IMARC Group, a leading market research company, has recently released a report titled “Toluene Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global toluene market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the toluene market?
The global toluene market size reached US$ 27.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 37.4 Billion by 2028, exhibiting a growth rate (CAGR) of 5.29% during 2023-2028.
What is Toluene?
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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What are the growth prospects and trends in the toluene industry?
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.
Who are the key players operating in the toluene market?
The report has also analysed the competitive landscape of the market with some of the key global players
- Exxon Mobil Corporation
- SK Global
- British Petroleum
- Versalis
- Compañia Española De Petroleos Sau
- BASF
- Covestro
- BP PLC
- Royal Dutch Shell Plc.
What is Included in Market Segmentation?
The report has categorized the market based on technology, application, and region.
Breakup by Technology:
- Reformation Process
- Pygas Process
- Coke/Coal Process
- Styrene Process
Based on Application
- Gasoline
- STDP/TPX
- Solvents
- Trans Alkylation (TA)
- Hydrodealkylation
- Toluene Diisocyanate (TDI)
- Toluene Disproportionation (TDP)
- Others
Regional Analysis:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
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Key Highlights of The Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- 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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