The Aniline Market is estimated to be valued at US$ 9.4 Million Tons in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Aniline is an organic compound with the chemical formula C6H5NH2. It is a colorless, toxic liquid with a characteristically strong odor. Aniline is produced industrially by the chemical reduction of nitrobenzene. It is an important intermediate in the manufacture of many industrial chemicals such as dyes, pesticides, plastics, rubbers, and refrigerants.
Market key trends:
Aniline is an aromatic amine compound which acts as precursor to various chemicals. Its major application area includes polyurethanes, agricultural chemicals, rubber processing chemicals and dyes & pigments. The global polyurethane industry has been witnessing steady growth which in turn boosts the growth of aniline market. Polyurethanes find wide applications in furniture, construction and automotive industries owing to properties such as durability, flexibility and insulation.
Porter's Analysis
Threat of new entrants: The aniline market already has major established players and the production process requires capital intensive assets and technology which increases barriers for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power as aniline has applications for construction, automotive and consumer goods industries. Buyers can choose from a few suppliers but supply constraints impact their bargaining power.
Bargaining power of suppliers: The key raw materials for aniline are benzene and nitrobenzene. Suppliers have moderate bargaining power due to availability of substitutes and dependence of suppliers on buyers for off-take.
Threat of new substitutes: Substitutes like phenol and chlorobenzene have limitations and aniline still holds an edge due to properties and applications in polymers and agrochemicals.
Competitive rivalry: Intense due to technological knowledge and established production facilities.
SWOT Analysis
Strengths: Wide applications leading to demand stability, established production facilities of major players
Weaknesses: Vulnerability to raw material price fluctuations, stringent environmental regulations
Opportunities: Growing construction and agrochemical industries usage, potential in new applications development
Threats: Substitution threat from eco-friendly products, trade barriers imposed by regulatory bodies
Key Takeaways
The Global Aniline Market Size is expected to witness a CAGR of 5.2% over the forecast period, due to increasing demand from construction and automotive industries. Rapid urbanization and infrastructural growth are driving the construction industry whereas revival of the automotive industry after pandemic is propelling aniline consumption.
The Asia Pacific region currently dominates the aniline market with over 50% share globally led by China, India, and Japan. Cheap labor, raw material advantage and large consumer base are boosting the APAC market. However, North America and Europe are also fruitful regions owing to strong automotive manufacturing base and industrial growth.
Key players operating in the aniline market are BASF SE, Bayer Material Science LLC, E.I du Pont De Nemours and Company, Huntsman Corporation, Jilin Connell Chemical Industry Co., Ltd., SP Chemicals Holdings, Ltd., Sumitomo Chemical Co. Ltd., The Dow Chemical Company. These major companies invest heavily in R&D to develop innovative applications and improve production processes.
Read more: https://www.ukwebwire.com/aniline-market-trends-forecast/
