Nitroparaffin Market by Product Type (Nitromethane, Nitroethane, 1-Nitropropane, and 2-Nitropropane), Application (Solvent, Fuel & Fuel Additive, and Chemical Intermediate)-Analysis & Forecast 2019-2030
Report ID : 161 | Published Date : May 2020 | Pages : 200 | Region : Global | Report Code : CM-17
Nitroparaffin Market Overview and Introduction
Nitroparaffin is a group of organic compounds formed by replacing of one or more hydrogen atoms of alkane by a nitro group. Nitroparaffin is primarily used as a solvent in paints & coatings and rubber industries and as fuel & fuel additives in racing cars, boats, and model engines. Moreover, it is also used as an intermediate in a wide variety of formulations in chemical & pharmaceutical industries. It also finds its applications as an inhibitor, antifoaming agent, coagulant, and emulsifier in the metal production industry.
The global nitroparaffin market is driven by factors, such as rising industrialization in emerging countries; favorable policies in production & use of nitroparaffin in countries, such as India and China and the rising demand for nitroparaffin for various end use applications in chemicals, paints & coatings, and agrochemical products, among others. Moreover, the rising demand for nitromethane & 2-nitroprapane as fuels in racing cars and rockets are also contributing toward market growth. However, stringent regulations pertaining to the production and handling of nitroparaffin in North America & Europe and its high cost are hindering market growth globally.
The global nitroparaffin market can be segmented into product type, application, and regions.
Nitroparaffin Market By Product Type
Based on product type, the global nitroparaffin market can be segmented into nitromethane, nitroethane, 1-nitropropane, and 2-nitropropane. The Nitromethane segment is anticipated to witness the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing use of nitromethane in end use applications such as solvent, chemical intermediate, fuel and the increasing use of nitromethane in agrochemical products.
Nitroparaffin Market By Application
Based on application, the market can be segmented into solvent, fuel & fuel additive, chemical intermediate, and others. The chemical intermediate application is anticipated to grow with the highest CAGR during the forecast period. Nitromethane is used as an intermediate in organic synthesis, particularly in the manufacture of biocides, chemical, agricultural products, fiber, coating, and other intermediates.
Nitroparaffin Market By Region
Based on region, the global nitroparaffin market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). Asia Pacific dominated the nitroparaffin market and is expected to grow at the highest CAGR during the forecast period. The market growth in the APAC region can be attributed to favorable regulations in emerging countries pertaining to the use of hazardous chemicals and growing end use applications in the different industries such as pharmaceutical, agriculture, chemical, paint & coating, and others.
Nitroparaffin Market Prominent Players
Some of the prominent players present in the nitroparaffin market include, Aceto Corporation, ANGUS Chemical Company, Linyi Yuanbo Chemical Co.,Ltd., SynQuest Laboratories, Zhanhua Binbo Chemical Co.,Ltd., Zibo Xinglu Chemical Co., Ltd., Shandong Xinghui Chemical Co., Ltd., Banner Chemicals Limited, Central Drug House, Alfa Aesar, and Hubei Grand Fuchi Pharmaceutical & Chemicals Co., Ltd, among others.