Global Ethylbenzene Market - Segmented by Application, End-user Industry, and Geography - Growth, Trends and Forecast (2018 - 2023)
The ethylbenzene market is estimated to witness a strong growth during the forecast period (2018 - 2023). Asia-Pacific is projected to continue dominating the market, followed by North America and Europe. Asia-Pacific is also expected to register the highest growth during the period. The growing demand for ethylbenzene derived resins, polymers, and elastomers from end-user industries, such as construction, packaging, electronics, etc., is likely to drive the demand for ethylbenzene in the region.
Increasing Application as Solvent
Ethylbenzene finds wide application as solvent and reagent in producing various products, such as paints & coatings, dyes, varnishes, lacquers, adhesives, rust prevention spray, pharmaceuticals, cleaning materials, dyes, inks, perfumes, synthetic rubber, plastics, and pesticides. The increasing construction activities, particularly in Asia-Pacific, the rising automotive production, driven by increasing demand for SUV’s and electric vehicles, and the growth in pharmaceutical industry is driving the ethylbenzene demand for application as a solvent and reagents in producing paints & coatings, varnishes, adhesives, rust prevention sprays, etc., used in these industries.
Styrene Production to Dominate the Demand
Ethylbenzene is majorly used for the production of styrene, which is a precursor to various industrial polymers, such as polystyrene, acrylonitrile-butadiene-styrene, styrene-acrylonitrile resins, styrene-butadiene elastomers and latex, and unsaturated polyester. These styrene-based polymers, resins, and elastomers find wide application in various end-user industries, such as packaging, electronics, construction, agriculture, and petrochemicals. Thus, a strong growth in the aforementioned end-user industries is driving the demand for styrene products, further leading to an increase in the demand for ethylbenzene in order to produce styrene.
Asia-Pacific to Witness the Highest Growth
Asia-Pacific is expected to dominate the market during the forecast period, followed by North America and Europe. Asia-Pacific is also projected to witness the highest growth, owing to the strong economic growth, increasing industrial output, and investment attractiveness of the region. In January 2018, construction of a USD 6.8 billion crude oil refinery and petrochemical complex commenced in Barmer, Rajasthan, India by Hindustan Petroleum Corporation Limited (HPCL) and Rajasthan Refinery Limited (HRRL). More petrochemical projects are coming up in Asia-Pacific, which is expected to create a new demand for the ethylbenzene in the coming years. Moreover, a strong growth and the increasing output of automotive, packaging, and electronic industries are projected to drive the demand for ethylbenzene market during the forecast period.
April 2017: A Brazilian company, Videolar-Innova planned to expand styrene monomer production in the Triunfo complex in the Rio Grande do Sul state. The project is expected to increase the styrene capacity at the complex to 160,000 tons/year, which is scheduled to become operational around April 2019. With the expansion, the demand for ethylbenzene is expected to increase to produce styrene.
Major Players: LyondellBasell Industries NV, DowDuPont Inc., Chevron Phillips Chemical, Eni Versalis, and Changzhou Dohow Chemical Co. Ltd, among others.
Reasons to Purchase this Report
To understand the impact of increasing styrene demand on the ethylbenzene market.
Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
To understand the dominating application in the ethylbenzene market.
Identifying the region & countries that are expected to witness the fastest growth during the forecast period.
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
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