According to IMARC Group’s latest report, titled “Toluene Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global market reached a value of US$ 25 Billion in 2020. 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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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. Looking forward, IMARC Group expects the global toluene market to grow at a CAGR of 5.5% during 2021-2026.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
Exxon Mobil Corporation
SK Global
British Petroleum
Versalis
Compañia Española De Petroleos Sau
BASF
Covestro
BP PLC
Royal Dutch Shell Plc.
Market Segmentation:
Breakup by Technology:
Reformation Process
Pygas Process
Coke/Coal Process
Styrene Process
Breakup by Application
Gasoline
STDP/TPX
Solvents
Trans Alkylation (TA)
Hydrodealkylation
Toluene Diisocyanate (TDI)
Toluene Disproportionation (TDP)
Others
Market Breakup by Region:
Asia Pacific
North America
Europe
Middle East and Africa
Latin America
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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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