During the projected period, the global ethylbenzene market is expected to be worth US$ 31 billion, with a 3.5% growth rate. The market is expected to be worth $21.3 billion in 2021 and $21.9 billion in 2022. The market’s expansion can be linked to the widespread use of ethyl benzene in the manufacturing of styrene.
During the forecast period, the rising use of ethylbenzene in end-use sectors such as packaging, electronics, construction, and agriculture is likely to drive the growth of the global ethylbenzene market. From 2015 to 2021, the ethylbenzene market increased at a CAGR of 2.6%, reaching a value of US$ 21.3 billion. The industry is expected to be worth $21.9 billion by 2022.
On the contrary, the increasing concerns related to ethylbenzene hazards is expected to hinder the market expansion in the coming time. In addition to it, stringent rules and regulations of various governments regarding the usage of ethylbenzene are other factors projected to hamper the industry growth in the forecast period.
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Key Takeaways from the Market Study
- By application, the styrene segment is expected to record an 2.9% CAGR by 2032
- By end user industry, the construction segment to expand at a 3.0% growth rate during the forecast period.
- The U.S market to garner US$ 10.7Billion and record an 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 of the global ethylbenzene market include IHS Inc., International Finance Corporation, 3E Company, CMO Software, 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.
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 over 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
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