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Ethylbenzene Market size is anticipated to expand at a significant rate from 2023-2032 led by the rapidly growing demand for solvents in the chemical manufacturing.
The surging plastic production, in recent years, has propelled the demand for ethylbenzene for manufacturing styrene, a key component in plastics. With the surging R&D activities, it has been estimated that the production of single-use plastics from fossil fuels reached 137 million tonnes in 2021 and will record an additional 17 million tonnes of production by 2027. Hence, the increasing use of plastics is anticipated to propel the need for ethylbenzene over the forthcoming period.
Additionally, ethylbenzene finds applications in a wide variety of products including insecticides, paints, gasoline, inks, carpet glues, and tobacco products. Lately, the demand for agricultural products has soared dramatically, necessitating newer and more biopesticides. Due to the growing global population, food consumption worldwide is skyrocketing, resulting in the massive burden on the agriculture sector. This trend is likely to influence the ethylbenzene market growth.
The emergence of the COVID-19 pandemic also helped accelerate the need for ethylbenzene due to the burgeoning rise in plastic consumption. It also exacerbated plastic production with the increasing use of disposable personal protective equipment (PPE), masks, and single-use plastics in the food sector to ensure safety.
However, the fallout between Russia and Ukraine in March 2021 resulted in novel roadblocks for ethylbenzene manufacturers. The Russian invasion of Ukraine dramatically changed the geopolitical scenario along with global trade, resulting in inflation and extensive supply chain disruptions. With the stringent sanctions on Russia, and soaring prices of fuels such as crude oil, the production of styrene turned very challenging, hampering the demand for ethylbenzene.
Ethylbenzene market share from the automobile sector is anticipated to record tremendous growth over 2032 driven by the booming demand for advanced automobiles worldwide. Ethylbenzene and ethylbenzene products, such as acrylonitrile butadiene styrene (ABS) and styrene monomers (SM) are widely used in the manufacturing of vehicles for effective replacement of metals to reduce weight as well as cost. The advent of electric vehicles is set to influence the industry growth.
For instance, the National Institute for Transforming India (NITI Aayog) aims to accelerate the EV sales penetration of 80% for two and three-wheelers, 30% for private cars, 70% for all-commercial cars, and 40% for buses by 2030.
Middle East & Africa (MEA) ethylbenzene market is slated to register sizeable revenue by 2032 owing to the increasing demand from the growing construction sector. MEA countries have emerged a hub for advanced infrastructure projects with the rapid influx of modern construction projects and smart city development initiatives. The increasing number of construction activities will also foster lucrative demand for paints, and lacquers, adding to the adoption of technical xylene, further driving the industry expansion.
Global ethylbenzene market key players, such as Tianjin Jixin Industrial & Trade, Changzhou Dohow Chemical, Carbon Holdings, Versalis, Synthos (FTF Galleon S.A.), LyondellBasell Industries Holdings, and Chevron Philips Chemical Company. These companies are introducing novel products in the ethylene, polyethylene, and ethylbenzene family to secure competitive advantages. For instance, in February 2023, Chevron Phillips Chemical in collaboration with Charter Next Generation released the new CPChem’s Marlex® Anew™ Circular Polyethylene products in U.S. retail stores.
The surging preference for plastic packaging and plastic-based protective wear in the post-pandemic era will accelerate the demand for ethylbenzene. Furthermore, the ongoing advancements in chemical manufacturing coupled with the expansion of the construction and agriculture sectors will complement the industry growth.