Synthetic & Bio-based Aniline Market Size

Synthetic & Bio-based Aniline Market Size

Synthetic & Bio-based Aniline Market was estimated over USD 11.5 billion in 2016 and the industry will likely grow by a CAGR of about 6.5% up to 2024.
 

Aniline is primarily used for methylene diphenyl diisocyanate (MDI) production which finds extensive application in construction, appliances, transportation, and furniture industries. High demand for MDI applications in these end-user industries will drive the global synthetic & bio-based aniline market in the forecast timeframe. MDI is used to synthesize both rigid and flexible polyurethane foams which are extensively used as insulation materials. High growth in the Asia Pacific construction and automobile industries will augment the global synthetic & bio-based aniline market growth in coming years.
 

Asia Pacific has the highest construction spending in the world accounting for almost 50% of total spending in 2015 with China, Japan and India leading the way. Chinese construction spending was around USD 1.8 trillion in 2015 with an estimated growth rate of about 7% in coming years. Heavy government as well as private construction spending will boost residential, industrial and infrastructural development activities during the forecast period contributing to the global synthetic & bio-based aniline market growth. Rigid polyurethane foams are extensively used in building construction for insulation and roofing purposes. They help in reducing air leakage, improves indoor air quality, and decreases energy consumption for heating & cooling leading to reduced greenhouse gas emissions. Polyurethane spray foam is also used to strengthen buildings by resisting wind uplift and protecting against severe weather conditions. The rapid construction industry growth will increase polyurethane foam demand in coming years which will in turn drive the synthetic & bio-based aniline market till 2024.
 

Rising automotive production in North America and Asia Pacific will positively influence the synthetic & bio-based aniline market growth in the forecast period owing to wide polyurethane usage in automobile manufacturing. U.S. motor vehicle production rose from 11.6 million in 2014 to 12.1 million in 2015, increasing by around 3.8%. China motor vehicle production also increased by around 3.3% during the same period from 23.7 million to 24.5 million. India witnessed the highest motor vehicle production growth rate of 7.3% from 2014 to 2015. The increasing automotive production in these countries will augment the global synthetic & bio-based aniline market growth as polyurethane foams are widely used for their cushioning properties in car seats, headrests and armrests to reduce fatigue during driving. They are also used in car bodies as insulation to provide protection against noise and heat of the engines. Polyurethane foams help reduce the weight of cars resulting in lower fuel consumption and better environmental performance.