Aniline Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Aniline Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The aniline market is projected to register a CAGR of over 5% during the forecast period.

The market was negatively impacted by the COVID-19 outbreak in 2020 when supply was disrupted due to a worldwide lockdown. Furthermore, all construction and other activities were put on hold to curb the spreading of the virus, thus, negatively affecting the market. However, the market is expected to recover by 2023.

• The major factor driving the market is the increasing demand for MDI in coatings, adhesives, sealants, and other industries.
• However, the detrimental effect of methemoglobin on health is a key factor anticipated to restrain the growth of the target industry over the forecast period.
• Innovation in producing aniline from biomass is expected to act as an opportunity for the market in the future.
• Asia-Pacific dominated the market studied with about 50% share and is expected to witness the highest CAGR.

• Aniline-based methylene diphenyl diisocyanate (MDI) is crucial for the building and construction industry. It is an important chemical used to produce rigid polyurethanes as an insulating material.
• The insulating quality of rigid polyurethane foam is high, enabling builders to make walls thinner, keeping the insulating properties intact and roof profiles lower, and creating more space for the inhabitants.
• According to the United States Census Bureau, construction spending in the United States has increased from USD 1,469.2 billion in 2020 to USD 1,590.4 billion in 2021.
• Thailand is one of the largest tourist hubs and has been witnessing huge investments in expanding and constructing malls, luxury hotels, etc. For instance, Central Pattana PCL, Thailand’s largest mall operator, was likely to invest USD 722.97 million, including for store renovations, by 2022.
• According to the National Statistical Office (Thailand), a total number of 280.72 thousand were permitted in 2021 and witnessed a growth compared to 273.14 in 2020.
• The growing construction industry in other Asian economies such as China, India and Indonesia is also driving the market studied.
• All the aforementioned factors are increasing the construction output, which, in turn, is expected to have a positive impact on the aniline market during the forecast period.

• The Asia-Pacific region dominates the global market due to the region's growing construction and automotive industry. The demand is expected to be generated from developing nations like China, India, and Indonesia.
• In the Asia-Pacific region, China is the largest producer and consumer of polyurethane products. According to the National Bureau of Statistics of China, construction spending in China has increased from CNY 7,244.5 billion (USD 1036 billion) in 2020 to CNY 8,013.8 billion (USD 1146.5 billion) in 2021.
• Also, the region is the largest automotive manufacturing hub and has one of the largest agricultural land areas. Hence, the requirement for rubber tires, insecticides, pesticides, and fertilizers is likely to drive the demand for aniline in the countries like China, India, and Japan.
• According to OICA, in India, the total number of vehicles produced in 2021 was 25,225,242 units and witnessed a growth rate of 30% compared to 2020.
• As per the Ministry of Economy, Trade, and Industry (METI), the production volume of rubber tires for passenger cars in Japan reached 100.33 million pieces in 2021 and witnessed a growth rate of 12.69% compared to 89.02 million pieces in 2020.

The aniline market is consolidated in nature. The major players include BASF SE, Huntsman Corporation LLC, Covestro AG, Jilin Connell Chemical Industry Co. Ltd, and Wanhua Chemical Group Co. Ltd, among others.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support