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North America Tetraethyl Benzene Market Size By Application (Downstream products production, Research applications, Pharmaceuticals intermediates), Research Report, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 – 2027
Published Date: February 2021 | Publisher: Graphical Research Report ID: GR1645 | Delivery : PDF  Request Free Sample

North America Tetraethyl Benzene Market size exceeded USD 121.92 thousand in 2020 and is anticipated to expand at a CAGR of 2.5% from 2021 to 2027. Growth can be attributed to the increasing production of thermoplastics, coatings, and pharmaceutical products.

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The North American tetraethyl benzene industry revenue is driven by increasing demand for pharma intermediates and research activities on tetraethyl benzene for the synthesis process. Tetraethyl benzene is used for manufacturing a range of products, including benzene carboxylic acids, pyromellitic dianhydride, and vinylbenzenes. The strong demand for the product is further underpinned by the growing usage of pyromellitic dianhydride for the fabrication of a variety of thermoplastics, such as plasticizers, epoxy resins, polyesters, and polycarbonates. Pyromellitic dianhydride possesses several excellent mechanical and chemical properties, such as curing, high temperature, oxidative stability, and excellent thermal & mechanical properties. These traits make it a suitable raw material for the production of other materials, such as insulation material, powder coating, corrosion inhibitor, phenolics stabilizer, and electro-fax toner.

However, the pandemic triggered by the novel coronavirus has been a disrupter for market growth. On one hand, it has significantly affected the demand from downstream product applications. The alleviated demand is majorly a result of the disrupted supply chain in the region. On the other hand, a sudden acceleration in research activities and the manufacturing of drugs has been observed, primarily to prevent or treat the disease. Therefore, the robust growth witnessed by the pharmaceutical industry is anticipated to create lucrative growth opportunities in the current years.

North American Market, By Application

The pharmaceutical industry of the United States is a highly organized sector. The U.S. pharmaceutical industry is dominated by several multinational companies engaged in significant business activities in many countries across the globe. Hence, among all countries, the United States accounted for a major market share of over 68.7% in 2020 and has been predicted to showcase a fast growth rate during the projection period. The development of biotechnology and pathophysiology sectors along with the development in therapeutic modalities, such as surgery, is further supporting the pharmaceutical industry growth in the U.S.

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Based on application, pharmaceutical intermediates held a significant North America tetraethyl benzene market share and is expected to witness the highest growth of  2.6% during the forecast period. The strong growth can be ascribed to the wide application of tetraethyl benzene in various pharmaceutical intermediates, such as 1, 2-Benzenedicarboxamide, N1, N1, N2, N2-tetraethyl.

Some of the key players involved in the market include ChemSampCo, LLC, BOC Sciences, and others.
 

Frequently Asked Question(FAQ) :

The market size of North America tetraethyl benzene surpassed USD 121.92 thousand in 2020.
The industry share of North America tetraethyl benzene is anticipated to grow at 2.5% CAGR between 2021 and 2027.
On the basis of application segment the pharmaceutical intermediates held a significant market share and is expected to witness the highest growth CAGR of 2.6% during the forecast period.
The key players involved in the market include ChemSampCo, LLC, BOC Sciences, and others.

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