Toluene Market Growth, Trends and Forecast By 2027
According to IMARC Group’s latest report, titled “Toluene Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global toluene market reached a value of US$ 25 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 5.5% during 2021-2026.
Toluene or methylbenzene (C7H8) is a colorless, water-insoluble, aromatic hydrocarbon compound that exhibits beta-oxidants, hepaprotective, neurotransmitters and anesthetic properties. It can be produced from the fractional distillation of the crude oil and coke-oven operations in the form of by-products. Toluene aids in drying, dissolving, and thinning substances, on account of which it is extensively used as an intermediate in paints, thinners, nail polish, and lacquers.
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Toluene Market Trends:
The widespread adoption of toluene across various industry verticals, such as construction, chemical manufacturing, pharmaceuticals, and military and defense, on account of its diverse chemical properties is currently driving the toluene market growth. For instance, in the automotive sector, toluene is widely used as a fuel additive in motor vehicles due to its low sensitivity and high-octane ratings, which, in turn, is creating a positive outlook for the market.
Additionally, the increasing demand for aromatics in the petrochemical sector for manufacturing dyes, agrochemicals, fertilizers, and trinitrotoluene (TNT) explosives is further catalyzing the market growth. Besides this, significant improvements in value chain, adoption of proactive strategies by key players, and rapid expansion of production facilities to cater to the rising industrial demand are positively influencing the market growth.
Note: In this report you will get detailed analysis of the market, growth analysis graphs, historical period analysis, forecast period analysis, major market segmentation, top leading key players of the market, table of content, list of figures, and list of tables.
Competitive Landscape with Key Players:
The report has also analysed the competitive landscape of the market with some of the key global players.
- Exxon Mobil Corporation
- SK Global
- British Petroleum
- Compañia Española De Petroleos Sau
- BP PLC
- Royal Dutch Shell Plc.
Key Market Segmentation:
The report has categorized the market based on technology, application, and region.
Breakup by Technology:
- Reformation Process
- Pygas Process
- Coke/Coal Process
- Styrene Process
Based on Application
- Trans Alkylation (TA)
- Toluene Diisocyanate (TDI)
- Toluene Disproportionation (TDP)
Market Breakup by Region:
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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