Global toluene market outlook
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.
Competitive landscape and key vendors
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 -
- Chevron Phillips Chemical
- ExxonMobil
- LyondellBasell Industries
- Reliance Industries
- BASF
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.
Segmentation by derivative type and analysis of the toluene market
- Benzene and xylene
- Gasoline additives
- TDI
- Solvents
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.
Segmentation by geography and analysis of the toluene market
- Americas
- APAC
- EMEA
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.
Key questions answered in the report include
- What will the toluene market size and the growth rate be in 2021?
- What are the key factors driving the global toluene market?
- What are the key market trends impacting the growth of the global toluene market?
- What are the challenges to market growth?
- Who are the key vendors in the global toluene market?
- What are the market opportunities and threats faced by the vendors in the global toluene market?
- What are the trending factors influencing the market shares of the Americas, APAC, and EMEA?
- What are the key outcomes of the five forces analysis of the global toluene market?
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