Astronishing Growth in Toluene Market 2022 Registering a CAGR of 5.0% from 2017 to 2023

The global toluene market size is expected to reach $23,393 million by 2023 from $16,597 million in 2016, registering a CAGR of 5.0% from 2017 to 2023. Toluene is a clear water insoluble aromatic hydrocarbon solvent with molecular formula of C7H8. It possesses aromatic, benzene-like smell, and is a highly volatile flammable liquid with a flash point of 4C. It is produced from petroleum and coal tar, and is used as a solvent in the manufacturing of other organic chemicals, such as benzene, xylene, and toluene diisocyanate. It is used as a solvent in paints, thinners, adhesives, and inks. Cosmetic and personal care products such as nail paints and removers containing toluene are applied to the hard, impenetrable surface of the nail where a smooth and glossy film is quickly formed upon evaporation of the solvents.

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The major manufacturers covered in this report:

ExxonMobil Chemical
Sinopec
Shell
Reliance Industries
ConocoPhillips
Valero Energy
BASF
BP Chemicals
China National Petroleum
Mitsui Chemicals

The toluene market has grown considerably in the recent years in developing nations, such as China, India, and Japan, owing to increase in investments in chemicals, petrochemicals, and oil & gas industries. Moreover, crude oil & natural gas contains high impurities and corrosive components, such as hydrogen sulfide, carbon dioxide, and free water, which cause deterioration of the inner walls of wells and pipelines. Continual oil & gas extraction could lead to corrosion of the internal surface of pipelines. Aromatic solvents (benzene, toluene, ethylbenzene, and mixed xylenes (BTEX)) are used as corrosion inhibitors for internal protection of pipes as well as perform fractional distillation in the oil & gas industries. Therefore, rise in demand for toluene as corrosion inhibitor in the oil & gas industry acts as a driving factor of the market.

Benzene toluene xylene (BTX) is a synthetic source of volatile organic compounds (VOCs). VOCs have compounding, long-term adverse effects on health; thus, is strictly regulated by various legislations. Moreover, stringent regulations about VOCs is expected to hamper the adoption of aromatic chemicals.

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The global toluene market is segmented based on derivative type, application, material for construction, and geography. Based on derivative type, it is classified into benzene & xylene, toluene diisocyanates, solvents, gasoline additives, and others. The benzene & xylene type segment registered significant growth during 2016, and is expected to grow during the forecast period. The bending application segment is estimated to grow at a significant CAGR of 5.2%. By technology, it is segmented into reformate process, pygas process, coke/coal process, and styrene process. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for nearly half of the share of the total revenue in 2016, followed by North America and Europe.

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The research provides answers to the following key questions:

1. What is the estimated growth rate of the market for the forecast period 2017–2023? What will be the market size during the estimated period?
2. What are the key driving forces responsible for shaping the fate of the Toluene market during the forecast period?
3. Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Toluene market?
4. What are the prominent market trends influencing the development of the Toluene market across different regions?
5. What are the major threats and challenges likely to act as a barrier in the growth of the Toluene market?
6. What are the major opportunities the market leaders can rely on to gain success and profitability?

Sameer Joshi
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This release was published on openPR.