Global Toluene Market - Segmented by Derivative, Application and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global toluene market is expected to witness a CAGR of around 5.5% during the forecast period, owing to increasing application of toluene as a solvent in various applications such as paint thinners, nail polish removers, glues and correction fluids.
Toluene as a Solvent Driving the Market
Toluene is an aromatic hydrocarbon that is widely used as a solvent. Toluene is used as a cleaning solvent in the manufacturing of paints and coatings, adhesives, resins, and in coating, printing, and leather industry. It is used in applications, such as paint thinners, nail polish removers, glues, and correction fluids. Moreover, increase in demand for aromatics in the petrochemical industry in the development of synthetic fibers, elastomers, agrochemicals, dyes, and nail paints is also augmenting the market growth.
TDI - The Fastest Growing Derivative Segment
Based on derivative, the use of toluene in the production of benzene and xylene held the largest market share. Toluene diisocynate (TDI) is expected to be the fastest-growing derivative market, owing to its strong demand in the manufacture of polyurethanes (PU). The growing use of PU foams in the automotive industry, due to its lightweight to reduce fuel emissions is further expected to boost the market for toluene for the production of TDI. Greenhouse gas emissions have encouraged various companies to improve energy efficiency in industrial buildings, which is driving the demand for PU foams for use as insulators, thereby driving the market for toluene.
Automotive and Construction Expected to Drive the Asia-Pacific Market
Asia-Pacific is expected to dominate the toluene market, followed by North America. China is the largest consumer of toluene in the world. This region is also expected to register the highest growth, due to the booming construction industry and increase in automotive manufacturing facilities in China, India, Indonesia, and Thailand. However, shutdown of refineries in Europe has significantly reduced demand for aromatics in this region, thus, constraining the development of the market.
September 2017: Sadara Chemical Company had announced the commercial startup of its toluene di isocyanate (TDI) facility in Jubail Industrial City II, Saudi Arabia.
Major Players: Exxon Mobil Corporation, Royal Dutch Shell PLC, SK Innovation Co. Ltd, Valero, and Formosa Plastics amongst others.
Reason to Purchase the Report
To understand the impact of various derivative types on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating application and derivative type in the market
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
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