Toluene Market Report 2019: Top Companies, Price Trends and Future Prospects Details for Business Development

According to the IMARC Group, the global toluene market reached a value of US$ 22.5 Billion in 2018. Looking forward, IMARC expects the market to reach a value of US$ 31.1 Billion by 2024, growing at a CAGR of around 5.6% during the next five years. Toluene (C7H8), also known as methylbenzene, is a colorless, water-insoluble, organic compound with a distinctive smell. The presence of benzene in toluene makes it an aromatic chemical. It exhibits several beta-oxidant, depressant, hepatoprotective, anesthetic, and neurotransmitter properties. Owing to this, toluene finds numerous applications across sectors, including construction, cosmetics, oil and gas, automotive, textile, paint and dye, food processing, and chemical processing.

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Market Trends

The thriving building and construction industry accounts for a high demand for toluene, wherein it is increasingly being used as a solvent in the manufacturing of paints, glues, and coatings. Furthermore, there is an escalating utilization of toluene, as an aromatic and inflammable material, for producing nail paints, hair dyes, thinner, agrochemicals, synthetic fibers, elastomers, explosive compounds such as trinitrotoluene (TNT). Owing to this, the demand for toluene is currently escalating across the cosmetics, explosives, and petrochemical sectors. Apart from this, benzene and xylene, the derivatives of toluene, are used in the blending of petrol and serve as basic components for manufacturing styrene, which in turn has increased the demand for toluene in the oil and gas industry.

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Market Segmentation:

Market Breakup by Technology

1. Reformation Process
2. Pigs Process
3. Coke/Coal Process
4. Styrene Process

Market Breakup by Application

1. Gasoline
2. STDP/TPX
3. Solvents
4. Trans Alkylation (TA)
5. Hydrodealkylation
6. Toluene Diisocyanate (TDI)
7. Toluene Disproportionation (TDP)
8. Others

Market Breakup by Region

1. Asia Pacific
2. North America
3. Europe
4. Middle East and Africa
5. Latin America

Some of the major players operating in the industry include:

Exxon Mobil Corporation (NYSE: XOM)
British Petroleum (NYSE: BP)
SK Group
Versalis
Compañia Española De Petroleos Sau

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This release was published on openPR.