Global nitrochlorobenzene market is expected to grow positively over the forecast period on account of huge nitrochlorobenzene demand from diverse end use industries such as coatings, dyes, paints and fertilizers. It is a versatile organic chemical compound manufactured by benzene nitration using sulfuric & nitric acid mixtures. For chemical production along with coating & paints, pharmaceuticals and agriculture related chemical derivatives, nitrochlorobenzene is used as precursor and process intermediate. High growth in nitrochlorobenzene use is expected in construction and automotive industries over the forecast period on account of waxes and rubber application growth. In addition to above mentioned factor, growing global agriculture related activities are also expected to propel global nitrochlorobenzene market over the forecast period. Continuous environmental awareness activities coupled with stringent environment regulations are expected to augment bio-based fertilizer demand across the globe which in turn is expected to establish as key market restraint over the forecast period.
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Global market is segmented on the basis of product which is categorized as para, meta and ortho nitrochlorobenzene. Rust protection concerns in different manufacturing industries are expected to positively influence ortho nitrochlorobenzene demand as they are used in corrosion inhibitors production whereas para is majorly used for insecticide, sulfur based photo chemical dyes and rubber chemicals intermediates.
Over the forecast period, Asia Pacific is expected to be the fastest and largest growing nitrochlorobenzene market owing to increasing agriculture related activities and chemical industry developments. China and India are expected to be the major countries contributing in market growth. Raw materials availability in China coupled with low production cost followed by growing dyes, chemical, pesticides, rubber and pharmaceutical industries are some factors expected to drive regional market growth over the forecast period. Budding construction industries in India on account of various government infrastructure development plans are expected to develop nitrochlorobenzene demand in the country. In addition, National Chemical Policy framed by Indian government in order to increase chemical output is also expected to contribute in the country market growth over the forecast period. North America and Europe is expected to witness moderate market growth over the forecast period.
Global nitrochlorobenzene market is highly fragmented with major industry participants including Mitsubishi Chemical, Toray Industries, BASF, Monsanto and Evonik Industries, Dow Chemical, Mitsui Chemicals, Eastman Chemical Company and AkzoNobel.
Information Source: Grand View Research