Toluene Market Growth, Size Global Current and Future Plans ,Regional Trend, Industry Demand by Forecast to 2030
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 Growth 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 market growth 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.
Access Report Details @ https://www.marketresearchfuture.com/reports/toluene-market-1034
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.
Get Free Sample@ https://www.marketresearchfuture.com/sample_request/1034
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to
unravel the complexity of various industries through our Cooked Research Report
(CRR), Half-Cooked Research Reports (HCRR), & Consulting Services.
MRFR team have supreme objective to provide the optimum quality
market research and intelligence services to our clients. Our market research
studies by products, services, technologies, applications, end users, and
market players for global, regional, and country level market segments, enable
our clients to see more, know more, and do more, which help to answer all their
most important questions.
In order to stay updated with technology and work process of the
industry, MRFR often plans & conducts meet with the industry experts and
industrial visits for its research analyst members.
Contact:
Market Research Future®
99 Hudson Street,5Th Floor
New York, New York 10013
United States of America
Phone:
+1 628 258 0071(US)
+44 2035 002 764(UK)
Email: sales@marketresearchfuture.com
Website: https://www.marketresearchfuture.com
Read More Related Article:
https://www.marketresearchfuture.com/reports/aluminum-flat-rolled-products-market-8211
https://www.marketresearchfuture.com/reports/rubber-processing-chemicals-market-6318
https://www.marketresearchfuture.com/reports/smart-polymers-market-4719
Comments
Post a Comment