Global Toluene Market 2017-2021
Toluene is an aromatic hydrocarbon solvent, which is produced during the manufacturing of gasoline and other fuels from crude oil. Alternative names used for toluene are methylbenzene, toluol, anisen, and phenyl methane. Naphtha is the main feedstock, which is used to produce toluene. Heavy and light naphtha are the two main grades that are used for producing toluene. It is extracted during the process of fractional distillation of crude oil. In addition, Coke Oven Light Oil (COLO) can be used as an alternative for manufacturing aromatics such as toluene, however, owing to the low combustion value of these products and shortage of supply, naphtha is most commonly used as a raw material for the manufacturing toluene and other aromatics.
Technavio’s analysts forecast the global toluene market to grow at a CAGR of 4.59% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global toluene market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of toluene for manufacturing its derivative types.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Toluene market 2017-2021
Technavio recognizes the following companies as the key players in the global toluene market: BASF, Chevron Phillips Chemical, ExxonMobil, LyondellBasell Industries, and Reliance Industries
Other Prominent Vendors in the market are: 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.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Fluctuation in crude oil prices. Toluene is an aromatic compound that is used to manufacture benzene, TDI, and other derivatives. The key component used for manufacturing toluene is gasoline by the catalytic reformer in an ethylene cracker or while making coke from coal. Toluene is a distillate product of crude oil. Toluene is formed by the fractional distillation of crude oil. The fluctuating prices of crude oil affect the prices of the raw material, which affects the production cost of toluene.”
According to the report, one of the major drivers for this market is Widespread application avenues of toluene. Toluene is extensively consumed in TDI, which is used to manufacture flexible PU foams. These foams are used in upholstery, mattresses, and automotive seats. In addition, toluene as a solvent is used in paints, thinners, lacquers, glues, correction fluid, and nail polish remover. It is also used in the printing and leather tanning processes. In biochemistry, toluene is used for breaking or disrupting red blood cells to extract hemoglobin.
Further, the report states that one of the major factors hindering the growth of this market is Fluctuations in toluene prices. Toluene is generally an aromatic compound that is used for manufacturing chemicals such as benzene, xylene, and others. Toluene is manufactured from crude oil and other natural sources. These compounds rely on the availability of toluene. The price of toluene varies from region to region based on the crude oil prices. The fluctuations in the price of toluene will pose a major challenge to the market in the next five years.
BASF, Chevron Phillips Chemical, ExxonMobil, LyondellBasell Industries, and Reliance Industries, 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.