Global Toluene Market is Set for Rapid Growth, to Reach Around USD 31.8 Billion by 2021
Deerfield Beach, FL -- (SBWIRE) -- 05/01/2017 -- According to the report, global demand for toluene was valued at over USD 25.1 billion in 2015, is expected to reach above USD 31.8 billion in 2021 and is anticipated to grow at a CAGR of slightly above 4.0% between 2016 and 2021.
Zion Market Research has published a new report titled "Toluene Market by Type (Benzyl Chloride, Trinitrotoluene (TNT), Benzaldehyde, Toluene Diisocyanate (TDI), Benzoic Acid and Other) for Industrial Solvent, Production of Explosives, Production of Benzene, Gasoline Additive and Other application: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021."
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Toluene is inflammable, clear liquid with volatile nature aromatic hydrocarbon. Toluene is present naturally in tolu tree and crude oils. Toluene's identification number is CAS#108-88-3 and UN#1294 is United Nations Department of Transportation's number for toluene. Toluene is obtained in the process of coke production and from fuels. Toluene is utilized in nail paints, adhesives, printing and leather tanning process, lacquers.
Out of the total consumption of toluene, 60% is utilized in production of benzene and xylene. The market for benzene and xylene is growing with 5% of CAGR. This factor is anticipated to provide an impetus to the toluene market. Toluene market is directly depends on the growth of benzene and xylene market. Yet, volatile prices of fossil oils and introduction of new aromatic products may limit the growth of the market. The ill effects caused due to inhalation of toluene also hamper the growth of toluene market. Even so, host of applications across wide range of end users is likely to open new market avenues in the near future.
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Benzyl chloride, trinitrotoluene (TNT), benzaldehyde, toluene diisocyanate (TDI), benzoic acid and other are some of the important types of toluene. Benzoic acid followed with benzyl chloride together account for the largest share of the global toluene market in terms of revenue in 2015. Industrial solvent, production of explosives, and production of benzene, gasoline additive and other are the major applications for toluene market. Industrial solvent coupled with production of benzene are fastest growing segment owing to widespread applications and strong demand from end users. Production of explosives and gasoline additives is likely to trigger the toluene market in the years to come.
With 50% of the total share, china and U.S. leads the toluene market. China continues to gain traction due to increasing demand and rise in industrialization. North America is the fastest growing market in the forecast the period. Latin America and Middle East is expected to have sluggish market for toluene during the years to come.
Shanghai Dinghan Chemical co Ltd, Shell chemicals, BASF, Exxon Mobil, BP, Reliance Industries, Dongjin Semichem co ltd and China National Petroleum Corporation among other are some of the foremost key players in the toluene market.
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