Tetraethyl Benzene Market Analysis

Tetraethyl Benzene Market Analysis

In 2020, the research applications generated over USD 275 thousand in tetraethyl benzene market size. This is attributed to the high usage of tetraethyl benzene for exploration and experimentation in the development & improvement of new or existing compounds. Rising investments from several companies to manufacture materials in large quantities without many by-products are expected to improve product growth during the forecast timeframe. Tetraethyl benzene is widely used for the production of pyromellitic dianhydride, benzene carboxylic acids, and vinylbenzenes, which in turn, are widely used in the preparation of high-performance coatings.
 

The ongoing COVID-19 pandemic has affected research & development and decreased the production of chemical solutions across the globe due to strict lockdowns and social distancing norms by government authorities worldwide. Additionally, the average shutdown duration of a research lab across the globe is nearly 20 to 30 working days, which is likely to affect the global tetraethyl benzene market sales in 2020. However, the research sector has witnessed a significant increase in demand in the Q3 of 2020.
 

Asia Pacific, led by China, will witness over 2.5% CAGR. The growth in the region can be attributed to intensified competition and the availability of higher production capacity of coating products, medicines, and epoxy resins. Increasing demand for epoxy resins and thermoplastic solutions across various end-use industries is expected to create substantial opportunities for pyromellitic dianhydride solutions, driving for tetraethyl benzene market demand across the region.
 

Favorable foreign-based investments due to the potential pharmaceutical market in Asia Pacific along with the presence of major pharmaceutical & coating manufacturers in the region will further support industry growth. Moreover, increasing demand for medicines due to growing central nervous diseases across developing countries will propel the tetraethyl benzene market revenue over the forecast span.