The latest report by IMARC group, title “Toluene Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global toluene market has reached a value of more than US$ 21 Billion in 2016. Toluene is a water-insoluble, colourless and organic liquid chemical compound which is produced during the procedure of gasoline production along with other fuels from crude oil. In addition to this, it can be found as a by-product of styrene production and through natural sources such as tolu tree. Owing to its properties, toluene is extensively used as a solvent which is present in nail paint remover, paint thinners, correction fluid, glues, etc.
Highlights of the global toluene market:
- One of the primary growth-inducing factors is the increasing usage of toluene and its derivatives across various industries.
- Reformate process is the leading technology in the market.
- Asia Pacific represents the largest market owing to strong GDP growth.
Thriving end-use industries particularly in emerging countries across the globe acts as a major factor inducing the growth of the global toluene market. The growth is also being driven by the expanding use of toluene in gasoline blends where it controls gasoline’s energy content by acting as octane booster. Moreover, aromatics are being increasingly used in the petrochemical industry for the production of agrochemicals, elastomers and nail paints, etc. This, in turn, is contributing to the market growth. As a result, the global toluene market is further projected to reach a value of nearly US$ 29 Billion, exhibiting a CAGR of 5% during 2017-2022.
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On the basis of technology, reformate process clearly exhibits a clear dominance in the market, followed by pygas process, coke/coal process and styrene process. Based on application, benzene represents the largest application of toluene, followed by solvents, xylene and TDI. Region-wise, Asia-Pacific currently accounts for the majority of the total global share. This is due to the rapid growth in GDPs of various countries in the region. Other major markets include North America, Europe, Middle East and Africa, and Latin America. The market has also been segregated on the basis of imports which is led by China, followed by Republic of Korea, India, the United States and the Netherlands. On the basis of export, Republic of Korea holds the largest share in the market. It is followed by Japan, the United States, the Netherlands and Singapore. Further, the competitive landscape of the market has also been analysed with some of the key players being BASF, Covestro, BP PLC, Sk Innovation Co., Ltd and Royal Dutch Shell Plc.
The report by IMARC Group has examined the global toluene market on the basis of:
Technology:
- Reformate Process
- Pygas Process
- Coke/Coal Process
- Styrene Process
Application:
- Benzene
- Solvents
- Xylene
- TDI
Region:
- Asia-Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
Import:
- China
- Republic of Korea
- India
- United States of America
- Netherlands
Export:
- Republic of Korea
- Japan
- United States of America
- Netherlands
- Singapore
Key Players:
- BASF
- Covestro
- BP PLC
- Sk Innovation Co., Ltd.
- Royal Dutch Shell Plc
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