Ethylbenzene Market Summary
Ethylbenzene Market stood at over USD 15 billion in 2022 and is expected to register a CAGR of over 3.6% during the forecast period.
The global demand for ethylbenzene has increased in the last couple of years. The growth of the global market is primarily driven by its increasing application in styrene production, chemical intermediates, and various end-use industries. Furthermore, the mergers and acquisitions in the chemical industry are also expected to fuel the market growth during the review period.
Segment Analysis
The global ethylbenzene market has been segmented on the basis of application, end-use industry, and region.
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Competitive Analysis
Some of the key players operating in the global ethylbenzene market are Synthos S.A. (Germany), Chevron Phillips Chemical Company (US), LyondellBasell Industries (The Netherlands), Total S.A. (France), Versalis (Italy), ufu Xindi Chemical Research Limited Company. (China), Royal Dutch Shell Plc (The Netherlands), Zhejiang Weishi Biotechnology Co., Ltd (China), SABIC (Saudi Arabia), DowDuPont (US), and BASF SE (Europe), among others.
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Based on application, the global ethylbenzene market has been segmented into gasoline, paint & coatings, natural gas, asphalt & naphtha, diethylbenzene, and others. The gasoline segment accounted for more than half of the market share in terms of volume and value in 2018. Thus, an optimistic application outlook of ethylbenzene in end-use industries across the globe is expected to drive the demand during the forecast period. The pesticides is expected to be the fastest growing segment in Asia-Pacific during the forecast period. The growth is attributed to the expanding chemical and paints & coatings industries.
By end-use industry, the global market has been segregated into polymers, construction, agricultural, packaging, paints & coatings, electronics, and other industrial. The polymers segment accounted for the largest market share owing to their increasing use in the production of styrene, which is later used to produce polystyrene, ABS resins, unsaturated polyester resins, SB latex, and SB rubber. Likewise, the increasing demand for ethylbenzene in intermediate chemical production is expected to boost the growth of the chemical segment.
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Regional Analysis
The global ethylbenzene market, by region, has been segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific held the largest market share in 2018, followed by North America and Europe. The surge in polymer production and the growth of the manufacturing industries are some of the prominent factors driving the demand for ethylbenzene across the globe.
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