The market has been estimated at USD XX. XX billion in 2016 and is projected to reach USD XX. XX billion by 2021, at a CAGR of X.X% during the forecast period.
Ethylbenzene is mainly 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 resins. Ethylbenzene, in the form of these polymers and others, finds application in various end-user industries such as packaging, electronics, construction, agriculture and petrochemicals.
The ethylbenzene market is mainly driven by an increase in the styrene demand in developing economies and its growing application in the expanding synthetic rubber and other end-user industries. The growing use of ethylbenzene for natural gas recovery is also expected to boost the market. However, long-term exposure to ethylbenzene is harmful, leading to strict regulations on its use. The highly fluctuating prices for raw materials are also affecting the market adversely.
The ethylbenzene market’s major application is the production of styrene; wherein, nearly all of ethylbenzene is used for this purpose. Other smaller uses include its use as an anti-knocking agent in gasoline, which is gradually gaining prominence. It is also being used for the production of diethylbenzene, for recovery of natural gas, as a solvent in paint and as a constituent of asphalt and naphtha.
The market has been geographically segmented into APAC, North America, Europe, South America, and MEA. As of 2016, Asia-Pacific has the largest share in ethylbenzene market, with China, Taiwan, South Korea and Japan being the major consumers; this region is also expected to grow the fastest. APAC is followed by the North American countries, especially the United States, which is a major exporter and Europe. The market segmentation is expected to remain the same during the forecast period, with APAC gaining more market share.
Opportunities and Market Players
The industrial expansion in developing countries will lead to the growing demand for ethylbenzene in future. In addition, the R&D being carried out by major players to explore new and better applications of ethylbenzene and styrene is expected to create great opportunities for the market.
Some of the major companies dominating this market for ethylbenzene production and uses are -
Key Deliverables in the Study