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Ethylbenzene industry operates in an environment, constantly influenced by numerous factors, which in cohesion determine its dynamics. The other major trigger of this demand is the rapidly growing need for styrene, as it requires ethylbenzene as its main precursor. Styrene is a major raw material utilized in the manufacturing of a variety of goods including plastics, resins and synthetic rubber feedstock, hence, topping up the demand for ethylbenzene. Furthermore, styrene-based products such as plastic and automotive which use a lot of Styrene-derived products are the important driving forces in the ethylbenzene market.
Ethylbenzene market is forecasted to comprise USD25bn in 2027 and would grow at 2.8% CAGR during 2020-2027 forecast period.
However, economic situation has the most major contribution in the formation of ethylbenzene marketplace. The economies develop and the industries grow, constantly creating demand for finished products, which mostly accounts for the production and consumption of ethylbenzene. Along with the population growth and industrial activities, emerging economies are an important factor fuelling the growth of ethylbenzene-based industries.
Besides this, the role of landscape of petrochemical industry is another pivotal issue for ethylbenzene market. The variability in the price of crude oil is directly linked to ethylbenzene production costs, it being the primary source from crude oil. Lastly, causing volatility in ethylbenzene market are geopolitical events, oil supply chains’ disruptions and any changes in global oil production.
Strict environmental regulations and sustainability issues in addition to the ethylbenzene market are rapidly been adopted. As a matter of fact, governments at all levels are shaping universal standards to limit emissions and foster the use of eco-friendly products. This has resulted in more bio-based ethylbenzene being produced and a surge in studies that have alternative processes that have less impact on the environment, ultimately changing the dynamic of the market.
As for the industry characteristics of ethylbenzene, market rivalry and technology progress also play their roles. Continous research and development by leading companies will always lead to innovative technologies, which will improve productivty of the process and reduce environmental emission. Market competition has this effect of pushing companies into the adoption of refined technologies and exploration of new production methods which in the end has an impact on the direction the market trends will take.
The taste preferences and consumer awareness have directed the production and demand in the ethylbenzene market. Spreading information about bad environmental consequences of some chemicals and items has caused consumers to buy eco-friendly alternatives instead of the harmful ones. The shifting demand and operational practices of the ethylbenzene market are a result of the increasing consumer preferences for environmentally-friendly alternatives thereby encouraging companies to adopt sustainable practices to develop greener alternatives.
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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