Sellbyville, DE -- (SBWIRE) -- 10/25/2018 -- The Synthetic & Bio-based Aniline Market is set to grow from its current market value of more than $11.5 billion to over $19 billion by 2024; as reported in the latest study by Global Market Insights, Inc.

The significant growth in construction sector will spur the synthetic & bio-based aniline market demand in forecast time frame, as product is extensively used in building construction for roofing and insulation purposes. Basically, aniline is used to produce MDI and TDI, which is further used to synthethe polyurethane foams. These products find its wide application in appliances, transportation, furniture and construction industries due to its heat and water resistance features. Growth in packaging industries in developing economies will boost the synthetic & bio-based aniline market demand, as it is used in flexible and rigid plastic packaging material coupled with increasing demand from transportation industries by bolstering the logistics industry growth. This in turn, will further boost the synthetic & bio-based aniline market demand in forecast spell.

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Expansion in Asian FMCG sector will fuel the plastic packing materials demand and have significant impact on the synthetic & bio-based aniline market in coming years. Rising income level of consumers in Asia will result in growth of FMCG sector. In 2016, Indian FMCG industry was over USD 42 billion and will likely surpass over USD 101 billion in future. Growth in automotive sector in developing regions and North America will positively stimulate the synthetic & bio-based aniline market demand in coming years due to significant use of the product in automotive production. In 2015, the U.S. automotive production increased from 11 million to 12 million, this increasing trend will further augment the product demand as the PU foams are extensively used in seats of car, armrest and other parts due to its cushioning characteristics. These foams help to improve the fuel efficiency by lowering the overall vehicle weight.

Stringent government guidelines & regulations associated with the product usage, as it is a carcinogen and impacts on the health of workers, may restrain its industry growth. Several agencies such as NIOSH, OSHA, etc. have set terms and condition related to handling and storing of the product, resulting in excessive cost associated with product storage, production and handling. These factors may hamper the synthetic & bio-based aniline market growth in forecast timeframe.

The synthetic & bio-based aniline market is categorized into process, product, application and end-user. The process is further segmented into nitrobenzene reduction and chlorobenzene substitution. In 2016, the reduction of nitrobenzene process is more popular and will likely generate over USD 17 billion in forecast spell.

The product segment is divided into synthetic and bio-based aniline types. Among these, synthetic aniline will likely grow over 6% CAGR in future. Bio-based products will likely witness significant gains in the coming years as it is recently commercialized and has lower ecological footprint when compared with the synthetic ones.

Its application segment is fragmented into methyl di-p-phenylene isocyanate (MDI), dyes & pigments, agrochemicals, as a processing chemical in rubber industry, etc. Among these, rubber processing segment will generate revenue over USD 1.4 billion in forecast period. Increasing demand for tires in automotive sector in the U.S. and Asia region will boost the product usage in rubber processing industry.

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The end-user segment in synthetic & bio-based aniline market include construction, textiles, agriculture, rubber products, adhesives & sealants, transportation, packaging industry, consumer goods, etc. Among these, transportation industry will generate revenue over USD 2 billion with CAGR around 6.5% in forecast spell. Increasing automotive production coupled with rising road infrastructure construction activity in Asia Pacific is likely to spur the product demand for this segment over the forecast period.

The key producers in the synthetic & bio-based aniline market include Jilin Connell Chemical Industry, Yantai Wanhua, Sinopec, The Chemours, Sumitomo Chemical, Dow, Hindustan Organic Chem, Volzhsky Orgsintez, Tosoh, BASF, Sinopec, SP Chemicals and Shandong Jinling, etc.

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