The global ethyl benzene market is exhibiting a ferociously competitive platform for established and emerging companies. Some of the leading market players across the globe are BASF SE, Zhejiang Weishi Biotechnology Co. Ltd., Royal Dutch Shell Plc, The Dow chemical company, and SABIC. The above-mentioned key contenders in the global ethyl benzene market are dedicated to product innovation and incorporating advanced technologies in their conventional products. The market study elucidates that the companies are likely to employ their strategic approaches such as mergers & partnerships to expand their existence.
Besides this, new value creation strategies are assisting the vendors to impel in the extremely challenging & competitive business conditions. The majority of chemical manufacturing industries are supporting green environment initiatives, because of which they are dedicated to discovering new methods for the production of bio-based ethyl benzene and similar solvents.
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In the mid of 2018, a significant boost was observed in the ethyl benzene market, when scientists from the University of Science and Technology of China (USTC) introduced a basic technique to form various functional composite materials from tiny organic molecules. The technique involves the carbonization process assisted through a particular transition metal, selective oxidation of ethyl benzene apart from the hydrogenation of nitrobenzene, and electro catalysis.
As per the report estimation, the revenue generated by the global ethyl benzene market in 2015 was around USD 18.28 Billion. ZMR analysts are anticipating significant market growth throughout the forecast period from 2016 to 2021. The global market revenue is likely to surpass USD 23.31 Billion by the end of 2021.
Increasing Product Application In The Fabrication Of Different Products Likely To Boost Market
An author states that ethyl benzene is a key raw material used in styrene production, natural gas extraction, plastic sector, pesticides, and farming. The growing demand for all the products is likely to drive the growth of ethyl benzene market in the upcoming years. Besides this, the product, known for its anti-knocking property, is in growing popularity and is likely to enhance its requirement among consumers, eventually propelling the expansion of the global ethyl benzene market at a considerable rate. The product is one of the key ingredients used in the paints & coatings sector. Therefore, the demand for ethyl benzene is likely to increase and encourage the growth of the global market throughout the forecast period.
On the contrary, the compound has some adverse effects on humans if exposed for longer periods. Owing to some health issues, several nations have set rigorous rules to regulate the utilization of ethyl benzene across different firms.
Increasing Product Demand Let Asia Pacific To Sustain Throne For Dominance
Geographically, Asia Pacific dominates the global ethyl benzene market and is likely to hold the dominant position during the forecast period. The mounting product manufacturing and consumption rate in countries such as China is the key factor behind the dominance of the Asia Pacific ethyl benzene market. The establishment of a significant number of market players in the region is another key factor supporting the growth of the ethyl benzene market. Based on the analytical data, China, South Korea, and Japan are the leading revenue generators for the ethyl benzene market.
This report segments the global ethyl benzene market as follows:
Global Ethyl Benzene Market: End-user Segment Analysis
Global Ethyl Benzene Market: Regional Segment Analysis
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