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The ethylbenzene marketplace has been displayed the very fruitful trend impacted by a number of factors in the past years, this resembling very complicated environment. One of the key trends is the continuously growing demand for ethylbenzene, that implies usage of this alt in styrene production, the raw product in plastics and synthetic rubber manufacturing. The proportional growth of global population and urbanization at the same time, the quantity of consumer goods' products, packaging materials and automotive components has been witnessed many raised requirements for ethylbenzene. On the other hand, the construction industry's growth, especially in the case of developing economies, has catalyzed the increase in product demand, specifically for styrene resulting in an ever-increasing consumption of ethylbenzene.
As far as the environment is concerned, it has as well contributed to the future of consumers. The increase in the requirement of low carbon production and the development of eco materials there are researches that look for new ethylbenzene production processes. Businesses look at more friendly machine modes of which the environmental impacts are reduced and this is what has been attended to the increasing need to have product/market fit and the need for sustainable production. Switching to green technologies help not only in environmental issues but also meets customers' requirements and eco-friendly products, which impacts the ethylbenzene market tendency.
Geopolitical complexities of the international context shape the ethylbenzene market as well. Trade disputes and political instabilities have thus disturbed supply chains and worked their way up into the pricing practices. Producers come to terms with the challenges by exploring distributed sourcing and seeking partnerships to create a network for materials stability. Further, policies and treaties are signaling factors making companies to cope with the new rules and to revise their strategies.
Technological advancements have also led to the fact that the ethylbenzene market yet leaves a clear footprint. A constant progression of the production steps has lead to increase in efficiency and decrease of the costs, making ethylbenzene more attainable for a great variety of sectors. Therefore, amongst others, the progress in catalysis technology has escalated the selectivity and yield of the ethylbenzene, and it is an important variable in the success of the market.
It can be seen that market trends are also evolving, parallel with the world community efforts of moving to a cleaner energy sources. The industry which shows its good intentions through the manufacture of biobased ethylbenzene and also the exploration of renewable feedstocks shows how much they have worked in this area. As sustainability plays a bigger role, market participants are sending a right signal of intensifying their research and development efforts towards the green process mastery of ethylbenzene in accordance with the need to remain consistent with the overarching climate change mitigation targets.
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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