Top Impacting Factors
Rise in demand for nitromethane in various industries such as automotive, pharmaceutical, and explosives propels the growth of the market. There is an extensive use of nitromethane in manufacturing of pesticides, explosives, coating, and fibers. Nitromethane is valuable molecule as it efficiently transfers nitrogen which propels the sales of nitromethane.
It significantly requires lower volume of air for igniting process when compared to gasoline. This allows more nitromethane fuel to be burnt per engine stroke, and results high power and efficiency. This factor leads to growth of the global nitromethane market. The utilization of nitromethane as fuel in motorsports such as drag racing and rockets is likely to contribute to the sales of nitromethane and elevate the market growth. Adoption of nitromethane instead of gasoline may result in 2.3x more power output.
Key advantage with nitromethane is that it carries its own oxygen hence it needs lower amount of atmospheric oxygen for burning process, which contributes to the growth of the nitromethane market during the forecast period.
The hazardous effect of nitromethane on health can hinder the market growth. Severe exposure to nitromethane can cause breathing problems, and can lead to death. In order to tackle the issue, EPA (Environmental Protection Agency) has set the permissible exposure limit (PEL) to 100 ppm for a employee personnel working in shift of 8 hours in respective manufacturing unit. In addition, the highly flammable property of nitromethane can cause severe explosion leading to financial and physical damage which can hamper the growth of the market.
On the contrary, the use of nitromethane as stabilizer of chlorinated solvent in dry cleaning, degreasing, and semiconductor processing propels the market growth. Nitromethane is further used in manufacturing process of adhesives as a dissolving agent solvent for acrylate monomers which attributes to the growth of the market during the forecast period.
The nitromethane market is segmented on the basis of purity, application and region. By purity, it is bifurcated into less than 90% and more than 90%. On the basis of application, it is categorized into solvent, explosives, chemical intermediates, fuel & fuel additives, and others. As per region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By purity: The purity of nitromethane is determined based on assay (assay provides the purity of any chemical substance) details provided by the market players. More than 90% pure nitromethane dominates the market share.
By Application: Nitromethane is extensively used as chemical intermediates in synthesis of agricultural products ,pesticides, and chemicals. The chemical intermediate segment is expected to be the fastest growing segment in the nitromethane market.
By region: Asia-Pacific holds the largest share in the global nitromethane market. This is owing to the fact that China is one of the largest manufacturer of chemicals, pesticides, pharmaceutical products, paints, and coatings. Rise in demand for agricultural & pharmaceutical products and increase ingrowth of automotive industry in Asia-Pacific propels the market growth in this region.
Moreover, high presence of agriculture-based country elevates the demand for agricultural products, pesticides, biocides and other chemical products every year which is significantly propelling the growth of market in the region. It is followed by North America and Europe. Rise in demand from chemicals and pharmaceutical industries propels market growth in American region and increase in demand for fuel & fuel additives containing nitromethane propel the considerable growth of market in European region.
Competitive analysis and profiles of the key players in the nitromethane market such as Angus chemical company, Actylis Corporation, Greenchem industries llc, Wego Chemical and Mineral Corp., Linyi Yuanbo Chemical Co., Ltd, Zibo Xinglu Chemical Co., Ltd, JIGCHEM Universal, Antero Agro Chem, CHD Fine Chemical, and Vizag Chemicals are provided in this report. These players are focusing on expanding their production capacities, as well as developing new products in order to stay ahead of the competition. In addition strategic partnerships and collaborations are being formed, to gain an edge over competitors. For instance, on 13th October 2020, Ardian, a world leading private investment house, announced that it has acquired a 50%ownership stake in ANGUS Chemical Company (“ANGUS” or the “Company”) from Golden Gate Capital at a total enterprise value of approximately $2.25 billion.
Nitromethane Market Report Highlights
Key Market Players
Wego Chemical and Mineral Corp., Antero Agro Chem, JIGCHEM Universal, Vizag Chemicals, greenchem industries llc, angus chemical company, Zibo Xinglu Chemical Co., Ltd, Linyi Yuanbo Chemical Co., Ltd, CHD Fine Chemical, Aceto Corporation