Ethylbenzene Industry Size, Share, Demand & Growth by 2034
The increasing use of ethylbenzene in end-use industries such as packaging, electronics, construction, and agriculture is expected to boost the growth of the global ethylbenzene market during the forecast period. The global is expected to secure US$ 32,508 million while exhibiting a 3.5% growth rate during the forecast period. The market is estimated at US$ 21.3 Billion in 2021 and US$ 23,053.6 million in 2024. The growth of the market can be attributed to the extensive usage of ethylbenzene for the production of styrene.
On the contrary, the increasing concerns related to ethylbenzene hazards are expected to hinder market expansion in the coming time. In addition to this, stringent rules and regulations of various governments regarding the usage of ethylbenzene are other factors projected to hamper the industry growth in the forecast period.
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Key Takeaways from the Market Study
- By application of ethylbenzene for gasoline is in line to take up 43.8% of the industry share in 2024
- By end-user industry, the construction segment is to expand at a 3.0% growth rate during the forecast period.
- The US market to record a 2% CAGR from 2024-2034
- Market in China to expand at a 3.9% 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 in the global ethylbenzene market include IHS Inc., International Finance Corporation, 3E Company, CMO Software, and 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 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.
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