Surging demand for ethylbenzene in styrene production is one of the significant factors influencing market growth.
The global Ethylbenzene Market is expected to reach USD 28.51 Billion by 2028, according to a new report by Reports and Data. A significant proportion of ethylbenzene produced worldwide is utilized in the production of styrene. Products made from styrene provides exceptional benefits such as high performance, toughness, simplicity of production, flexible design, and economy along with the offering of sanitation, hygiene, and safety features. For instance, styrene finds application in the strengthening of military armor, cushioning of bicycle helmets, making of wind power turbines, reduction of coal plant emissions, and improvement of components deployed in making automotive lightweight and fuel-efficient. Moreover, it allows the production of high-performance and economical recreational products, including boats and other watercraft.
Blocks made of polystyrene are implemented in the construction of buildings for providing permanent insulation for walls of buildings along with the roofs and floors. The distinctive feature of stacking and then filling the forms with concrete, of these blocks, allow for faster and cheaper construction of buildings (including residential, commercial, and industrial construction projects) as compared to typical brick and mortar buildings. Moreover, the block system aids in saving labor and time consumed in the completion of the project and the total construction costs.
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Top Leading Players: Chevron Philips Chemical Company, LyondellBasell Industries Holdings Limited, Versalis, Synthos, Carbon Holdings, Tianjin, Jixin, Industrial Trade Co. Ltd., Changzhou Dohow Chemical Co. Ltd., Honeywell, Westlake Chemical Corporation, and Dow Chemicals, among others.
Further key findings from the report suggest:
By application, styrene contributed to the largest market share in 2018 and is expected to grow at a rate of 3.4% in the forecast period. The high demand for styrene across the globe is owing to the growth of the packaging and construction industry, which has resulted from the growing demand for consumer goods and infrastructure facilities, particularly in developing regions such as Asia Pacific.
By industry vertical, the packaging industry dominated the market in 2018 and is estimated to grow at a rate of 2.8% in the forecast period. Polystyrene, a polymer of styrene, finds usage in the packaging industry as it is lightweight, strong in compression and thus safeguards delicate objects in case of being crushed or dropped. Also, it is a very good insulator, which enables it a strong electrostatic attraction to other objects, causing it to stick to things easily.
By distribution channel, offline channel held a larger market share in 2018.
The market in the Asia Pacific region dominated the largest market share in 2018 and is expected to grow at a rate of 4.1% in the forecast period. The market dominance of the APAC region is owing to the growth of the packaging industry due to the thriving e-commerce industry and online food beverage delivery services that demands proper packaging to secure the products and enhance its shelf life.
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Market Segmentation:
Application Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Styrene
- Gasoline
- Natural Gas
- Asphalt
- Naphtha
- Others
Industry Vertical Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Packaging
- Electrical Electronics
- Building Construction
- Consumer Products
- Others
Distribution Channel Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Online
- Offline
Regional Outlook:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Key questions covered in the global Ethylbenzene Market report:
- What is the expected market size of the global Ethylbenzene Market during the forecast period?
- What factors are expected to hamper global Ethylbenzene Market growth over the forecast period?
- Which application segment is expected to dominate other application segments over the forecast period?
- Which region is expected to dominate in terms of revenue during the forecast period?
- What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
- Which leading players are operating in the global Ethylbenzene Market?
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