The modern-day document posted via Report Ocean, titled “Toluene Market : Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023 to 2031,” affords a complete evaluation of the industry, which includes insights on the market trends. The file additionally consists of competitor and regional analysis, and present-day developments in the market. This document can serve as a fantastic information for investors, researchers, consultants, advertising strategists and all these who are planning to foray into the market in any form.
The global toluene market size is expected to reach $23,393 million by 2023 from $16,597 million in 2016, registering a CAGR of 5.0% from 2017 to 2023. Toluene is a clear water insoluble aromatic hydrocarbon solvent with molecular formula of C7H8. It possesses aromatic, benzene-like smell, and is a highly volatile flammable liquid with a flash point of 4?C. It is produced from petroleum and coal tar, and is used as a solvent in the manufacturing of other organic chemicals, such as benzene, xylene, and toluene diisocyanate. It is used as a solvent in paints, thinners, adhesives, and inks. Cosmetic and personal care products such as nail paints and removers containing toluene are applied to the hard, impenetrable surface of the nail where a smooth and glossy film is quickly formed upon evaporation of the solvents.
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The toluene market has grown considerably in the recent years in developing nations, such as China, India, and Japan, owing to increase in investments in chemicals, petrochemicals, and oil & gas industries. Moreover, crude oil & natural gas contains high impurities and corrosive components, such as hydrogen sulfide, carbon dioxide, and free water, which cause deterioration of the inner walls of wells and pipelines. Continual oil & gas extraction could lead to corrosion of the internal surface of pipelines. Aromatic solvents (benzene, toluene, ethylbenzene, and mixed xylenes (BTEX)) are used as corrosion inhibitors for internal protection of pipes as well as perform fractional distillation in the oil & gas industries. Therefore, rise in demand for toluene as corrosion inhibitor in the oil & gas industry acts as a driving factor of the market.
Benzene toluene xylene (BTX) is a synthetic source of volatile organic compounds (VOCs). VOCs have compounding, long-term adverse effects on health; thus, is strictly regulated by various legislations. Moreover, stringent regulations about VOCs is expected to hamper the adoption of aromatic chemicals.
The global toluene market is segmented based on derivative type, application, material for construction, and geography. Based on derivative type, it is classified into benzene & xylene, toluene diisocyanates, solvents, gasoline additives, and others. The benzene & xylene type segment registered significant growth during 2016, and is expected to grow during the forecast period. The bending application segment is estimated to grow at a significant CAGR of 5.2%. By technology, it is segmented into reformate process, pygas process, coke/coal process, and styrene process. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for nearly half of the share of the total revenue in 2016, followed by North America and Europe.
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COVID-19 Impact
In 2019, the COVID-19 epidemic swept the globe. It brought everything to a halt. It had an impact on the entire world economy. Moreover, a great number of people have also perished. In total, 5,091,465 fatalities and 252,297,094 cases of COVID-19 have been reported worldwide. A majority of the nations on earth were affected by the pandemic. The pandemic brought some kind of loss in the majority of industries. The epidemic caused a slowdown in the chemical industry as well. According to Statista, the business generated over US$ 3.94 trillion in worldwide sales in 2019. An all-time high of US$5.4 trillion in revenue was produced by the sector in 2014.
The level of rivalry among well-known international corporations has been determined by studying a number of key industries, as well as market competition, market share, current developments in the sector, novel product launches, alliances, mergers, and acquisitions by key corporations.
KEY BENEFITS FOR STAKEHOLDERS
The report provides an extensive analysis of the current and emerging trends, estimations, and opportunities during the forecast period in the toluene market.
Comprehensive analysis of factors that drive and restrict the growth of the market is provided.
Comprehensive regional analysis of the market based on primary and secondary sources is provided.
Extensive analysis of the market is conducted by following product benchmarking, positioning, and monitoring the top competitors within the global market.
The report provides extensive qualitative insights on the significant segments or regions and key insights on strategic analysis of various companies and value chain analysis of the market.
Key market players have invested in R&D activities to develop advanced products to cater to the demand of end users. The key players in the toluene market include:
ExxonMobil Chemical
Sinopec
Shell
Reliance Industries
ConocoPhillips
Valero Energy
BASF
BP Chemicals
China National Petroleum
Mitsui Chemicals
Other players in the value chain (profiles not included in the report) are: –
Koch Industries
JX Nippon Oil and Energy Corporation
Chevron Phillips
Nova Chemicals
Sherwin-Williams
Total Petrochemicals
Lyondell Basel
Covestro
Formosa Plastics
Toluene Market Key Segmentation:
By Derivative Type
Benzene & Xylene
Toluene Diisocyanates
Solvents
Gasoline Additives
Others (Benzaldehyde and Benzoic Acid)
By Production Process
Reformate Process
Pygas Process
Coke/Coal Process
Styrene Process
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By Application
Drugs
Dyes
Blending
Cosmetic Nail Products
Others (TNT, Pesticides, and Fertilizers)
By Geography
North America
U.S.
Canada
Mexico
Europe
France
Germany
UK
Spain
Italy
Rest of Europe
Asia-Pacific
India
China
Japan
Australia
Korea
Rest of Asia-Pacific
LAMEA
Brazil
KSA
South Africa
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
In this report, the key questions answered:
- How has the adoption of Market impacted COVID-19?
- What are the key market tips in key areas?
- Which utilized sciences are most impacting the anticipated global enterprise?
- Who are the major global game enthusiasts in modern times dominating the Market?
- How do AI clients turn out to be conscious of technological knowledge in strolling theatres?
- What are the vital corporation fashions determined via way of the foremost market players?
- What are the key factors that will have an effect on the expand of Market globally?
- How foremost game enthusiasts in the Global corporation environment are incorporating key
- What is the present day income contribution of distinct product kinds in the market and what are the predicted changes?
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