Toluene Market 2020 | Industry Insights By Growth, Emerging Trends And Forecast By 2025 - IMARC Group

The global toluene market is anticipated to reach a value of US$ 32.6 Billion by 2025, exhibiting a CAGR of 5.4% during 2020-2025., according to a new report by IMARC Group.

Toluene is a water-insoluble, colorless and organic chemical compound. It is a minor constituent obtained during the production of gasoline and crude oil. Toluene can also be produced through natural sources such as tolu tree and as a by-product of styrene production. Owing to its physical and chemical properties, toluene is used in the synthesis of saccharin, trinitrotoluene (TNT) and benzoic acid. It is also utilized in the manufacturing of polymers used for making plastic soda bottles, nylon and polyurethanes.

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Global Toluene Market Trends:

Toluene currently plays a vital role across several end-use industries, such as building and construction, printing, rubber, oil and gas, resins, leather and pharmaceuticals, which is one of the major factors driving the growth of the toluene market. Moreover, there has been a rise in the usage of toluene in gasoline mixtures in the form of an octane booster for controlling the energy content of gasoline. Apart from this, an increase in the utilization of aromatics to manufacture nail paints, agrochemicals and elastomers in the petrochemical industry is positively influencing the market growth. Further, the manufacturers of toluene are adopting new technologies like Celanese’s AO-plus and BP’s Cativa which help in lowering the operating cost, enhancing production efficiency and increasing capacity. However, toluene has intoxicating effects due to which its application has been hampered in several industries.

Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

View Report TOC, Figures and Tables: https://www.imarcgroup.com/toluene-technical-material-market-report

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

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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.