Selbyville, Delaware, Jan. 19, 2021 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the tetraethyl benzene market size was estimated at $454.01 thousand in 2020 and is slated to surpass $530 thousand by 2027, registering a CAGR of 2.5% from 2021 to 2027. The report provides a comprehensive analysis of the top winning strategies, wavering industry trends, drivers & opportunities, top investment avenues, competitive scenarios, market estimations & size. The demand for downstream products, pharma intermediates, and research on tetraethyl benzene for the synthesis process is expected to witness moderate growth across the globe. Tetraethyl benzene is used for manufacturing pyromellitic dianhydride, benzene carboxylic acids, and vinylbenzenes.
The industry is witnessing the rising adoption of pyromellitic dianhydride preparation in a variety of thermoplastics such as epoxy resins, plasticizers, polycarbonates, and polyesters. Moreover, it is also useful in the preparation of high-performance coatings that will further drive product demand across the globe. However, the ongoing COVID-19 pandemic is likely to slow down tetraethyl benzene market growth owing to recent lockdowns across various European and Asian countries including the UK, France, and China.
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Based on application, the tetraethyl benzene market report is categorized into research applications, downstream products production, and pharmaceuticals intermediates. Tetraethyl benzene demand for the production of downstream products will witness around a 2 % CAGR from 2021 to 2027. The growth in the segment can be attributed to the increasing usage of tetraethyl benzene in downstream product production, such as waxes, gasoline, or petrol, and as an antiknock additive. Increasing research & development for chemical testing and manufacturing in conjunction with several other chemicals to enhance final product capabilities will increase tetraethyl benzene application avenues in downstream products over the forecast period.
The increasing demand for generic drugs and drugs to treat the aging population across North America will drive the active pharmaceutical ingredient market, which in turn, will drive the demand for tetraethyl benzene. Additionally, growing emphasis to increase the production of chemical and pharma industries across the U.S. will also play a crucial role in product demand in the near term. Furthermore, rising investments from leading pharmaceutical ingredients companies and easy access to financing are the other factors strengthening the tetraethyl benzene market share until 2027.
Major players in the tetraethyl benzene industry include Angene International, ChemSampCo, LLC., LEAPChem Co., Ltd., Leap Chem Co., Ltd, AHH Chemical Co., Ltd, BOCSCI Inc., Henan Tianfu Chemical Co., Ltd., Sagechem Limited, and Antimex Chemical Limited. Product manufacturers are primarily focusing on product innovation and collaboration with research firms as key strategies in the long run.
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