Global Nitromethane Market Size will Reach $149.23 Million in 2023

Global Nitromethane Market Overview

According to Global Market Monitor, the global nitromethane market size will reach $149.23 million in 2023 with a CAGR of 1.2% from 2023 to 2028.

Nitromethane can be used as a solvent for cellulose compounds, polymers, resins, coatings, wax products, and as combustion promoters and surfactants. It can also make explosives, rocket fuel, dyes, pesticides, and gasoline additives. The solvent segment occupied the biggest share in 2022. China is a big producer of nitromethane and has more players with large production capacity. However, China's current supervision of the chemical industry is becoming increasingly strict, and labor costs are on the rise, which has caused some impact on players in the industry.

Nitromethane Introduction

Nitromethane is a colorless, oily, highly flammable liquid with a strong, disagreeable odor that emits toxic fumes of nitrogen oxides upon decomposition. Exposure to nitromethane irritates the skin and affects the central nervous system causing nausea, dizziness, and narcosis.

Market Drivers

Increasing demand from the industrial sector for cleaning agents, and semiconductor processing, cleaning, and degreasing is likely to boost the market growth. Additionally, the use of nitromethane as a stabilizer for chlorinated solvents and as a solvent for dissolving the acrylate monomer used to make adhesives will bring positive impacts on the market. The use of nitromethane as a fuel additive in racing sports and high-performance fuel applications due to lower consumption of air for consumption will boost the market growth.

The growing demand for agrochemical and pharmaceutical products will drive the growth of this market. The increasing investment in the automotive sector by the fast-growing economies and demand for a well-developed industry structure will stimulate the nitromethane market. Challenges are the health concerns associated with this compound. Nitromethane is considered carcinogenic and continuous exposure can cause skin problems and affect the central nervous system. There are stringent rules put forth by the government in handling this.

Market Drivers	Downstream demand is stable and continues to increase.
	Lower labor costs in Asia Pacific
	Strong demand in emerging markets
	Perfect industrial chain
	Sufficient raw material supply
	Environmental protection and energy conservation policies
	The improvement of the entry threshold and the industry concentration