As per Future Market Insights, the 3-iodoaniline market is anticipated to attain a value pool of US$ 19 billion by 2023-end. Global demand for 3-iodoaniline is expected to rise at a CAGR of 3.6% to US$ 27 billion in 2033.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 19 billion |
| Projected Market Value in 2033 | US$ 27 billion |
| Growth Rate (2023 to 2033) | 3.6% CAGR |
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According to latest research, the 3-Iodoaniline market is projected to expand between 3.0% and 5.0% CAGR during the 2020-2025 assessment period.
The growth of the market can be attributed to the increasing demand from the specialty chemicals industry. Increasing demand for these new fine specialty chemicals are going to drive the market for the product.
As this compound acts as a major ingredient in the production of Anilines, Aromatic Amines and Nitro Compounds. The growing demand for improved properties and quality is expected to provide growth opportunities for the 3-Iodoaniline market.
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Major factors driving the market are the growing demand from the specialty chemicals industries which is gaining prominence all over the world. Companies are striving to adopt environment-friendly and efficient chemical preparation techniques.
This has boosted the demand for 3-iodoaniline in the market. The consumption of these specialty chemicals has increased the demand for the compound so as to manufacture aniline aromatic amines and nitro compounds.
High economic growth and an increase in population are expected to drive the industrial sector, thereby propelling the demand for 3-iodoaniline in manufacturing of specialty and fine chemicals in the forecasted period.
In the Pharmaceutical sector, this compound is used to manufacture 3-pyridin-4-ylaniline which is a reactant used as an anti-diabetic agent.
It is also used in the manufacturing process of 1-iodo-3-isothiocyanatobenzene which is used for the synthesis of radiopharmaceutical compounds. Growth in demand for specialty chemicals is a major factor estimated to drive the product's market in the near future.
Increasing demand from the fine chemicals industries is one of the major factors driving the world’s 3-Iodoaniline market. This compound acts as a major ingredient in the formation of many specialty and fine chemicals in the chemicals industry.
It is used in the formation of anilines, aromatic amines, and nitro compounds in the industries the growing specialty chemicals industry is anticipated to account for the biggest share of the overall compounds market during the forecast period.
APAC is estimated to be the largest market for 3-Iodoaniline in forecasted period. The market for this region is segmented into China, India, Japan, Malaysia, Indonesia, and the Rest of APAC.
According to the World Bank, APAC is the fastest-growing region in terms of both population and economy. The region has witnessed significant growth in the past decade, accounting for over one-third of the world’s GDP. High economic growth, coupled with the increasing population, is expected to drive the region’s industrial sector. This is expected to increase the demand for the compound in the APAC region.
China and India are expected to boost the demand for this compound during the forecast period. Various specialty chemicals manufacturers from developed regions are shifting their manufacturing units to APAC because of the availability of raw materials, low labor cost, and favorable government policies in emerging markets such as India, Indonesia, and Thailand.
North America is also expected to witness significant market growth of this compound on account of rising production in specialty chemicals industries in the region over the forecast period.
However, Demand in this region is supposed to grow at a moderate pace due to the slowdown in production in end-use industries. The capacity additions in the region of the USA and Canada are predicted to enable further growth of the market over the outlook period.
Some of the leading manufacturers and suppliers include
Several key market participants are focusing on new & innovative product development to cater to the growing demand from the end-use sector. Key players are investing an enormous amount in research and development to introduce new products and they are also investing to manufacture products in a sustainable way, to decrease carbon emissions.
Key players are also focusing on acquisitions of small and medium-size players and collaborations with other market participants either for R&D or to manufacture the product at a large scale.
The 3-Iodoaniline report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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3-Iodoaniline Market
