Ethylbenzene Market Analysis, Trends, Development, Report, Overview and Forecast to 2029
The global ethylbenzene market size is expected to develop due to the rising product demand for the production of styrene during the projected period. Fortune Business Insights™ published this information in an upcoming report titled, “Ethylbenzene Market, 2022-2029″.
Ethylbenzene is an organic monocyclic aromatic compound that is colorless, flammable liquid, and gasoline-like odor. This compound is used in the petrochemical industry as an intermediate for producing styrene and utilized as a precursor of polystyrene. The rising application of ethylbenzene as an anti-knocking agent in gasoline is anticipated to boost the market.
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By application, the market is segmented into styrene, gasoline, diethyl benzene, natural gas, paint, asphalt, and naptha.
On the basis of end-user industry, the market is segregated into packaging, electronics, construction, agriculture, automotive, and others.
Finally, by geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The market analysis report for ethylbenzene is developed by assessing factual data and current information regarding advancements in production technologies to enhance work feasibility. Key trends in the market are assessed to understand business development strategies developed to expand the business reach. New product launches introduced by the competitors are evaluated to analyze the major developments in the market. Key players are highlighted further along with their rankings. The report is generated to provide complete and correct information regarding market development and industrial expansion.
Drivers & Restraints:
Rising Product Demand to Stimulate Market Growth
The global ethylbenzene market growth is expected to rise during the forecast period due to extensive use of the compound for styrene production. Rising demands for polystyrene, styrene, and styrene-based polymers are likely to boost the market in the coming years. Polystyrene is highly adopted in packaging and consumer goods which is anticipated to drive the market. Also, increasing demand for anti-knocking agents composed as fuel additives for gasoline is anticipated to drive the market.
In contrast, the harmful effects of the compound are likely to hinder market growth.
Asia Pacific Holds Market Position Due to Increasing Product Requirement
Asia Pacific dominates the global ethylbenzene market share during the projected period. Increasing requirements by the construction and packaging sector are likely to boost product demand in the market. High manufacturing units for solvents and chemicals in major countries have the potential to gain lucrative opportunities in the coming years.
North America is anticipated to increase its market share gradually owing to increasing demand for polystyrene in construction activities. This will allow the competitors to improve their productivity and profitability significantly.
Key Players Maintain Market Position by Implementing Innovation Strategies
The presence of key players in the market encourages the companies to improve their product development and business expansion strategies effectively. Forming strategic alliances and partnerships with the supporting sector allows key players to increase their market reach and develop business expansion potential. Innovation management strategies are developed by the key players to enhance their product portfolio. To gain a competitive advantage in the market, companies focus on implementing product differentiation and market segmentation strategies.
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- June 2019: INEOS introduced an investment of USD 803 million towards petroleum expansion for ethylbenzene and styrene monomer in La Porte.
List of Key Players Profiled in the Global Market for Ethylbenzene:
- LyondellBasell Industries Holdings B.V. (U.S.)
- INEOS (U.K.)
- Chevron Phillips Chemical Company LLC (U.S.)
- Tianjin Jixin Industrial & Trade (China)
- Honeywell International Inc. (U.S.)
- Dow (U.S.)
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