Ethylbenzene Market stood at over USD 25 billion in 2027 and is expected to register a CAGR of over 2.8% during the forecast period.
The market is negatively impacted by COVID-19 in 2020. Considering the pandemic scenario, the construction and automotive manufacturing activities were stopped temporarily during the government-imposed lockdown, thus had decreased the demand for the ethylbenzene-based polymer and other products including automotive dashboards, exterior panels, styrene-acrylic emulsions, solvents, and reagents for paints and coatings, and others, which in turn has negatively impacted the demand for the ethylbenzene market. However, the demand for packaging, based on ethylbenzene’s derivative polystyrene has increased in the food and e-commerce packaging segment during the current situation, thereby stimulating the demand for the market studied.
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, mergers and acquisitions in the chemical industry are also expected to fuel the market growth during the review period.
Competitive Analysis
Some of the key players operating in the global ethylbenzene market are.
- Synthos S.A. (Germany)
- Total S.A. (France)
- Versalis (Italy)
- ufu Xindi Chemical Research Limited Company. (China)
- LyondellBasell Industries (The Netherlands)
- Zhejiang Weishi Biotechnology Co.
- Ltd (China)
- SABIC (Saudi Arabia)
- DowDuPont (US)
- BASF SE (Europe)
Segment Analysis
The global ethylbenzene market has been segmented on the basis of application, end-use industry, and region.
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. 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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