Global Nitrobenzene Market 2017-2021

Overview of the global nitrobenzene market

According to Technavio’s market research report, the global nitrobenzene market will grow at a CAGR of more than 3% during the forecast period. The increasing demand for polyurethane foam will drive the growth prospects for the market until the end of 2021. Polyurethane foam has two major constituents namely toluene diisocyanate (TDI) and methylene diphenyl isocyanate (MDI). MDI is primarily used to produce rigid polyurethane foams, whereas, TDI is used as the key raw material to manufacture flexible polyurethane foams. This foam is used in the automotive, transportation, and bedding and furniture industries. The demand for polyurethane is increasing since they exhibit environmental benefits such as reduction in wastage. Additionally, polyurethane foams have high recyclability and sustainability and they also have high resistance to chemicals, high elastic and insulating properties, and mechanical strength. This will increase the applications of polyurethane foam, which in turn, will have a positive impact on the growth of the nitrobenzene market.

The economic growth of countries in APAC will be one of the key trends that will stimulate the growth of the nitrobenzene market during the projected period. Owing to the expanding population and the economic development of countries, APAC is witnessing the growth of major end-user industries including automotive, aerospace and defense, building and construction, electrical and electronics, and construction. This will subsequently drive the growth of the market since nitrobenzene acts as the precursor to aniline which is used for various applications including insulation, rubber products, consumer goods, transportation, and packaging.

Competitive landscape and key vendors