Rockville , July 03, 2023 (GLOBE NEWSWIRE) — As per Fact.MR, a provider of Market research and competitive intelligence, The global Nitrobenzene market stands at a value of US$ 11.82 billion in 2023 and is forecasted to expand at a steady CAGR of 5.2% from 2022 to 2033.

Nitrobenzene is a crucial raw material required for aniline production and this is projected to account for the majority of revenue generation for nitrobenzene suppliers throughout the forecast period. Growing automotive production, surging demand for high-performance polymers, increasing investments in infrastructure development, and a hike in demand for synthetic rubber products are other key prospects that are projected to steer market growth over the next ten years.

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China, India, and Japan are estimated to contribute to the dominant share of nitrobenzene shipments in the Asia Pacific region throughout the forecast period. The trend of installation of new production facilities in the APAC region started by the Western companies to improve profitability and scale their business is what is estimated to create a highly opportunistic business scenario in this region going forward.

Key Takeaways from Market Study

• The global nitrobenzene market stands at a valuation of US$ 11.82 billion in 2023.
• Worldwide demand for nitrobenzene is projected to expand at a CAGR of 5.2% from 2023 to 2033.
• The market is anticipated to achieve a revenue total of US$ 19.72 billion by 2033.
• Rapid industrialization and urbanization, growing chemical manufacturing activity, high demand for (methylene diphenyl diisocyanate) MDI-based…