According to Global Market Insights Inc., tetraethyl benzene market size is projected to surpass USD 530 thousand by 2027.
Rapidly growing pharmaceutical industry and increasing chemical research initiatives have elevated the adoption of pharma intermediates, downstream products, and chemicals like pyromellitic dianhydride. With significant rise in such applications, tetraethyl benzene market is witnessing an enormous product demand for past several years. Tetraethyl benzene finds important usage in manufacturing various chemicals such as vinylbenzenes, benzene carboxylic acids, etc. which favors its adoption further. This is estimated to provide a major impetus to the global tetraethyl benzene market over the ensuing years.
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Considering the burgeoning product demand, major players operating in tetraethyl benzene industry such as Angene International, LEAPChem Co., Ltd., ChemSampCo, LLC., AHH Chemical Co., Ltd, Sagechem Limited, BOCSCI Inc., Henan Tianfu Chemical Co., Ltd., and Antimex Chemical Limited are primarily focusing on new product development along with mergers and acquisitions. This is anticipated to open new growth avenues for the industry.
However, with the ongoing COVID-19 pandemic, operations and supply chains in pharma and chemical industries as well as several end-use sectors have been affected by the recent lockdowns globally. This is expected to hamper the growth of tetraethyl benzene market to some extent.
An insight into the prominent factors driving the growth of tetraethyl benzene market is as follow:
Increasing demand for thermoplastics
There has been a considerable rise in the adoption of pyromellitic dianhydride (PMDA) preparation driven by increasing demand for various thermoplastics such as plasticizers, epoxy resins, polycarbonates, and polyesters. This in turn has evoked the demand for tetraethyl benzene to a much larger extent. PMDA, which serves as a raw material for the heat resistance films, resins and coatings has often used as an intermediate for polyimide based composite materials in magnetic wire insulation, printed circuit boards and tape automated bonding. With such wide applications of PMDA, the demand for tetraethyl benzene is also expected to increase over the coming years.
An overview of the major trends propelling the growth of tetraethyl benzene market is as under:
Rising demand for producing downstream products
Growing application of tetraethyl benzene for manufacturing downstream products such as gasoline, waxes, petrol and as an antiknock additive is anticipated to generate huge returns for the overall market. Besides, rising research & development activities pertaining to the chemical testing and manufacturing of several other chemicals for enhancing the final product capabilities is fueling the application of tetraethyl benzene in downstream products. According to the report, tetraethyl benzene market from the production of downstream products is estimated to witness a CAGR of around 2 % through 2027.
Thriving pharmaceutical industry in North America
Elevating demand for generic drugs in North America along with increasing demand for medicines to treat the elderly population is fostering the regional active pharmaceutical ingredient market. This in turn is impelling the demand for tetraethyl benzene. In addition, increasing focus on the production of chemical and pharmaceutical industries across the U.S. is playing a key role in proliferating the product demand. Growing investments from prominent pharmaceutical ingredients companies are poised to strengthen the business space further.
Some of the restraining factors that are affecting the market growth are as follows:
Stringent regulatory scenarios for chemical manufacturing and availability of alternatives in the market are the important factors that are affecting the industry landscape. For instance, tetraethyl- lead has mainly replaced tetraethyl benzene as an antiknock agent which is used as a fuel additive.
In essence, significant expansion of pharmaceutical industry, along with growing chemical research applications is supporting the adoption of tetraethyl benzene in various industries which is expected to provide lucrative growth prospects for the market.
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