Nitroparaffin Market is anticipated to grow at a CAGR of 0.48% from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Nitroparaffin Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global nitroparaffin market was valued at US$ 31.6 Bn by 2019. The market is anticipated to grow at a CAGR of 0.48% from 2019 to 2030.
The growth of the global nitroparaffin market can be attributed to several factors such as increasing use of nitroparaffin as a solvent, fuel & fuel additive and the rising demand for nitroparaffin in agrochemical products. However, according to the International Agency for Research on Cancer (IARC), nitroparaffin is classified as a possible carcinogen for humans, which may hamper the market growth to a certain extent. The favorable regulations in emerging countries pertaining to the use and production of the nitroparaffin are helping local SMEs to use nitroparaffin derivatives in various end-use industries such as pharmaceutical, chemical, paint & coating, agriculture, and others.
Moreover, rising industrialization in developing countries and flourishing rubber, textile, paint & coating, and apparel industries are anticipated to open new opportunities for the nitroparaffin market worldwide. China is the largest producer, consumer, and exporter of nitroparaffin products and the increasing demand for nitroparaffin-based products is likely to propel market growth in the coming years.
However, the high cost of nitroparaffin derivatives and bans on the production of nitroparaffin in many countries of North America and Europe are affecting the growth of the global nitroparaffin market adversely. Hazardous properties of nitroparaffin derivatives and restrictions on the use of nitroparaffin are hindering market growth globally.
Browse key industry insights spread across 200 pages with market data tables & figures & charts from the report, Nitroparaffin Market by Product Type (Nitromethane, Nitroethane, 1-Nitropropane, and 2-Nitropropane), Application (Solvent, Fuel & Fuel Additive, and Chemical Intermediate)-Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/infographics/161/nitroparaffin-market
Asia Pacific accounted for the largest market share globally and is anticipated to maintain its dominance throughout the forecast period. The increasing use of nitroparaffin derivatives in end-use industries and favorable regulations for the production and use of nitroparaffin in Asia Pacific are driving market growth in the region.
Some of the prominent players 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., and Hubei Grand Fuchi Pharmaceutical & Chemicals Co., Ltd, among others.
Market Industry Reports is a global leader in market measurement and advisory services. It is a 100% subsidiary of ExlTech. The firm has always been at the forefront of innovations to address worldwide industry trends and opportunities. We offer our clients a unique depth of market intelligence in an actionable format to move their business forward. Our analysis incorporates consumer study in more than 100 countries, providing a tactical approach to drive sustained business growth. We continue to pioneer state-of-the-art approach in research & analysis that will help you to overcome complexities and stay ahead of the curve. By nurturing the perception of genius and optimized market intelligence, we unfold contingencies for our clients in the evolving world of technology, mega-trends, and industry convergence. We inspire our clients to empower and shape their businesses and to build world-class products.