by Aniline is an organic compound with the formula C6H5NH2. It is a precursor to polyurethanes, certain dyes, drugs, agricultural chemicals and rubber processing chemicals. Aniline is widely used as a precursor in many industrial and agricultural chemicals like pharmaceuticals, dyes, pesticides and synthetic fibers.
The global aniline market is estimated to be valued at US$13.5 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising demand from urea formaldehyde resins: Urea-formaldehyde (UF) resins are one of the major applications of aniline which primarily find usage in manufacturing of particleboards, plywood, and medium-density fiberboard (MDF). UF resins possess high strength, water resistance, and act as an excellent binder for wood products. The growing particle board and plywood industry is driving demand for UF resins which in turn supports the growth of aniline market over the forecast period.
SWOT Analysis
Strength:
– Aniline is used to produce various chemical derivatives such as MDI, TDI and IPDI which find applications in industries such as construction, automotive and packaging. This wide range of applications leads to stable demand.
– Easy availability of raw materials such as benzene and nitrobenzene for aniline production lowers production costs.
– Established manufacturing facilities and supply chains of key players ensure stable supply.
Weakness:
– Fluctuating prices of raw materials such as benzene affects the overall production costs.
– Stringent environmental regulations regarding the production, transportation, storage and disposal of aniline increase compliance costs.
Opportunity:
– Increasing demand for polyurethane foams from industries such as furniture and bedding offers opportunities for aniline-derived MDI and TDI.
– Growing construction industry in Asia Pacific is expected to drive the insulation market, further boosting MDI demand.
Threats:
– Competition from substitute products that can replace applications of aniline derivatives.
– Fluctuations in crude oil prices affect the prices of raw materials.
Key Takeaways
The Global Aniline Market Size is expected to witness high growth over the forecast period due to increasing demand from end-use industries.
Regional analysis: Asia Pacific currently dominates the global aniline market and the trend is expected to continue during the forecast period. Countries such as China, India and Japan are major consumers as well as producers. The rapidly growing construction and automotive industries in the region are driving MDI and TDI demand.
Key players: Key players operating in the aniline market are BASF SE, The Chemours Company, Huntsman International LLC, Covestro AG and Dow Chemical Company. BASF is one of the leading producers with a global production network and a wide product portfolio. Huntsman is another major player focused on serving the polyurethanes industry.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
