 24, 2020 - PRLog -- Nitrobenzene refers to an aromatic, oily, and yellowish nitro compound with an almond like fragrance. Upon combustion, nitrobenzene gives out toxic fumes of nitrogen oxides. This chemical is mostly utilized in the making of synthetic rubber, pesticides, drugs, dyes, and lubricating oils. Such varied uses of the chemical are likely to bolster growth of the global nitrobenzene market over the period of analysis. Nitrobenzene is mainly utilized in the making of aniline.

The global nitrobenzene market will multiply 1.4X from its current value during the forecast period (2020 to 2030). Uptake of high-performance plastic with the penetration of light weight two-wheelers is presenting lucrative opportunities. Versatility of the chemical in manufacturing automotive parts such as steering wheel covers, rubber tires, covers, belts, mats, and other accessories will strengthen the demand from automotive applications. Asia Pacific (East Asia, and South Asia & Oceania) top the list of target markets for nitrobenzene manufacturers. Success of countries such as Indonesia, India, and Singapore in batting Covid-19 presents fast recovery opportunities for market players. Amidst omnipresent lockdowns due to novel coronavirus, companies with a healthy cash reserve will comfortably weather the economic downturns during Covid-19.

Key Takeaways of Nitrobenzene Market Study

• On the back of surging infrastructure development across countries gives construction share-wide dominance. Construction accounts for over 49% of the total market value.
• Modernization of agriculture processes to fulfill demand for food raw materials is giving impetus to the purchase of nitrobenzene based products such as conveyor belts. The agriculture end-use segment offers the highest growth during the forecast period.
• Aniline Production to facilitate manufacturing of high-performance plastic products exhibits a stronghold on the nitrobenzen market. The application segment holds a lion's share of more than 74% share of the total market value.
• Pain Solvent is the highest growth application segment. Renovation of existing infrastructure and efficient paint solutions for new ones can be attributed to the 6.5% CAGR through 2030.
• East Asia emerges as the most financially rewarding region with a majority share of over 33% of the total market value. Presence of prominent manufacturers in China is a central factor for growth of the East Asia nitrobenzene market.
• South Asia & Oceania offer the most remunerative growth opportunities on the back of surging demand for high performance plastics in automotive applications. The region will continue to grow at a steady 5.3% CAGR between 2020 and 2030.

Read Report- https://www.factmr.com/report/4733/nitrobenzene-market