Toluene Market is expected to reach US$ 35 Bn by 2026 at CAGR of 6 %. The toluene market in report is segmented by derivative type (benzene, xylene, toluene diisocynates, benzaldehyde and other), application (drugs, dyes, blending agents, industrial solvent and other) and by geography (North America, Europe, Asia Pacific, Middle East & Africa and Latin America).
Demand of toluene as a solvent, blending agent and additive by various end user industry is driving the market. Rise in use of toluene in the manufacture of drugs and in the blending of petrol offers the maximum market potential in the toluene market, Stringent government regulation regarding solvent use is about to restrain market.
Toluene diisocyanate the fastest growing derivative segment
Toluene diisocyanate is used in the production of polyurethanes, primarily for flexible foam applications including furniture, bedding and carpet underlay, as well as packaging applications. Toluene diisocyanate is also used in the manufacture of coatings, sealants, adhesives and elastomers. In transportation applications, toluene diisocyanate is used to produce lighter automobile parts, s which leads to enhanced fuel efficiency thus energy conservation.
Toluene as a solvent is a best choice.
Toluene is a common solvent, e.g. for paints, paint thinners, silicone sealants. Toluene is used as the ink solvent in a specialized type of magazine printing, because it evaporates quickly enough to prevent smudging and leftover toluene is easily recycled. Toluene offers tough thinning, high-gloss finishing components such as epoxy, alkyd, and polyester. Toluene can be used as an effective cleaning solvent immediately after using equipment and tools.
Asia Pacific witnesses to register rapid growth.
Rapid industrialization and expansion of oil & gas industries led by China and India. Increased demand for toluene as an octane booster in gasoline has led to the growth in demand for Asia Pacific toluene market.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading manufacturers such as ExxonMobil Chemical, Sinopec, Shell, Reliance Industries, ConocoPhillips, Valero Energy, BASF, BP Chemicals, China National Petroleum and Mitsui Chemicals Koch Industries, JX Nippon Oil and Energy, Chevron Phillips, Nova Chemicals, Sherwin-Williams, Total Petrochemicals, Lyondell Basel, Covestro, and Formosa Plastics.
Maximize market research, a global market research firm with dedicated team of specialists and data has carried out extensive research about the global toluene market. Report encompasses the market by different segments and region, providing the in-depth analysis of overall industry ecosystem, useful for taking informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the global toluene market. The driving forces as well as considerable restraints have been explained in depth. In addition to this, competitive landscape describing about the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain global toluene market positioning of competitors.
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Global Toluene market