Ethylbenzene is a colorless liquid hydrocarbon compound with a sweet, aromatic odor. It is primarily used as an intermediate in the production of styrene, a vital component in the manufacture of plastics and resins. Ethylbenzene is also found naturally in crude oil and is a component of gasoline. Due to its industrial importance, its production and handling are subject to strict safety and environmental regulations.
The global ethylbenzene market is expected to secure US$ 31 Billion while exhibiting a 3.5% growth rate during the forecast period. The market is estimated at US$ 21.3 Billion in 2021 and US$ 21.9 Billion in 2022. The growth of the market can be attributed to the extensive usage of ethylbenzene for the production of styrene.
The increasing use of ethylbenzene in end-use industries such as packaging, electronics, construction, and agriculture is expected to boost the growth of the global ethylbenzene market during the forecast period. From 2015 to 2021, the market for ethylbenzene grew at a CAGR of 2.6%, closing at a value of US$ 21.3 Billion. As of 2022, the industry is likely to reach US$ 21.9 Billion.
On the contrary, the increasing concerns related to ethylbenzene hazards are expected to hinder market expansion in the coming time. In addition to it, stringent rules and regulations of various governments regarding the usage of ethylbenzene are other factors projected to hamper the industry growth in the forecast period.
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Key Takeaways from the Market Study
- By application, the styrene segment is expected to record a 2.9% CAGR by 2032
- By end-user industry, the construction segment is to expand at a 3.0% growth rate during the forecast period.
- The U.S market to garner US$ 10.7Billion and record a 7.2% CAGR from 2022-2032
- Market in China to procure US$ 2.2 Billion, expanding at a 3.1% growth rate during the assessment period
“The increasing demand of ethylbenzene for expansion of petrochemical industry across the globe is expected to drive the market in the forecast period. Also, the development of automotive, construction and packaging industries is projected to play a vital role in strengthening the market.”
Competitive Analysis
Eminent players in the global ethylbenzene market include IHS Inc., International Finance Corporation, 3E Company, CMO Software, and Enablon North America Corporation, among others. In addition, the vendors are likely to leverage upgradation and product differentiation to gain an edge over other competitors in the market.
Leading Companies Profiled in the Ethylbenzene Market are
- IHS Inc.,
- International Finance Corporation,
- 3E Company,
- CMO Software,
- Enablon North America Corporation
Recent key developments among players include:
- In April 2021, – Honeywell announced a new refinery configuration developed by Honeywell UOP to produce a cleaner-burning gasoline product that meets increasingly stringent fuel regulations, including the Euro V standard, which limits sulfur content and restricts carbon emissions from gasoline and diesel vehicles.
- In May 2021– INEOS Styrolution, the global leader in styrenics, celebrates 90 years of polystyrene, a material that has significantly contributed to societal well-being for almost a century. Polystyrene became one of the first commercially available polymers enabling a wide range of products that enhance our daily lives. Polystyrene is made for recycling, making it the material of choice for the future.
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Key Segments Covered in the Ethylbenzene Industry Survey
Ethylbenzene Market by Application:
- Ethylbenzene for Gasoline
- Ethylbenzene for Diethylbenzene
- Ethylbenzene for Natural Gas
- Ethylbenzene for Paint
- Ethylbenzene for Asphalt and Naphtha
Ethylbenzene Market by End User Industry:
- Ethylbenzene in Packaging
- Ethylbenzene in Electronics
- Ethylbenzene in Construction
- Ethylbenzene in Automotive
- Ethylbenzene in Agriculture
- Ethylbenzene in others.
Ethylbenzene Market by Region:
- North America Ethylbenzene Market
- Europe DNA Ethylbenzene Market
- Asia-Pacific DNA Ethylbenzene Market
- Middle East & Africa Ethylbenzene Market
- Latin America Ethylbenzene Market
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global ethylbenzene market presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032. The study reveals essential insights on the basis of Application by End-user industry & Region (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America)
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