Growth of the Building & Construction Industry is the Key Determinant Propelling the Aniline Market Growth

The Aniline Market size is projected to grow at a CAGR of 7.6% during the forecast period (2022-2027) and reach US$20.7 billion by 2027. The growth of the Aniline Market is primarily dependent on the growth of the building & construction industry. Aniline is an organic chemical compound that comprises a phenyl group attached to an amino group, which is also known as aminobenzene or phenylamine. It has an unpleasant odor with an oily and colorless appearance. The surging developments associated with the building & construction industry across the world have led to considerable growth in the aniline market. 

Aniline Market: Leading Segment is Building & Construction Industry

On the basis of the end-use industry, the Aniline Market can be segmented into building & construction, electrical & electronics, textile & apparel, automotive, packaging, agriculture and others. The building & construction industry is evaluated to be the leading segment in the aniline market in 2021. During the forecast period 2021-2027, the building & construction segment is expected to grow with a CAGR of 7.8%. This can be attributed to various reasons such as the utilization in manufacturing rigid polyurethanes that are applied as an insulating material. The insulating property of rigid polyurethane foam is high, allowing builders to produce walls thinner, keeping the insulating characteristics intact and roof profiles lower and making more space for the inhabitants. The building and construction industry is growing, for instance, according to Invest India, by 2025, the building and construction industry is estimated to reach US$1.4 trillion. Moreover, according to Statistics of Japan, the number of construction contract orders went from 6,00,46,960 units in 2020 to 6,36,10,223 in 2021 and has witnessed a growth in 2021 (Jan-July) compared to 2020(Jan-July).

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Aniline Market: Leading Region is the Asia-Pacific

On the basis of geography, the Aniline Market can be segmented into North America, South America, Europe, APAC and EMEA. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most dominant region in the market. In 2021, the Asia-Pacific region held around 42.2% share of the total revenue earned by the market globally. Asia-Pacific countries including China, Japan and India are comparatively ahead in terms of the growth of the building & construction industry. According to International Trade Administration (ITA), China is the world’s largest construction market and is forecasted to grow at an annual average growth of 8.6% between 2022 and 2030. Moreover, in Singapore, according to the Australian Government, the building and construction sector remains healthy in Singapore, with strong government spending on public infrastructure, of about S$2 billion (US$1.43 billion) in contracts being awarded each month. The Aniline market will also witness significant growth in the North American region. The U.S. and Canada are emerging as competitive countries in the aniline market.

Aniline Market: Competitive Landscape

Key companies holding major shares in the Aniline Market are BASF Corporation, Bayer Material Science, Petrochina Co. Ltd., EiDupont De Nemours, First Chemical Corporation, Jilin Connell Chemical Industry Co., Ltd., Hindustan Organics Chemicals Limited, Huntsman International, Mitsubishi Chemical and Mitsui Chemical.