The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 5.20%
Nitromethane is used in a variety of industries since it is a versatile substance with several applications, which broadens its market. Since nitromethane requires less oxygen to burn than other propellants, it is commonly employed as a monopropellant. It is projected that the growing use of nitromethane in the pharmaceutical, agricultural, and automotive industries will boost the global nitromethane market.
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Furthermore, nitromethane is used to stabilise chlorinated solvents in dry cleaning, degreasing procedures, and semiconductor fabrication. Additionally, it serves as a solvent and dissolving agent for acrylate monomers that are used to create adhesives. This element will likely fuel the global demand for nitromethane over the coming years.
The most basic organic nitro chemical, nitromethane, is a polar liquid that is largely employed as a solvent in a number of industrial applications, including extractions, as a reaction medium, and as a cleaning solvent. It is frequently employed in the production of pharmaceuticals, insecticides, explosives, fibres, and coatings as an intermediate in organic synthesis, which are fuelling the demand for the nitromethane market.
Nitromethane Industry Definition and Major Segments
Nitromethane is a natural substance that is the most basic type of organic nitro compound. This liquid has a strong odour and is polar, colourless, and greasy, as well as highly combustible. Nitromethane is widely used as a solvent in industrial settings and to make explosives and fuel. As it is a material classified as Hazard Class 3A, certified individuals are needed for the handling and storage of nitromethane.
Based on application, the market is divided into:
• Explosive
• Chemical Intermediate
• Solvent
• Fuel and Fuel Additives
• Others
On the basis of region, the market is segmented into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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Nitromethane Market Trends
Nitromethane is frequently used as a fuel additive in a variety of motorsports and hobbies, including Top Fuel drag racing and in miniature internal combustion engines in radio-controlled and free-flight model aircrafts because it burns more slowly than gasoline. Before use, nitromethane is frequently diluted with methanol. The main advantage of nitromethane is that each explosion inside the engine produces more power while being less energetic than gasoline. It requires far less air for burning than gasoline, which allows for greater nitromethane fuel combustion during each engine stroke and higher engine output, which is a key trend in the nitromethane market.
During the forecast period, Asia Pacific is expected to account for a significant portion of the global nitromethane market, due to the development of the automotive industry and the expanding regional demand for medicinal products. In the Asia Pacific, China is a leading producer of chemicals, paints, coatings, and pharmaceuticals, which is expected to fuel the regional market for nitromethane throughout the forecast period. Due to the rising need for agricultural, chemical, and pharmaceutical products, the Asia Pacific region is anticipated to be a substantial market for nitromethane.
The market for nitromethane in Latin America, the Middle East, and Africa is expected to be particularly lucrative in the upcoming years. Opportunities for nitromethane during the projection period are likely to come from the expansion of these countries’ economies and investments across various industries.
Key Market Players
The major players in the global nitromethane market report are Linyi Yuanbo Chemical Co., Ltd., Angus Chemical Company, Wujiang Bolin Industry Co., Ltd., and Vizag Chemical International, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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