Global Toluene Market - Market share and Industry Forecast to 2024
Toluene is an organic chemical compound, also called as methylbenzene. Toluene is commonly used in manufacturing paints, thinners and glues. Other known applications of toluene are corrosion inhibitors, anti-scaling agents, laboratory chemicals, lubricants, and personal care products. Global toluene market is expected to grow at a CAGR of 6.1% during forecast period 2017-2024. Growing end-user industries of toluene, petrochemical market in emerging countries, rising building & construction activities, aromatic compounds extraction from shale oil and expanding agrochemical industries are the main drivers of global toluene market. Limitation with toluene resources, discovery of shale gas, environmental impact, health and safety issues with toluene, stringent government regulations and fluctuating oil & gas prices are the some of the factors expected to adversely affect the market.
Geographically, global toluene market is divided into North America, Europe, Asia Pacific and rest of world. North America dominated the market in 2017 in terms of revenue followed by Europe and Asia Pacific. USA dominates North American toluene market followed by Canada. Favourable regulatory environment, rising demand from automotive industry, growing building & construction sector, large pool of manufacturing companies are some of the major factors promoting the growth of toluene market in North America during forecast period. Asia Pacific is the fastest growing toluene market during forecast period 2017-2024. India, China, Japan, Australia, Singapore and Malaysia are the leading markets for toluene in Asia Pacific. Other lucrative investment destinations for toluene market include South Africa, Saudi Arabia, Egypt, UAE, Qatar, Israel, Jordan and Nigeria.
Global toluene market is segmented into application and type. By type, toluene market is divided into benzyl chloride, trinitrotoluene (TNT), benzaldehyde, toluene diisocyanate (TDI), benzoic acid and other types of toluene. TDI is the fastest growing segment in toluene market by type. By application, toluene market is classified into industrial solvent, explosive production, benzene production, gasoline additive and other applications. Industrial solvents and production of xylene and benzene is the fastest growing segment due to strong demand in various applications, such as additives in gasoline and blending of petrol.
The key players of global toluene market across the world includes China National Petroleum Corporation (China), Exxon Mobil Corporation. (U.S.), Corvestro AG. (Germany), BP Plc (U.K.), Braskem SA (Brazil), Royal Butch Shell Plc. (Netherlands) and others. Merger & acquisition, production capacity expansion and partnerships are amongst the leading strategies used by leading companies in global toluene market for gaining competitive advantage.
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