The global ethylbenzene market is expected to secure US$ 31 Billion while exhibiting a 3.5% growth rate during the forecast period. The market is estimated at US$ 21.3 Billion in 2021 and US$ 21.9 Billion in 2022. The growth of the market can be attributed to the extensive usage of ethyl benzene for the production of styrene.
The increasing use of ethylbenzene in end-use industries such as packaging, electronics, construction, and agricultural is expected to boost the growth of the global ethylbenzene market during the forecast period. From 2015 to 2021, the market for ethylbenzene grew at a CAGR of 2.6%, closing at a value of US$ 21.3 Billion. As of 2022, the industry is likely to reach US$ 21.9 Billion.
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 usage of ethylbenzene are other factors projected to hamper the industry growth in the forecast period.
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.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global ethylbenzene market presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Application (Styrene, Gasoline, Diethylbenzene, Natural Gas, Paint, Asphalt and Naphtha) by End user industry (Packaging, Electronics, Construction, Agriculture, Automotive other) & Region (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America)
For More Info - https://www.futuremarketinsights.com/reports/ethylbenzene-market
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