The ethylbenzene market size is expected to be valued at USD 23,053.6 million in 2024. Ethylbenzene has a storied history of usage in the petrochemical sector. As the oil and gas industry continues to spin its wheels, the demand for ethylbenzene is summarized to keep moving forward with momentum.
The market is set to register a CAGR of 3.5% over the period from 2024 to 2034. Ethylbenzene is majorly used in the production of styrene, a crucial material in the plastic material polystyrene. As demand for lightweight plastic materials like polystyrene keeps climbing, the application of ethylbenzene increases too.
By 2034, the market is set to acquire a valuation of USD 32,508 million. Aside from its famous use in petrochemical and packaging industries, there are other uses that are set to add considerable value to the market. The application of the compound in pesticides is suggested to spray the market with opportunities. Similarly, the use of ethylbenzene in paint is seeing the image of the market strengthen.
There are however factors that slow down the growth of the market. Exposure to ethylbenzene has been linked to various health problems, such as throat irritation and dizziness. The impact of the compound in advancing pollution, through air and water, is also looked down upon.
“Ethylbenzene faces a future marked with uncertainty. However, plenty of opportunities persist in the market. Making the production process of the organic compound more refined is suggested to be the way forward for market players,” says an analyst at FMI.
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Key Takeaways from the Ethylbenzene Market
- The ethylbenzene market is projected to be valued at US$ 23,053.6 million in 2024.
- Ethylbenzene is predominantly applied to produce gasoline. Gasoline is expected to account for 43.8% of the market share in 2024.
- Packaging tops the end user industry segment. For 2024, packaging end use is anticipated to account for 28.3% of the market share.
- India is a promising country for the market. For the forecast period, the CAGR for India is estimated to be 5.2%.
- China and Spain are pegged to be lucrative countries for the market. The CAGR for China and Spain over the forecast period is predicted to be 3.9% and 2.0% respectively.
- The market is expected to register a CAGR of 2.0% in the United States over the forecast period.
Competition Analysis of the Ethylbenzene Market
The market is extremely competitive, with enterprises of all scales having room to grow. Refining the production processes and expanding production facilities are some of the concerns the top players are indulging in. Some of the prominent companies in the market include Cepsa Chemicals, Deten Quimica S.A., Chevron Phillips Chemical Company, and Honeywell International Inc.
Recent Developments in the Ethylbenzene Market
- In December 2021, China Petroleum & Chemical Corporation (Sinopec) and LyondellBasell formed a joint venture by the name of Ningbo Zhenhai Refining & Chemical LyondellBasell New Materials Co.
- In July 2022, a research team led by Hongyang Liu of the Chinese Academy of Sciences Institute of Metal Research came up with a cost-effective way of dehydrogenating ethylbenzene.
Key Segments of the Ethylbenzene Market
By Application:
Based on application, the ethylbenzene market can be segmented into the following segments: Gasoline, Diethylbenzene, Natural Gas, Paint, and Asphalt and Naphtha.
By End User Industry:
Based on the end-user industry, the ethylbenzene market can be segmented into the following segments: Packaging, Electronics, Construction, Automotive, Agriculture, and Others.
By Region:
The sector has been analyzed with the following regions covered: North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East and Africa.
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