July 19, 2024
Aniline market

The Aniline Market Is Estimated To Witness Significant Growth Due To Increasing Demand From Paints & Coatings Industry And Growing Automotive Sector

The aniline market is estimated to be valued at 9.4 Million Tons in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Aniline is an organic compound which acts as precursor to the production of polyurethane, MDI, and other dyes. It has wide applications in rubber-processing chemicals, agricultural chemicals, paints & coatings and others. Increasing demand from paints & coatings industry is one of the major driver of aniline market. Aniline is used in various types of paints including acrylic paints, alkyd paints, polyurethane paints and others. Growing construction industry and increasing demand for decorative and industrial paints is fueling the demand of aniline.

Market Dynamics:

Growing automotive sector is also contributing to the growth of aniline market significantly. Aniline acts as raw material for manufacturing certain types of rubbers which finds applications in vehicle tires, hoses, belts and other automotive components. According to International Organization of Motor Vehicle Manufacturers, worldwide sales of light vehicles was around 94 million units in 2021 which indicates recovering global automotive industry post pandemic. In addition, growing demand from agrochemicals and pharmaceutical industries is also propelling the aniline market growth over the forecast period. However, strict regulation regarding aniline production and toxicity of aniline may hinder the market growth.

Segment Analysis

The global aniline market is segmented into methylene diphenyl diisocyanate (MDI), rubber process chemicals, dyes and dye intermediates, and others. The MDI segment currently dominates the market, with over 30% share. MDI is used to produce polyurethane foam, which finds wide usage in bedding, furniture, automotive, and construction industries. Rising consumption of polyurethane foam drives the MDI segment.

PEST Analysis

Political: The aniline market is regulated by various environmental laws and regulations related to emissions. Stringent regulations in Europe and North America influence the production cost.
Economic: Emerging economies in Asia Pacific are major consumers of aniline due to growth in MDI, rubber and dyes industries. China is the largest aniline market supported by strong economic growth.
Social: Increasing disposable income and changing lifestyles have increased demand for various end-use products like furniture, automotive and textiles, thereby driving the aniline market.
Technological: Manufacturers focus on developing less toxic and eco-friendly production processes to comply with regulations and reduce environmental impact.

Key Takeaways

The Global Aniline Market Size is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing consumption of MDI and dyes in emerging economies. The Asia Pacific region dominates the global market, accounting for over 55% share. China, India, Japan and South Korea are major contributors to regional growth owing to strong manufacturing sector. Key players operating in the aniline market are BASF SE, Bayer Material Science LLC, E.I du Pont De Nemours and Company, Huntsman Corporation, Jilin Connell Chemical Industry Co., Ltd., SP Chemicals Holdings, Ltd., Sumitomo Chemical Co. Ltd., The Dow Chemical Company. BASF SE and Bayer Material Science LLC lead the market with their comprehensive product portfolio and large production capacities across regions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it