Dec 01, 2020 (SUPER MARKET RESEARCH via COMTEX) -- The global toluene market reached a value of US$ 23.8 Billion in 2019. Looking forward, the market is expected to continue its moderate growth during the next five years., according to a new report by IMARC Group.
Toluene is a water-insoluble, colorless and organic chemical compound. It is a minor constituent obtained during the production of gasoline and crude oil. Toluene can also be produced through natural sources such as tolu tree and as a by-product of styrene production. Owing to its physical and chemical properties, toluene is used in the synthesis of saccharin, trinitrotoluene and benzoic acid. It is also utilized in the manufacturing of polymers used for making plastic soda bottles, nylon and polyurethanes.
Toluene currently plays a vital role across several end-use industries, such as building and construction, printing, rubber, oil and gas, resins, leather and pharmaceuticals, which is one of the major factors driving the growth of the toluene market . Moreover, there has been a rise in the usage of toluene in gasoline mixtures in the form of an octane booster for controlling the energy content of gasoline. Apart from this, an increase in the utilization of aromatics to manufacture nail paints, agrochemicals and elastomers in the petrochemical industry is positively influencing the market growth. Further, the manufacturers of toluene are adopting new technologies like Celanese's AO-plus and BP's Cativa which help in lowering the operating cost, enhancing production efficiency and increasing capacity. However, toluene has intoxicating effects due to which its application has been hampered in several industries.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Toluene Market 2020-2025 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of the major players operating in the industry include:
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The report has segmented the market on the basis of Technology, Application, and Region.
Market Breakup by Technology
1. Reformation Process
2. Pigs Process
3. Coke/Coal Process
4. Styrene Process
Amongst these, the reformation process exhibits a clear dominance in the market.
Market Breakup by Application
4. Trans Alkylation (TA)
6. Toluene Diisocyanate (TDI)
7. Toluene Disproportionation (TDP)
Market Breakup by Region