Nitrobenzene Pricing Report

Nitrobenzene Prices December 2023

The price of nitrobenzene in the United States for Q4 2023 reached 1670 USD/MT in December. The market in the United States was stable, with moderate demand, substantial imports, and sufficient product inventories. Moreover, the demand for agrochemicals remained stable, gradually decreasing and the construction associated demand remained subdued. Automotive and polymer markets remained major consumers of nitrobenzene derivatives. According to a report published by the U.S. Census Bureau, the nation gained more than 1.6 million people in 2023, growing 0.5% to 334,914,895. This population increase also contributed into driving the demand for nitrobenzene for improving agricultural activities.

The price trend for nitrobenzene in Asia Pacific showed bearish sentiment in Q4 2023, with China reaching 1650 USD/MT in December 2023. This is influenced by the negative cost of feedstock benzene along with weak energy prices. Moreover, the agrochemical demand remained stable, gradually slowing down throughout the quarter due to the excellent cropping season. Apart from this, the demand for heat insulation and refurbishments and renovation in Korea and Japan is rising, supported by various favorable government initiatives and schemes.

Nitrobenzene Price Trend, Market Analysis, and News

IMARC’s newly published report, titled Nitrobenzene Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data, offers an in-depth analysis of nitrobenzene pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot prices at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of price trends across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing nitrobenzene price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Nitrobenzene Market Analysis

The global nitrobenzene market size reached US$ 11.9 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 19.2 Billion, at a projected CAGR of 5.50% during 2023-2032.

• The rising utilization of polymers for food packaging purposes due to their flexibility and versatility are boosting the market share.
• The nitrobenzene demand is further amplified by its utilization as a feedstock in the production of plastics, rubbers, dyes, and various pharmaceutical agents.
• Nitrobenzene is also becoming increasingly popular in the chemical sector as a raw material for producing resins and waxes, which are essential for coating various surfaces.
• Moreover, the increasing employment of nitrobenzene in the synthesis of aniline is propelling the market growth. Aniline is used in rubber accelerators and antioxidants, which are essential for combating oxidative stress and free radicals in the body. It is also used in petroleum refining. According to a report by IEA, global oil demand will rise by 6% between 2022 and 2028 to finally reach 105.7 million barrels per day. This will further increase the demand for nitrobenzene.
• In the pharmaceutical industry, nitrobenzene derivatives are in high demand or widely used for synthesizing a wide range of drugs and other medical compounds. It is a primary component or raw material for creating analgesics, antipyretics, and other categories of medicinal compounds. Moreover, on the basis of the report presented by World Health Organization (WHO), noncommunicable diseases kill 41 million individuals every year, which is equivalent to 74% of deaths globally. This is further driving the demand for nitrobenzene for novel drug development purposes.
• The increasing purchase of personal and commercial vehicles is driving the demand for nitrobenzene. Nitrobenzene is used for making steering wheels, airbag covers, bumpers, and also waterproof flooring materials for cars to keep the inside of vehicles dry and clean.  
• Furthermore, the microwave-assisted green synthesis of nitrobenzene, where natural zeolite and sulfated natural zeolite catalysts materials are adopted is offering opportunities to overcome various environmental challenges associated with nitrobenzene production.

Nitrobenzene News

The report covers the latest developments, updates, and trends impacting the global nitrobenzene market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in nitrobenzene production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that shape the industry landscape.

Latest developments in the nitrobenzene industry:

• In 2023, Sadhana Nitro Chem Ltd got the approval from Maharashtra Pollution Control Board to manufacture paracetamol para aminophenol (pAP) from nitrobenzene.
• In 2022, Researchers at Glasgow University developed a breakthrough process to manufacture aniline from nitrobenzene through a sustainable and less energy intensive process.

Product Description

Nitrobenzene (C₆H₅NO₂) is a yellow colored oily liquid with a characteristic almond odor. It dissolves slightly in water and often evaporates into the air. It is sparsely soluble in carbon tetrachloride and highly soluble in ethanol, diethyl ether, acetone, and benzene. It is chemically a nitroarene consisting of benzene carrying a single nitro substituent. It undergoes nitration, halogenation, and sulfonation slowly compared to benzene. It can be reduced to a wide variety of compounds depending on the reaction procedure.

It is widely utilized for the production of aniline, which is a chemical used for the production of polyurethane. It is also employed for the production of lubricating oils and dyes which are used for the proper functioning of vehicles. It is often considered as an essential component or a mild oxidizing agent in the production of fuchsin and quinoline.

Regional Coverage

The report provides a detailed analysis of the nitrobenzene market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the price trends. 

Global Nitrobenzene Price

The report offers a holistic view of the global nitrobenzene pricing trends, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level.

Europe Nitrobenzene Price

The European region has experienced a bearish price trend owing to weak energy prices and the negative cost of feedstock benzene. It was further exacerbated by the implementation of EU policy on transitioning to sustainable energy. Moreover, the increasing recovery of residential construction chemicals market has driven the demand for nitrobenzene derivatives. The rising construction of various commercial infrastructure and renovation activities in the region has supported the market growth.

This analysis can be extended to include detailed nitrobenzene price information for a comprehensive list of countries.

North America Nitrobenzene Price

In North America, the nitrobenzene market showed bearish prices owing to the restricted domestic supply and gradual slowing down of agrochemical demand. However, consumer demand, especially in the pharmaceutical sector, remained strong owing to the increasing occurrence of various chronic diseases among the masses and resilient spending habits.  The implementation of a sustainable energy transition policy in the USA is driving the demand for polyurethane. 

Specific data on nitrobenzene prices within the United States and Canada can also be provided.

Middle East and Africa Nitrobenzene Price

The report explores the nitrobenzene pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

In addition to region-wise data, information on nitrobenzene prices for countries can also be provided.

Aisa Pacific Nitrobenzene Price

The nitrobenzene pricing in the Asia Pacific region is showing bullish sentiment due to the weak energy prices in the region. However, the increasing investment in commercial construction activities showed an uptick in the demand for nitrobenzene. Agrochemical demand also remained stable, gradually declining owing to the excellent cropping season. Moreover, automotive and polymer markets continued to be the largest suppliers of nitrobenzene, thereby propelling the market growth.

This analysis can be further extended to include detailed nitrobenzene prices for a comprehensive list of countries within the region.

Latin America Nitrobenzene Price

The analysis of nitrobenzene prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of nitrobenzene pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
• The study examines factors affecting nitrobenzene price volatility, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights, ensuring they remain at the forefront of the nitrobenzene industry.