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.
Sarasota, FL -- (SBWIRE) -- 10/24/2017 -- 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.
Ethyl benzene is a derivative of benzene which is widely used in the manufacturing of, especially styrene. Ethyl benzene is also known as alpha-methyl toluene or phenylethane and it is a colorless, flammable liquid. Ethyl benzene has a typical smell of gasoline. Ethyl benzene is naturally found in coal tar and petroleum. Commercially, almost all ethyl benzene is produced as a result of alkylation of benzene with ethylene, except for a very limited fraction that is recovered from mixed C8 aromatics by super-fractioning. Ethyl benzene is widely used in the petrochemical industry in the production of styrene, and a small portion as a solvent in ink, paints & coatings, and other end-user industries. Ethyl benzene is used in coating industry for the production of paints, varnishes and lacquers. It is also used in agricultural industry as an active ingredient in pesticides production. Ethyl benzene demand in polymer industries is growing for the production of SBR, ABS plastic, and polystyrene.
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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 use 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 which can restrain the growth of ethyl benzene market.
The majority of ethyl benzene manufactured is used in the manufacturing of, styrene monomer. The major end-user industries of ethyl benzene are plastic, agriculture, paints & coatings, rubber, and others. Plastic industry is the largest consumer of ethyl benzene. The usage of ethyl benzene in paints & coatings industry is expected to grow at a healthy CAGR during the forecast period.
In terms of geography, Asia-Pacific was the largest consumer of ethyl benzene in 2015. 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. Europe and North America also consume ethyl benzene on a large scale. Ethyl benzene demand is increasing in emerging nations such as Brazil and China. Industrial expansion of Brazil from Latin American region increases the demand for ethyl benzene over the 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.