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As per Technavio's global toluene industry analysis, the widespread application avenues of toluene will be one of the major factors that will have a positive impact on the growth of the market. The production of toluene diisocyanate (TDI) is based on toluene. TDI is used in the manufacturing of flexible PU foams. Manufacturers increasingly rely on these flexible PU foams to make upholstery, mattresses, and automotive seats. One of the effective solvents, toluene solvent, is extensively used in paints, thinners, lacquers, glues, correction fluid, and nail polish remover. It is also used in leather tanning processes and printing processes. Researchers under biochemistry sector, extract haemoglobin by breaking or disrupting red blood cells using toluene. Technavio’s market research analysts predict that this market will grow at a CAGR of close to 5% by 2021.
The key market players are trying to find cost-effective production techniques of toluene by heavily investing in research and developmental activities. In addition, they are also trying to offer products with better efficiency and enhanced properties by adopting innovations and product development strategies. This in turn, will boost the application of alternative raw materials to manufacture toluene. Such factors will be lead to the global toluene market growth in the forthcoming years.
The toluene market is highly competitive, fragmented and characterized by the presence of major vendors. These vendors increasingly offer products for various applications to their end-users. In addition, they also focus on the development of products that complies with the fluctuation of crude oil prices. Furthermore, vendors of the toluene chemical market are also focusing on providing their end-consumers with a complete range of solutions and expand their product portfolio.
Key vendors in this market are -
Other prominent vendors in the market include Wanhua Industrial Group, BP, Braskem, CITGO Petroleum, CEPSA (IPIC), DAELIM, Indian Oil, LOTTE CHEMICAL TITAN HOLDING BERHAD, GS Caltex, Marathon Petroleum, Mitsubishi Chemical, NOVA Chemicals, Petróleos Mexicanos, Shell, SK global chemical, and TOTAL.
Benzene and xylene are aromatic compounds. Phenol chemicals are manufactured from benzene. Manufacturers increasingly use xylene as a solvent in various industries including printing, leather, and rubber. Polystyrene (PS) and polyethylene terephthalate (PET) are extensively used in applications such as leather, printing, and others. The increasing demand for PS and PET will drive the market’s growth in the benzene and xylene segment.
During 2016, China was the largest consumer of toluene. Various industries such as the automotive, building and construction, industrial, and oil and gas depends on toluene chemical because it has a diverse industrial application. The consumption of toluene will continue to increase in the APAC region for the next four years due to the rising number of new manufacturing units and high investments.
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PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: RESEARCH METHODOLOGY
PART 04: INTRODUCTION
PART 05: MARKET LANDSCAPE
PART 06: MARKET SEGMENTATION BY DERIVATIVE TYPE
PART 07: REGIONAL LANDSCAPE
PART 08: DECISION FRAMEWORK
PART 09: DRIVERS AND CHALLENGES
PART 10: MARKET TRENDS
PART 11: VENDOR LANDSCAPE
PART 12: KEY VENDOR ANALYSIS
PART 13: APPENDIX
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