The global ethylbenzene market is expected to reach US $31 billion by 2032, exhibiting a 3.5% growth rate during 2022-32.

The market is estimated at US $21.3 billion in 2021 and US $21.9 billion in 2022 and future growth of the market can be attributed to the extensive usage of ethylbenzene for the production of styrene.

The increasing use of ethylbenzene in end-use industries such as packaging, electronics, construction, and agriculture is expected to boost the growth of the global ethylbenzene market during the forecast period. From 2015 to 2021, the market for ethylbenzene grew at a CAGR of 2.6%, closing at a value of US $21.3 billion.

On the contrary, the increasing concerns related to ethylbenzene hazards is expected to hinder the market expansion in the coming time. In addition to it, stringent rules and regulations of various governments regarding usage of ethylbenzene are other factors projected to hamper the industry growth in the forecast period.

By application, the styrene segment is expected to record a 2.9% CAGR by 2032. By end user industry, the construction segment will expand at a 3% growth rate during the forecast period.

The US market will garner US $10.7 billion and record 7.2% CAGR from 2022-2032 whereas China market will garner US $2.2 billion, expanding at a 3.1% growth rate during the assessment period.

“The increasing demand of ethylbenzene for expansion of the petrochemical industry across the globe is expected to drive the market in the forecast period. Also, the development of automotive, construction and packaging industries is projected to play a vital role in strengthening the market,” said research analyst of Future Market Insights (FMI).