According to the report, the global ethyl benzene market was around 28,125.2 kilo tons in 2015. The global ethyl benzene market revenue accounted for USD 18.28 billion in 2015 and is expected to reach USD 23.31 billion by 2021, growing at a CAGR of around 4.2% between 2016 and 2021.
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The global ethyl benzene market is expected to witness moderate growth over the forecast period on account of increasing demand from plastic industry. Ethyl benzene plays an important role in the manufacture of styrene. Increasing population and corresponding food demand with limited cultivable land is expected to enhance agricultural and pesticides industries. Rising demand for ethyl benzene from natural gas extraction application sector is another key factor expected to fuel the market growth within the forecast period. Ethyl benzene is used as an additive in gasoline, which growing popularity as an anti-knocking agent. The high octane rating of ethyl benzene leads most efficient fuel additives globally. Short term (acute) toxicity of ethyl benzene is low. However, long-term exposure to ethyl benzene negatively affects the human body; as a result of its governments have set stringent regulations to control ethyl benzene applications. This is expected to curb the growth of ethyl benzene market over the years.
Styrene production dominated the global ethyl benzene market of total volume consumption in 2014. Almost all the ethyl benzene manufactured is used in styrene production which is used polymer production for acrylonitrile-butadiene-styrene (ABS) and styrene-acrylonitrile (SAN) resins, polystyrene, styrene-butadiene elastomers and latexes, and unsaturated polyester resins. Besides this ethyl benzene is used as a solvent and, or in the production of ethyl anthraquinone diethyl benzene, and acetophenone.
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End-user industry plastic was the largest consumer of ethyl benzene in 2015. Stryene derived from ethyl benzene is used in the manufacturing of rigid food service containers, CD cases, appliance housings, envelope windows and many other products. Supplement and the functional food is another key outlet of ethyl benzene market.
In terms of geography, Asia-Pacific was the largest consumer of ethyl benzene in 2015. Asia Pacific region accounted for than 45% share of global ethyl benzene market. China and South Korea were the major consumers of ethyl benzene in Asia-Pacific in 2015. China is the largest consumer and producer of ethyl benzene. Ethyl benzene demand is increasing in nations such as Korea, Japan, and China. Industrial expansion of Brazil from Latin American region is expected to increase the demand for ethyl benzene over the forecast period.
Some of the key players of the market include, BASF SE, BP PLC, The Dow chemical company, CPCC, CNPC, TOTAL S.A, SABIC, Exxon Mobil Corp, Jx Nippon Oil and Energy group, Royal Dutch Shell Plc, Qufu Xindi Chemical Research Limited Company, Tianjin Jixin Industrial & Trade Co., Ltd., Zhejiang Weishi Biotechnology Co., Ltd., and others.
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