Market Trends of Aniline Industry
Growing Demand from the Building and Construction Sector
- 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.
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Asia-Pacific to Dominate the Market
- 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.
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