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Toluene Market to Reach USD 23.41 Billion by 2021: MarketsandMarkets

Published on 2017-01-24. Author : SpecialChem

The report "Toluene Market by Application and Derivative (Benzene and Xylene, Solvents, Gasoline Additive, Toluene Di-Isocyanate, Benzoic Acid, Trinitrotoluene, Andbenzaldehyde) - Global Forecast to 2021", The global market size of toluene was USD 20.02 Billion in 2015 and is projected to reach USD 23.41 Billion by 2021, at a CAGR of 6.3%.

Rising end-use of toluene and its derivatives in industries such as, oil & gas, petrochemical, building & construction, paints, printing, rubber, and resins, among others are driving the market for toluene. Along with these, the growing petrochemical industry in the Asia-Pacific region countries such as, India, Taiwan, and Thailand is also driving the toluene market.

Key Market for Toluene

The Asia-Pacific region is estimated to have led the toluene market in 2016. China is the largest consumer of toluene in the world. The demand for toluene is driven by the diverse industrial markets ranging from building & construction, automotive, industrial, and oil & gas, among others. The ensuing increase in investments and rise in the number of new manufacturing establishments is expected to lead the Asia-Pacific region emerging as the prime driver for the toluene market.

Fastest Growing Segment

The TDI segment is estimated to be fastest growing segment in the toluene market. Growth in the automotive and building & construction industries is expected to drive the market of TDI for polyurethane, which is used as an insulating foam in these industries.

North America is expected to witness high potential growth in the TDI segment due to the recent discoveries of shale gas and shale oil in the region and a strong manufacturing base in the U.S. Rising energy costs and greenhouse gas emissions have prompted various companies to improve the energy efficiency in households and industrial buildings, which is driving the demand for PU foams for use as insulators. PU foam is used in automobiles due to the light weight, which helps in the reduction of fuel emissions. With the increasing concerns regarding the conservation of energy, the market for PU is expected to grow, which, in turn, is expected drive the demand for toluene.

The global toluene market has a large number of market players; however the market is led by some of the major players, such as, China Petroleum & Chemical Corporation (China), China National Petroleum Corporation (China), Exxon Mobil Corporation (U.S.), Covestro AG (Germany), BP P.L.C. (U.K.), SK Innovations (South Korea), BASF SE (Germany), GS Caltex (South Korea), Formosa Chemical & Fiber Corporation (Taiwan), Royal Dutch Shell (Netherlands), and CPC Corporation (Taiwan), among others.

About MarketsandMarkets

MarketsandMarkets is amongst the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. M&M specializes in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Its 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.

M&M’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in its reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.

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Source: MarketsandMarkets
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