Toluene Price Market: Regional Segment Analysis, forecast and market revenue
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.
Market Segmentation
The global Toluene
Price 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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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.
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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