Escalating Demand in Styrene Production Fuels Ethyl Benzene Market Growth
A clear, flammable liquid with an odour that is like gasoline. Naturally occurring ethylbenzene is a component of automotive, diesel, and aviation fuels (up to about 5% ethylbenzene). In addition, ethylbenzene is present in crude petroleum streams and is a major component of mixed xylenes (15-20% ethylbenzene), which are used as a solvent for some spray paints, coatings, wood stains and varnishes, paint removers and thinners, as well as agricultural and home insecticide sprays, dyes, rubber adhesives, rust preventatives, and household and automotive cleaners. The worldwide ethyl benzene market is predicted to grow considerably over the forecast period due to increased uses in styrene synthesis, which is used in developing synthetic rubber and other end-use sectors. Styrene-based polymers, elastomers, and resins are widely used in numerous end-user industries such as electronics, packaging, agriculture, petrochemicals, and construction, resulting in increased demand for ethyl benzene throughout the projection period.
Styrene is used in the manufacture of ABS (acrylonitrile-butadiene-styrene). This plastic is used in many applications, including electronic equipment boxes, computer keyboards, household appliances, pipelines, vehicle components, and even children's toys like LEGOs. Today, there are 5.32 billion unique mobile phone users worldwide. The overall number of individual mobile users worldwide increased by 91 million compared to the previous year. With the continual increase in the number of smartphones, the size of electronic manufacturing plants will increase the demand for styrene, and so does the market for ethyl benzene. The use of styrene in the construction sector is also increasing. Styrene acrylic emulsions provide outstanding adhesion, gloss development, and water resistance in building and deck enamels, growing demand for ethylbenzene in styrene manufacturing. Every year in the United States, 1.2 million new housing units are proposed, with about 8 million employed by the construction sector through 2022. The tremendous growth of the construction sector will further contribute toward the expansion of ethyl benzene market.
Increased Use of Ethyl Benzene in Paints as a Solvent Drives Ethyl Benzene Market
The increasing use of ethyl benzene in paints will dominate the forecast period. Ethyl benzene is a paint solvent and a critical component in motor fuels. It is also used in paint remover solutions, thinners, and household detergents. The rising demand from end-use industries is a significant driver driving segment expansion. The Asia Pacific region's residential sector, by end-use industry, is expected to expand in the anticipated period, increasing demand for paints. Increasing government and private investments in infrastructure development will likely boost the paint industry in emerging and developing countries in the coming years. Increased expenditure on aesthetic appeal for residential and commercial uses is predicted to drive the interior segment of architectural paints.
Soaring Consumption by Construction, and Packaging Industries Upholds Market Growth in Asia Pacific
The Asia Pacific market accounted for a vast bulk of the global ethyl benzene market. With the growth of the building and packaging industries, and its use as a solvent and reagent in paints and coatings, dyes, fragrances, inks, and synthetic rubber in nations such as China, India, and Japan, ethylbenzene consumption has increased in the area. With increased investments in public infrastructure, renewable energy, infrastructure, and commercial projects, the construction sector is expected to grow at a moderate rate over the next few years, boosting consumer and investor confidence and, as a result, stimulating demand for ethylbenzene over the forecast period.
North America is likely to account for a sizable proportion because of the rising demand for polystyrene in construction operations. With increased investments in public infrastructure, renewable energy, infrastructure, and commercial projects, the construction sector is expected to grow at a moderate rate over the next five years, boosting consumer and investor confidence and, as a result, stimulating demand for ethylbenzene over the forecast period. Ethylbenzene is widely used in the production of styrene; the United States is a significant polymers producer, contributing to the growth of ethyl benzene market in the region. Rapid growth in the pharmaceutical and packaging industries is expected to drive sales in the US. As of 2022, there are 2,091 Brand Name Pharmaceutical Manufacturing firms in the United States, a rise of 8% from 2021. The continual rise in the pharmaceutical sector in the country will help drive the regional market.
Global Ethyl Benzene Market: Competitive Landscape
In May 2021, INEOS Styrolution, the global leader in styrenics, is celebrating the 90th anniversary of polystyrene. This substance has significantly contributed to societal well-being for nearly a century. Polystyrene was one of the earliest commercially available polymers, allowing for a wide range of goods that improve our everyday life. Polystyrene is designed for recycling, making it the material of the future. In April 2021, Honeywell unveiled a new refinery design created by Honeywell UOP to generate cleaner-burning gasoline that fulfills increasingly demanding fuel standards, such as the Euro V standard, which limits sulfur content and carbon emissions from gasoline and diesel cars.
A few players in the ethyl benzene market include Synthos S.A.(Germany), Total S.A. (France), and ufu Xindi Chemical Research Limited Company. (China), Versalis (Italy), Zhejiang Weishi Biotechnology Co. Ltd (China), LyondellBasell Industries (The Netherlands), DowDuPont (US), SABIC (Saudi Arabia), and BASF SE (Europe).
Global Ethyl Benzene Market is Segmented as Below:
By End-Use Industry
Key Elements Included In The Study: Global Ethyl Benzene Market
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