New York, NY -- (SBWire) -- 02/27/2020 --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.
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Major key Players:
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.
Nitroparaffin market Segmentation:
Segmentation by Type:
-Nitromethane
-Nitroethane
-1-Nitropropane
-2-Nitropropane
Application:
-Solvent
-Fuel & Fuel Additive
-Chemical Intermediate
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Region:
-North America
-Europe
-Asia Pacific
-Rest of the World (ROW)
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 growth of the nitroparaffin market are often attributed to many factors like increasing use of nitroparaffin as a solvent, fuel & fuel additive and therefore the rising demand for nitroparaffin in agrochemical products. However, consistent with the International Agency for Research on Cancer (IARC), nitroparaffin is assessed as a possible carcinogen for humans, which can hamper the market growth to a particular extent. The favorable regulations in emerging countries concerning the utilization and production of the nitroparaffin are helping local SMEs to use nitroparaffin derivatives in various end-use industries like pharmaceutical, chemical, paint & coating, agriculture, etc
Nitroparaffin Market to Witness Magnificent Growth During 2019-2030 Aceto Corporation, Xinghui Chemical Co.Ltd. and Angus Chemical Company
Nitroparaffins (or nitroalkanes) are derivatives of the alkanes in which one hydrogen or more is replaced by the electronegative nitro group, which is attached to carbon through nitrogen. The nitroparaffins are isomeric with alkyl nitrites, RONO, which are esters of nitrous acid.