LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global nitrobenzene market to grow at a CAGR of over 3% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global nitrobenzene market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The growth in the agricultural sector of Brazil, China, and India owing to regulatory support and easy availability of raw materials, is anticipated to boost the demand for fertilizers and thus, support the demand for nitrobenzene. The increasing investments in the domestic healthcare sector in developing economies such as India, China, Mexico, and Brazil are anticipated to impact the market positively.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global nitrobenzene market:
Increasing demand for polyurethane foam
Nitric acid is used to produce toluene diisocyanate (TDI), which is used to manufacture polyurethane foam. TDI and MDI are the two major constituents of polyurethane foam. While MDI is primarily used for producing rigid polyurethane foams, TDI is the key raw material for flexible polyurethane foams Polyurethane foams constitute the biggest category of cellular polymeric foam.
Ajay Adhikari, a lead specialty chemicals research analyst at Technavio, says, “Environmental benefits of polyurethane foams include clean incineration for pollutant and reduced wastage. They also have high recyclability and sustainability. Polyurethane foams offer mechanical strength, elastic and insulating properties, and chemical resistance.”
Growing demand for rubber in the automotive industry
The automotive industry is growing with increasing sales of passenger and commercial vehicles, worldwide. In terms of units, almost 90 million vehicles were estimated to be sold in 2015, which is expected to increase to 108 million by 2020. The rising per capita income and increasing population across regions are expected to drive the revenue for the global automotive industry.
“The global passenger vehicle market is expected to benefit from the improved economic outlook in developed countries such as the US and developing countries such as China and India. In APAC, the growth in the global passenger car market is mainly due to an increase in middle-class population, increase in disposable income, and rise in employed population,” adds Ajay.
Rise in agricultural sustainability
Nitrobenzene is used as a plant energizer and helps in increasing the yield of the crop. The global agriculture industry has undergone significant changes in terms of developments, such as farming techniques, drip irrigation, crop protection, and soil management. These changes have boosted the global crop yield.
The governments are continuously emphasizing on economic, social, and environmental sustainability in the agriculture sector. They are providing training and education to the farmers to improve crop protection, productivity, and soil texture. The government also provides certain fertilizers at an economical price to the farmers. These fertilizers maintain the nutrient balance in the soil and improve the crop productivity for future crops.
Top vendors:
- BASF
- Chemours
- Covestro
- Huntsman
- Wanhua Industrial
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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