Nov 27, 2020, 14:30 ET
DUBLIN, Nov. 27, 2020 /PRNewswire/ -- The "Ethylbenzene Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The market for ethylbenzene is expected to register a CAGR of over 4%, during the forecast period.
Major factors driving the market studied are the increasing demand for styrene and increasing usage in the recovery of natural gas. Strict regulations pertaining to the usage of ethylbenzene is expected to hinder the growth of the market studied.
Construction industry dominated the market and is expected to grow during the forecast period, as ethylbenzene finds application as solvent and reagents in the production of various products, such as paints and coatings, adhesives, and cleaning materials.
Industrial expansion in developing countries is likely to act as an opportunity in the future. Asia-Pacific dominated the market across the world, with the largest consumption from countries, such as China and Japan.
Key Market Trends
Styrene Production to Dominate the Market
Styrene production will have a positive influence on ethylbenzene market demand. Styrene is a precursor to several industrial polymers, including acrylonitrile-butadiene-styrene, polystyrene, styrene-butadiene elastomers and latex, styrene-acrylonitrile resins, and unsaturated polyester.
- The aforementioned styrene-based polymers, elastomers, and resins find a wide range of applications in various end-user industries, such as electronics, packaging, agriculture, petrochemicals, and construction.
- Polystyrene is majorly used in disposables, packaging and low-cost consumer products. Packaging applications, such as containers, lids, closures, and vending cups are the key end-uses for polystyrene.
- Expandable polystyrene beads are majorly used in food and beverage packaging, cushion packaging and insulation. Enhanced grades of resins are used in higher performance applications, including home electronics and appliances.
- Styrene acrylic emulsions offer excellent adhesion, gloss development, and water resistance in buildings and deck enamels, thus, boosting the demand for ethylbenzene in the production of styrene.
Asia-Pacific Region to Dominate the Market
The Asia-Pacific region dominated the global market share in 2018. With growing construction and packaging industries, and increasing application as solvent and reagents in paints and coatings, dyes, perfumes, inks, and synthetic rubber in countries, such as China, India, and Japan, the usage of ethylbenzene has been increasing in 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 new demand for ethylbenzene in the coming years.
- With increasing investments in public infrastructure, renewable energy, infrastructure, and commercial projects, the construction sector is expected to record growth at a moderate pace over the next five years, thereby, improving both consumer and investor confidence, in turn, stimulating the demand of ethylbenzene over the forecast period.
- The increasing construction activities, rising automotive production, driven by increasing demand for SUV's and electric vehicles, and the growth in the pharmaceutical industry are driving the ethylbenzene demand.
- The aforementioned factors are contributing to the increasing demand for ethylbenzene consumption in the region, during the forecast period.
The ethylbenzene market is partially fragmented with the top-five players accounting for less than 30% of the market. The major companies include LyondellBasell Industries NV, Chevron Phillips Chemical Company LLC, Westlake Chemical Corporation, Honeywell UOP, and Eni Versalis.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increasing Demand for Styrene
4.1.2 Increasing Use in Recovery of Natural Gas
4.2.1 Strict Regulations on the Use of Ethylbenzene
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.5 Technological Snapshot
4.5.1 Production Process
4.6 Trade Analysis
4.7 Price Index
4.8 Regulatory Policy Analysis
5 MARKET SEGMENTATION
188.8.131.52 Styrene-Acrylonitrile Resins
184.108.40.206 Styrene-Butadiene Elastomers and Latex
220.127.116.11 Unsaturated Polyester Resins
5.1.4 Natural Gas
5.1.6 Asphalt and Naphtha
5.2 End-user Industry
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Cos-Mar Company
6.4.2 LyondellBasell Industries
6.4.3 Chevron Phillips Chemical Company LLC
6.4.5 Westlake Chemical Corporation
6.4.6 Changzhou Dohow Chemical Co. Ltd
6.4.7 Eni Versalis
6.4.8 Honeywell UOP
6.4.9 Carbon Holdings Limited (Cairo)
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Industrial Expansion in Developing Nations
7.2 Growing R&D to Explore New Applications
For more information about this report visit https://www.researchandmarkets.com/r/udgtpi
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