Aniline Is Estimated To Witness High Growth Owing To Rising Use In Insulations

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The Aniline Market is estimated to be valued at US$ 19125.82 Mn in 2023 and is expected to exhibit a CAGR of 7.0% 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 an unpleasant odor. It is produced on a large scale as a precursor to many industrial chemicals. It is primarily used in the manufacture of polyurethane foam, as a precursor to MDI (diphenylmethane diisocyanate) and TDI (toluene diisocyanate) which are key intermediates in the manufacture of flexible and rigid foams used in applications like cushioning, thermal and sound insulation.

 

Market key trends:

One of the key trends fueling the growth of the Aniline market is increasing demand for MDI and TDI from polyurethane foam manufacturers. MDI and TDI are key intermediates in the manufacture of flexible and rigid polyurethane foams which find widespread usage as cushioning and insulation material in industries like automotive, construction and furniture. According to market estimates, the global MDI market was valued at over US$ 12 billion in 2020 and is projected to grow at a CAGR of 4-6% during 2021-2027. Similarly, the TDI market was estimated to grow at a CAGR of around 5% during the same period. The growth in these end use industries is anticipated to augur well for the demand of Aniline over the forecast period.

 

Porter’s Analysis

Threat of new entrants: The Aniline Market requires high initial investments for establishing manufacturing plants which reduces threat of new entrants.

Bargaining power of buyers: There are a number of buyers in the Aniline Market with relatively high bargaining power due to availability of substitutes.

Bargaining power of suppliers: A limited number of suppliers for raw materials like Coal, Oil gives them bargaining power over the production cost in the market.

Threat of new substitutes: Substitutes like Toluene provide competition however high switching costs reduce probability of substitution.

Competitive rivalry: Intense competition exists among the major players to gain higher market share.

 

SWOT Analysis

Strength: Growing demand from various end use industries such as rubber, dyes, herbicides etc. Various uses of aniline intermediate products.

Weakness: Strict environmental regulations regarding emission and disposal of hazardous wastes. Health hazards associated with exposure to aniline.

Opportunity: Emerging markets in Asia Pacific and Central & South America offer growth opportunities. Increasing demand for rubber chemicals and dyes in major industries.

Threats: Overcapacity leading to price wars in China. Fluctuations in raw material prices affect production costs.

 

Key Takeaways

The Global Aniline Market Forecast is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period, due to increasing demand from rubber industry. Asia Pacific region dominates the global market with major countries including China, India and Japan. The region is expected to maintain its dominance during the forecast period owing to rapidly expanding end use industries in these countries.

 

Regional analysis Asia Pacific region holds the largest share in global aniline market due to growing demand from countries like China, India, South Korea and Japan. China dominates the global production and consumption of aniline. Europe and North America are also major consumers however growth is projected to be higher in Asia due to rising industrialization.

 

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. Major players are involved in capacity expansion and backward integration to gain higher market shares.

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http://digitalmarketinsights.weebly.com/blog/aniline-market-is-estimated-to-witness-robust-growth-owing-to-increasing-demand-of-mdi-and-tdi

 

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