Growing demand for aniline in insulation applications for the building & construction and automotive industry are among the significant factors influencing market growth. Market Size – USD 8.18 billion in 2018, Market Growth - CAGR of 6.5%, Market Trends – Growing demand for aniline in rubber-processing
New York, UNITED STATES, Jan. 16, 2020 (GLOBE NEWSWIRE) -- The global aniline market is expected to reach USD 14.57 Billion by 2026, according to a new report by Reports and Data. The increasing demand for aniline in the building & construction industry is expected to drive the market demand in the forecast period. Aniline is used in the production of MDI, which in turn, is consumed to produce polyurethane, a rigid foam, which has exceptional insulating properties that makes it suitable for walls and roofs of new residential construction as well as renovation of older buildings. According to the U.S. Department of Energy, the heating and cooling costs amounts to 56.0% of the energy consumed in the average American home, and the insulating properties of rigid polyurethane foam helps in saving money while upholding uniform temperature along with reduction in noise levels.
Additionally, the insulating feature of rigid polyurethane foam is superior, and it allows construction companies to create thinner walls thinner and lower roof profiles making more spacious interiors. These foams are beneficial in reducing construction costs and utility bills.
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The growing demand for aniline in rubber-processing is likely to fuel market growth in the upcoming years. Aniline is used in the production of 2-mercaptobenzothiazole (MBT), which is mostly used in the rubber industry as a non-volatile vulcanization accelerator in the processing of rubber.
There has been a surging demand of aniline for producing fungicides and herbicides. Therefore, the growth of the agriculture industry would be instrumental in increased market demand in the forecast period. The market in the North America region is estimated to witness the fastest growth in the period 2019-2027.
Further key findings from the report suggest
- By product type, synthetic aniline dominated the market in 2018 and is likely to grow at a rate of 5.4% in the forecast period as nearly all aniline produced worldwide is produced synthetically.
- By application, methylene diphenyl diisocyanate (MDI) contributed to a larger market share of around 80.0% in 2018 and is projected to witness a CAGR of 6.0% in the forecast period. The majority of rigid PU foam finds application in the building & construction and consumer goods industry, whereas flexible PU foam is primarily used in transportation among other areas.
- By industry vertical, the building & construction industry accounted for the largest market share in 2018 and is likely to grow at a rate of 6.6% in the forecast period.
- The market in the Asia Pacific region held the largest market share in 2018 and is expected to witness a growth rate of 6.7% in the period 2019-2026. The market dominance of the APAC region is owing to the growth of the construction and automotive industry in the region.
- Key participants include BASF SE, First Chemical Corporation, Covestro, Mitsubishi Chemicals, Mitsui Chemical, Sabic, Sumitomo Chemical, The Dow Chemical Company, Tosoh Corporation, and Petrochina Co. Ltd., among others.
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For the purpose of this report, Reports and Data have segmented the global aniline market on the basis of product type, application, industry vertical, and region:
Product Type Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- Synthetic Aniline
- Bio-Based Aniline
Application Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- Methylene Diphenyl Diisocyanate (MDI)
Industry Vertical Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- Building & Construction
- Consumer Goods
Regional Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- North America
- Asia Pacific
- Latin America
Browse more similar reports on Materials and Chemicals category by Reports And Data
Polyurethane (PU) Films Market - https://www.reportsanddata.com/report-detail/polyurethane-pu-films-market
Methylene Diphenyl Diisocyanate (MDI) Market - https://www.reportsanddata.com/report-detail/methylene-diphenyl-diisocyanate-mdi-market
Polymer Foams Market - https://www.reportsanddata.com/report-detail/polymer-foams-market
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