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European Tetraethyl Benzene Market size to hit $118 thousand by 2027
Published Date: 2021-08-25
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European Tetraethyl Benzene Market size is predicted to surpass USD 118 thousand by 2027, according to a latest forecast report by Graphical Research. Growing R&D investment by chemical manufacturers will drive product demand.
The Europe industry will grow at 2.2% CAGR over the forecast period. The product is widely used in the production of benzene carboxylic acids, vinylbenzenes, and pyromellitic dianhydride, and these substances are widely used in the preparation of high-performance coatings. Tetraethyl benzene is consumed as a raw material in the production of pyromellitic dianhydride. Pyromellitic dianhydride is increasingly used as a raw material in the production of polyimide resin, insulating films, thin films, and polyimides. The rising demand for polyimide resins and polyimides will drive product demand.
Tetraethyl benzene is also used as an ingredient various pharmaceutical intermediates. The rising demand for active pharmaceutical ingredients due to the emergence of novel & innovative delivery systems along with the evolution of personalized medicines will boost the demand for tetraethyl benzene. The ever increasing demand for drugs to treat the aging population will further propel the sales of active pharmaceutical ingredients. Furthermore, a growing pool of geriatrics across Europe will positively increase pharmaceutical ingredient usage and boost the product demand.
The research applications segment is expected to witness a significant growth during the forecast period since tetraethyl benzene is substantially used for research purposes to discover its new application and production method for industrial scale production. The rising demand for pyromellitic dianhydride as a raw material in various applications, such as synthesis of polyimides, epoxy resins, metal carboxylate, and as a curing agent in epoxy resins, which find applications in adhesives, coatings, and molding powders will further drive the market growth.
Browse detailed statistical insights from the report, “Europe Tetraethyl Benzene Market Forecast 2027 By Application (Research Applications, Downstream Products Production, Pharmaceuticals Intermediates), Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The pharmaceutical intermediates segment will observe decent growth and reach around USD 28 thousand by 2027. Active Pharmaceutical Ingredient (API) manufacturers are investing in relevant expertise and increasing their production capacity due to the high potential of the drug industry in combination and niche drugs. These investments will drive the demand for tetraethyl benzene as it is used in various active pharmaceutical intermediaries as a raw material. Moreover, the increasing production of generic drugs in major markets, such as Europe and North America, will further drive the market growth.
The COVID-19 pandemic has triggered an increase in demand for active pharmaceutical ingredients (APIs) and drugs, which are majorly used in antimalarial medicines, followed by antivirals, antibiotics, and bronchodilators. The shortage of these types of drugs across North America and Europe due to the shutdown of imports to prevent the spread of the virus will result in the demand for APIs and other raw materials.
China has restarted its production processes to clear backlog of pharma intermediates and ingredients to reduce supply disruptions. Due to the ongoing pandemic, many government authorities are increasing their medical & healthcare budgets to handle similar crises in the near future, which are likely to drive the demand for tetraethyl benzene.
The European tetraethyl benzene market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2016 to 2027 for the following segments:
Europe Market, By Applications
- Research applications
- Downstream products production
- Pharmaceuticals intermediates
The above information has been provided for the following countries:
- Rest of Europe