According to the latest report by IMARC Group titled, “North America Toluene Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market to reach a volume of 9.4 Million Tons by 2024, registering a CAGR of around 2% during 2019-2024.
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Also known as toluol, toluene (C7H8) is a liquid aromatic hydrocarbon that naturally occurs in crude oil and tolu tree. It can be produced commercially by alkylation of benzene with methanol. It is colorless, flammable, insoluble in water and widely used as a solvent across industries in North America. Other than this, it is also utilized in the manufacturing of paints, thinners, lacquers, adhesives and rubbers and in leather tanning processes in the region.
Expanding applications of toluene in various industries are driving the market growth in North America. For instance, it is used in the chemical industry for producing other chemicals, such as benzene, benzoic acid, benzoyl chloride nylon, polyurethane, trinitrotoluene (TNT) and toluene diisocyanate. It is also utilized in the manufacturing of dyes and explosives and as an antiknock agent for gasoline. Furthermore, it finds extensive application in the pharmaceutical in the production of drugs, such as penicillin G potassium, acetanilide, ciprofloxacin and prednisone. In line with this, a well-established healthcare infrastructure, along with enhanced focus of regulatory bodies such as the US FDA on the quick and effective approval process of new drugs, are creating a positive outlook for the market. Other factors, such as high per capita income levels and extensive research and development (R&D), are expected to drive the market growth in the coming years in the region.
Browse full report with TOC’s: https://www.imarcgroup.com/north-america-toluene-market
Insights on Market Segmentation:
Breakup by Technology
1. Reformation Process
2. Pygas Process
3. Coke/Coal Process
4. Styrene Process
Breakup by Application
4. Trans Alkylation (TA)
6. Toluene Diisocyanate (TDI)
7. Toluene Disproportionation (TDP)
Breakup by Country
1. United States
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