New York , Nov. 03, 2022 (GLOBE NEWSWIRE) -- Persistence Market Research estimates that the global aniline oil market is valued at US$ 13.06 Bn in 2022. Sales of aniline oil are expected to increase at a CAGR of 5.6% and top a market valuation of US$ 22.55 Bn by the end of 2032.
The aniline oil market exhibited a CAGR of 2.6% over the historical period of 2017 to 2021. Demand for aniline oil was plagued by trade restrictions, reduced demand for final products, and delays in operations. Value chain efficiency depends heavily on logistics and supply chain partners.
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Growing demand for passenger vehicles, combined with increased electrification and a desire to improve vehicle performance, has fueled global market growth. Ever-changing lifestyle is a primary element driving the demand for polyurethane foam, which bodes well for aniline oil producers.
Key Takeaways from Market Study
- Increasing production of PU foam is projected to boost the demand for aniline oil in the U.S. This market is estimated to exhibit a CAGR of 4.9% between 2022 and 2032.
- The aniline oil market in China is expected to expand at a CAGR of 5.9% during the forecast period in terms of value.
- The building & construction segment is projected to create a total incremental $ opportunity of US$ 5.26 Bn between 2022 and 2032.
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Market Landscape
Key manufacturers of aniline oil are acquiring other small-scale market players to boost their annual production capacity and meet the rising demand for PU foam from several end-use industries and strengthening their market presence globally.
For instance:
- On October 12, 2022, Covestro announced the opening of a new world-scale aniline production facility. This capacity expansion strengthens the company's European production network for the foam component MDI.
- On March 24, 2021, Wanhua Chemical and Fujian Petrochemical announced plans to form a joint venture, Wanhua Chemical (Fujian) Co, to build 400,000 tons/year MDI and aniline auxiliary plants.
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