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Ethylbenzene market has high worldwide position since it is closely related to the global petrochemical industry. These industrial and environmental factors occupy market dynamics. Ethylbenzene is a useful chemical compound formed by reacting benzene with ethylene molecules. Ethylbenzene is the main raw material used in the synthesis of styrene which is a core element in the production of polystyrene. The linked demand for ethylbenzene to grow in about proportion with the end-use industries, especially the automotive, construction, and the packaging is a matter of great concern.
Although negative market dynamics are a very relevant aspect of the petrochemical industry, the cyclic nature of this industry is also present. The industry has a high demand in response to the industry's vulnerability to economic fluctuations and changes around the world. The quality of ethyl benzene is going to help me understand the price of ethylbenzene and demand. Economic recession occurs in reaction to a decrease in upstream activities like manufacturing, the requirement level for ethylbenzene lowers. On the other hand, economic recessions can cause demand growth across industries as manufacturing and production lines ramp up manufacturing output.
Another important factor is also the regional distribution of production and demand which contributes into the global carbon dilemma. The ethylbenzene industry does not have a uniform geographical distribution across the globe, where the main production areas in Asia - Pacific, North America and Europe are dominant. The Pacific Asian countries, the main burden arising from industrialization and urbanization in the countries like China and India, hold a considerable portion of world trade both as suppliers and consumers. This regional dependence subjects the market to the vicissitudes by geopolitical and economic changes in these regions.
Other than ensuring a healthful environment, environmental rules also constitute value-determining factors in the ethylbenzene market. With the rising global concern about environmental problems, the role of sustainability in businesses is highlighted beyond the issues of environment. For ethylbenzene production, source of raw material is regulated either with respect to emissions or dumping of waste at the factories, thereby, affecting the production processes and guiding the choices of raw materials. In the market, companies are likely change their technology to be cleaner and practice sustainability toward staying competitive in the industry.
Technological achievements, too, are a part of the complexity of the ethyl benzene market. This industry benefited from the constant and progressive growth in the research and development field in the petrochemical sector which has improved its production process making it more efficient and less costly. Technological alterations could be the key to manufacturers' survival in this ethylbenzene market; they also serve to attract more market share and profits.
Not only ethylbenzene market relies on the substitution of its material by others, but it also faces the risk due to the vast development of renewable resources. As the market pressure for ecofriendly materials are strengthening, industries begin to transition from petrochemical-based materials. This trend signifies the both a demand and chance for ethylbenzene sector and therefore entities ought to bear more expense for scientific research and development in order to mirror nature-friendly technologies together with offset the risks of the up-to-date technology and substances.
Ethylbenzene Market Highlights:
Ethylbenzene Market Overview
Ethylbenzene Market is projected to be worth USD 25 Billion by 2027, registering a CAGR of 2.8% during the forecast period (2020 - 2027).
Due to its wide range of usage in the petrochemical industry, the Ethylbenzene Market has been showing substantial casing growth in the past few years, considering the loss it suffered due to the pandemic. The manufacture of styrene helps with the flammability qualities it possesses. The construction industry is what majorly dominates the production of the styrene and is hence completely dominated by the Ethylbenzene Market.
The heavy demand for the styrene production is one of the major factors driving the Ethylbenzene Market. This demand is from the end-user industries that have been increasingly using the compound for market growth and production. The several numbers of natural gases that were consumed to drive the market’s growth had a deep effect on renewable sources. The construction industry also dominated the application of solvents in the Ethylbenzene Market, due to which the production of various products had risen by the day. Healthy and substantial growth is seen the same by the day.
Regional Analysis
The ethylbenzene market segmented on the basis of region Asia-Pacific, North America, Europe, Latin America, and Middle East & Africa. The Asia-Pacific market accounted for one-third of the market share in terms of value and volume in 2018 and is expected to dominate the market during the forecast period owing to the growing industrial sector, particularly in China and India. China is estimated to hold more than half of the regional market share due to the availability of low-cost labor, subsidies from the government, and minimal taxes.
