Global Toluene Research Report 2021, Industry Share, Segment by Type and End User, Regional Overview, Trend Analysis, Growth Opportunities, Forecast to 2027
Market Overview:
The major application of
toluene is to improve octane rating of gasoline. Toluene is also used to
produce benzene and as a solvent in paints, coatings, adhesives, inks, and
cleaning agents. Toluene is also used in the production of polymers used to
make nylon, plastic soda bottles, and polyurethanes and for pharmaceuticals,
dyes, cosmetic nail products, and the synthesis of organic chemicals.
Some of the prominent factors
that positively influence the growth of toluene market are increasing crude oil
production, rising demand for fuel additives, and increasing consumption of
paints & coatings owing to rapid urbanization. Increasing urbanization
along with rising per capita disposable income in developed and emerging
economies are predicted to drive the growth of the market over the forecast
period, 2017 to 2023. Increasing benzene and xylene production from toluene
owing to the demand from plastics manufacturing industries. Moreover,
continuous expansion of automotive sector as well as shifting manufacturers focus
towards effective gasoline as fuel is estimated to fuel the growth of the
market during the review period, 2017 to 2023. However, growing environmental
concern regarding the toxic effect of chemicals used in toluene solvent along
with the implementation of strict regulations are predicted to hinder the
market growth over the assessment period, 2017 to 2023.
Competitive Analysis
Some of the prominent players
operating in the global toluene market are Exxon Mobil Corporation (U.S.),
Covestro AG (Germany), BP p.l.c. (U.K), China Petroleum & Chemical
Corporation (China), BASF SE (Germany), Royal Dutch Shell plc (the
Netherlands), Formosa Chemicals & Fibre Corporation (Taiwan), Indian Oil
Corporation Ltd (India), The Dow Chemical Company (U.S), TOTAL S.A. (France),
and others
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Regional
Analysis
Asia pacific is estimated to be
the largest toluene market followed by North America and Europe due to strong
existence of crude oil reserves which reduces the raw material demand gap for
toluene market. In Europe, Germany, Russia, and Spain are predicted to register
a strong growth on account of tremendous demand for toluene in gasoline
additive manufacturing. In North America, countries such as U.S. and Canada are
the fastest growing market for toluene, and is estimated to grow with the same
pace over the forecast period. Rising demand for solvent segment to manufacture
paints & coatings, adhesives and industrial cleaning agents is predicted to
contribute to the regional market growth. In Middle East & Africa, U.A.E,
Saudi Arabia and Kuwait are among the major contributors in the regional market
growth due to expansion of oil & gas offshore and onshore activities as
well as increasing innovations. In South America, Mexico is expected to
register strong growth due to robust presence of automobile manufacturers.
Market
Segmentation
The global toluene market is
categorized on the basis of grade, application, and region. On the basis of
grade, the market is bifurcated into commercial, nitration, and toluene
diisocyantes. On the basis of application, the toluene market is categorized
into intermediates, fuel additives, foam, polymer production, solvents, and
others. On the basis of region, the market is categorized into Asia Pacific,
Europe, Latin America, North America, and the Middle East & Africa.
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Table Of Contents
1
Executive Summary
2
Market Introduction
2.1 Market Definition
2.2 Scope Of The Study
2.3 List Of Assumptions
2.4 Markets Structure
3
Market Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
4
Market Dynamics Of The Global Toluene Market
4.1 Introduction
4.2 Drivers
4.3 Restraints
4.4 Opportunities
4.5 Challenges
4.6 Trends/Technology
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