The global ethylbenzene market is expected to create healthy growth opportunities by exhibiting a stable CAGR of 3.5% over the projection period from 2022 to 2032. The global market is anticipated to be valued at US$ 21.9 Billion in 2022 and propel to US$ 31 Billion by 2032. According to the historical analysis by Future Market Insights, the global ethylbenzene market garnered US$ 21.3 Billion in 2021 and the market is likely to exhibit a Y-o-Y increase of 3.0% to be valued at US$ 21.9 Billion in 2022. Growth in the market is attributed to the increasing support from various governmental organizations.
Increased application of ethylbenzene for petrochemicals manufacturing across the globe is expected to drive the market in the forecast period. Surging usage of ethylbenzene during the production of styrene to boost the market in coming years. Furthermore, styrene-based polymers, elastomers, and resins are excessively utilized in various end-use industries including industries, such as electronics, packaging, agriculture, petrochemicals, and construction resulting in increasing demand for ethylbenzene, which is also expected to fuel the demand market over the forecast period.
The extensive utilization of ethyl benzene for the production of styrene is anticipated to drive the demand growth for the ethylbenzene market. As Styrene is a precursor to various chemicals, e.g., acrylonitrile-butadiene-styrene (ABS), styrene-acrylonitrile (SAN) resins, polystyrene, acrylonitrile butadiene, styrene protective coatings, SBR, and styrene polyester this will propel the growth of ethylbenzene market in the coming decade. The growing demand for styrene from various end-user industries and increasing usage of ethylbenzene in the recovery of natural gas is the primary factor driving the growth of the ethylbenzene market.
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Key Takeaways
- According to the FMI analysis, the application sector is predicted to hold remunerative opportunities for the global ethylbenzene market. Several developing countries are meticulously working towards making significant developments in their regulations regarding the usage of ethylbenzene, thereby, offering lucrative opportunities to players in the market.
- The surging usage of ethylbenzene within several end-use industries such as polymer, construction, and agriculture is expected to boost the growth of the global ethylbenzene market during the forecast period. In addition to that, the pain and coating industry increasingly uses ethylbenzene in the production of lacquers, paints, and varnishes. Additionally, ethylbenzene is also used as an agent in the production of pesticides used in the agricultural industry.
- Furthermore, the existing leading market players in the ethylbenzene market are planning to make hefty investments in research and development activities in order to produce a new application to increase ethylbenzene demand along with investing in innovative technologies to produce ethylbenzene. These are the current trends that are expected to boost market growth during the forecast period.
- An increasing number of research activities combined with partnerships among prominent players across the globe are anticipated to propel the demand for the ethylbenzene market. Therefore, with the rising concern of increased expenditure, the market is likely to witness notable opportunities for expansion in the forecast period.
Competitive Landscape
Eminent players within the global ethylbenzene market are concentrating on research and development activities in order to attain an edge over the global market. In addition, the vendors are likely to leverage upgradation and product differentiation to gain an edge over other competitors in the market.
Eminent players of the global ethylbenzene market include IHS Inc., International Finance Corporation, 3E Company, CMO Software, Enablon North America Corporation, among others.
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More Insights into the Ethylbenzene Market
The North American market is anticipated to dominate the global ethylbenzene market throughout the assessment period. The North American region is expected to possess around US$ 10.7 billion while exhibiting a CAGR of 3.4% from 2022 to 2032. The growth of the regions attributed to the rapid development of the region can be attributed to the increasing demand for polystyrene in construction activity. Furthermore, the presence of several renowned ethylbenzene manufacturers in the U.S. is expected to place the country as an attractive pocket in the forthcoming years.
Since the U.S. is known as the key manufacturer of polymers, it is expected to contribute to the growth of the regional market within the upcoming years. The rapid expansion of the pharmaceutical and packaging sectors is likely to propel sales in the U.K. market.
APAC is predicted to be the fastest-growing region throughout the forecast period. China is expected to make the most significant contribution to developing the market. China is estimated at US$ 2.2 Billion, expanding at a 3.1% CAGR during the forecast period.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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