The North American market is also expected to be a prominent market for ethylbenzene during the forecast period. The regional market is expected to witness moderate growth as compared to the Asia-Pacific market. Ethylbenzene finds extensive use in the manufacturing of styrene; the US is one of the key manufacturers of polymers, which is contributing to the growth of the regional market.
The stringent REACH regulations are expected to act as a barrier to the growth of the European ethylbenzene market.
The Middle East & African and Latin American markets are collectively estimated to hold approximately one-tenth of the market share during the review period.
Key Players
Some of the key players operating in the ethylbenzene market are Chevron Phillips Chemical (US), Synthos S.A. (Germany), Total S.A. (France), Versalis (Italy), ufu Xindi Chemical Research Limited Company. (China), LyondellBasell Industries (The Netherlands), Zhejiang Weishi Biotechnology Co., Ltd (China), SABIC (Saudi Arabia), DowDuPont (US), BASF SE (Europe), and Royal Dutch Shell Plc (The Netherlands), among others
Market OverviewEthylbenzene is a colorless, highly flammable liquid, having a sweet aroma as of gasoline. Ethylbenzene is also known as phenylethane or alpha-methyl toluene. Naturally, ethylbenzene is found in petroleum and coal tar. On the commercial scale, ethylbenzene is produced as a result of alkylation of ethylene with benzene. However, a small fraction of ethylbenzene is produced from C8 aromatics by the super-fractioning method. The demand for ethylbenzene is expected to be driven by the expanding petrochemical industry across the globe.
Ethylbenzene is widely used in the production of styrene, via a catalytic dehydrogenation technology. More than three-fourth of ethylbenzene produced is used in the production of styrene. Ethylbenzene and styrene are essential aromatics. 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. The growing use of ethylbenzene in end-use industries such as polymer, construction, and agricultural is expected to boost the growth of the global market during the forecast period.
Ethylbenzene is also used as an intermediate in the production of various intermediate chemicals. The increasing demand for chemicals in various industries in developing and emerging economies is projected to fuel the demand for ethylbenzene. The paints & coatings industry extensively uses ethylbenzene in the production of lacquers, paints, and varnishes. Additionally, It is also used as an agent in the production of pesticides used in the agricultural industry. The demand for food is increasing due to the growth in population, which is expected to boost the growth of the global market in the coming years.
The ethylebenzene market across the globe is expected to witness for significant growth owing to positive growth among end use industries. The key players are working on developing sustainable ethylbenzene manufacturing units. However, the growth of the global ethylbenzene market is expected to affect by environmental regulations in some of the developing countries. The existing key players are planning to invest in R&D to develop a new application to increase ethylbenzene demand in the during the forecast period. However, some of the key players are conducting R&D to produce bio-based ethylbenzene to comply with regulations set by the regional governments. Innovative technologies are also being employed to produce ethylbenzene. These are the current trends which are expected to boost market growth during the forecast period. Additionally, the key players are promoting their products to enter the untapped regions, e.g., the Middle East & Africa.
Segmentation
The global ethylbenzene market has been segmented based on application, end-use industry, and region.
By application, the global market has been divided into gasoline, paint, natural gas, asphalt & naphtha, diethylbenzene, and others
Based on end-use industry, the global market has been segregated into polymers, construction, agriculture, paints & coatings, packaging, electronics, and other industrial.
The global market, by region, has been segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
An Ethylbenzene Market firm INEOS has suggested that the collaboration of the department of petroleum expansion that comes in handy with the Ethylbenzene and other monomers of Ethylbenzene. This was done in the process to provide a solid base for the applications involving electronics, packaging, construction, automotive, and application.
Other start-up firms, such as Chevron Phillips Chemical Company LLC and the Tianjin Jixin Industrial & Trade, merged and collaborated to help create a product such that the Ethylbenzene Market succeeds in the proper retail and manufacture of the styrene.
Intended Audience
- Unsaturated polyester resins
- Acrylonitrile-butadiene-styrene
- Styrene-butadiene elastomers and latex
- Styrene-acrylonitrile resins
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