Nitroparaffins Market Report Overview
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The global nitroparaffins market size was USD 169.95 million in 2021 and market is projected to touch USD 312.5 million by 2031, at a CAGR of 6.28% during the forecast period.
Nitroparaffin compounds can tolerate several reactions that make them suitable for use in the synthesis processes of compounds of higher chemical importance. Among different properties, the compounds are popularly known for their capability to form alkalis with nitronate salts. All types of nitroparaffin compounds are flammable liquids, their main risk being inhalation. Operators are required to pay special attention to its handling since it can be detonated under several circumstances.
The expansion of the market is estimated to grow due to the market segments which are bifurcated based on product type, applications, and region. Product type such as nitromethane, nitroethane, 1-nitropropane, and 2-nitropropane is commercial solvents that are utilized in coatings, as solvents for chemical synthesis work, and as chemical intermediates for an extensive variety of products. Besides, the nitroparaffin market is one of the fastest-growing and most profitable segments in the entire chemical industry.
COVID-19 Impact: Slowdown in Global Economy Hamper the Demand for Nitroparaffins
Post-COVID-19 pandemic, the nitroparaffins market is still in a volatile phase. It doesn’t show any sign of slowing down and yet there are no signs of an imminent recovery. The global economy slowdown is hampering the demand for nitroparaffins, while the Middle East and African countries have been shifting their focus on gas as a product to produce high-octane fuel. This has led to the stagnant growth in the region and will continue to do so until there are more signs of economic recovery elsewhere.
Latest Trend
"Use of Nitroparaffins in Explosives and Propellants in the Military and Rocket Fuel Application Expand the Market Opportunity"
Nitroparaffins are majorly used in the manufacture of nitrobenzene and Nitrocellulose. The major market for nitroparaffins is in Asia and Europe. The Nitroparaffins market size will increase significantly due to its usage in the manufacture of explosives and propellants. Nitroparaffins are organic compounds that contain a nitro group connected to an aromatic hydrocarbon. Nitroparaffins are high-energy molecules, and in high concentrations, they can cause skin irritation and severe burns. They are used in commercially-available explosives for military applications. They are also used as rocket fuel, thermite ingredients, and as additives for motor oils and greases. These noteworthy features of the product will contribute to expand the market in several industries.
Nitroparaffins Market Segmentation
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- By Type Analysis
According to type, the market can be segmented into Nitromethane, Nitroethane, 1-Nitropropane, 2-Nitropropan.
- By Application Analysis
The market can be divided based on application into Solvent, Fuel & Fuel Additive, Chemical Intermediate, and others.
Driving Factors
"High Demand for Automotive Fuel Additives, Rising Production of Polymers and Plastic Influence the Growth of the Market"
Nitroparaffins are organic compounds that contain one or more nitro groups. They can be manufactured from nitrous oxide and they are used as automotive fuel components, as a fuel additive, and in the manufacturing processes of plastics. Resulted, various factors drive the growth of this market such as high demand for automotive fuel additives, increase in production of polymers and plastic, expanding plastics industry, etc. are the factors are expected to contribute to propel the nitroparaffins market growth during the projection period.
"Increasing Production of Petrochemicals Accelerate Nitroparaffins Industry Growth"
The nitroparaffins market is growing due to several driving factors such as growing energy demand all over the world, as well as government support in the development of advanced materials and increasing production of petrochemicals are some of the key growth factors that could fuel the nitroparaffins market over the forecast period. Nitroparaffins are also widely utilized in various industries such as food, agriculture, cosmetics, and pharmaceuticals.
Restraining Factors
"Higher Prices of Crude Oil and Huge Investments in Renewable Energy Sources Hamper the Market Growth"
The demand for nitroparaffins in the market can decrease as some of the restraining factors are there to affect the market growth which includes increased operating costs due to the higher price of crude oil and huge investments in renewable energy sources by many countries across the globe. Thus, the market growth is expected to obstruct by these factors during the forecast.
Nitroparaffins Market Regional Insights
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"North America Dominates the Market Existence of Large Automotive and Apparatus Industry in North America "
As per previous years’ stats, North America dominates the market and holds the nitroparaffins market shares remarkably. Extensive automotive, and military apparatus manufacturing industry in the region, particularly, in the U.S. and Canada fuels the demand for nitroparaffins in the region. Therefore, such factors are anticipated to boost the growth rate of the market in the region. Moreover, during the forecast period, Asia Pacific is expected to grow at a higher CAGR than any other region. A growing market in the Asia Pacific region can be attributed to the favourable regulations in emerging countries concerning hazardous chemicals and end-use applications in pharmaceuticals, agriculture, paints, and chemical coatings, among others.
Key Industry Players
"Key Players Follow the Environmental Regulations on Limiting Use of Ozone-Depleting Substances to Lead the Market"
The number of notable key industry players is recognized by their succeeding competitive tactics, geographical expansion of the market, strategic partnership, acquisition, and mergers among other competitors in the market. this is a highly opportunistic market and continuous technological advancements lead to companies adopting sustainable policies as environmental regulations focus on limiting the number of ozone-depleting substances used. Therefore, major players hold the largest share of the market revenue by keeping these aspects of the market to stay ahead of the competition. Some major players such as FUJIFILM Ultra Pure Solutions Inc, Zhanhua Binbo Chemical Co.,Ltd., Shandong Baoyuan Chemical, ANGUS Chemical Company, Hubei Grand Fuchi Pharmaceutical, Aceto Corporation, Hairui Chemical, and Linyi Yuanbo Chemical Co.,Ltd. are the players which are anticipated to own a significant share of the market in the future.
List of Market Players Profiled
- FUJIFILM Ultra Pure Solutions Inc
- Zhanhua Binbo Chemical Co.,Ltd.
- Shandong Baoyuan Chemical
- ANGUS Chemical Company
- Hubei Grand Fuchi Pharmaceutical
- Aceto Corporation
- Hairui Chemical
- Linyi Yuanbo Chemical Co.,Ltd.
Report Coverage
This report describes the nitroparaffins market. It emphasizes the market value, expected CAGR, and USD value over the forecast period, before and after the impact of the COVID-19 pandemic restrictions on the international market, and how the industry is going to turn the corner is also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future.
This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, sustainable policies, their collaboration, mergers, companies’ profile, previous years’ revenue, profit & loss, and market position based on their share value in the market, are also explained in the report.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 169.95 Million in 2021 |
Market Size Value By |
US$ 312.5 Million by 2031 |
Growth Rate |
CAGR of 6.28% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global nitroparaffins market expected to touch by 2031?
The global nitroparaffins market is expected to touch USD 312.5 million by 2031.
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What CAGR is the nitroparaffins market expected to exhibit during 2022-2031?
The nitroparaffins market is expected to exhibit a CAGR of 6.28% over 2022-2031.
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Which are the driving factors of the nitroparaffins market?
Growing utilization nitroparaffins in various industries such as food, agriculture, cosmetics, and pharmaceuticals are the growing factors of the nitroparaffins market.
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Which are the top companies operating in the nitroparaffins market?
FUJIFILM Ultra Pure Solutions Inc, Zhanhua Binbo Chemical Co.,Ltd., Shandong Baoyuan Chemical, ANGUS Chemical Company, Hubei Grand Fuchi Pharmaceutical, Aceto Corporation, Hairui Chemical, and Linyi Yuanbo Chemical Co.,Ltd. are top companies operating in the nitroparaffins market.
