DUBLIN--(BUSINESS WIRE)--The "Global Toluene Market - Segmented by Derivative, Application and Geography - Growth, Trends and Forecasts (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The global toluene market is expected to witness a CAGR of around 5.5% during the forecast period, owing to increasing application of toluene as a solvent in various applications such as paint thinners, nail polish removers, glues and correction fluids.
Toluene is an aromatic hydrocarbon that is widely used as a solvent. Toluene is used as a cleaning solvent in the manufacturing of paints and coatings, adhesives, resins, and in coating, printing, and leather industry. It is used in applications, such as paint thinners, nail polish removers, glues, and correction fluids. Moreover, increase in demand for aromatics in the petrochemical industry in the development of synthetic fibers, elastomers, agrochemicals, dyes, and nail paints is also augmenting the market growth.
Based on derivative, the use of toluene in the production of benzene and xylene held the largest market share. Toluene diisocynate (TDI) is expected to be the fastest-growing derivative market, owing to its strong demand in the manufacture of polyurethanes (PU). The growing use of PU foams in the automotive industry, due to its lightweight to reduce fuel emissions is further expected to boost the market for toluene for the production of TDI. Greenhouse gas emissions have encouraged various companies to improve energy efficiency in industrial buildings, which is driving the demand for PU foams for use as insulators, thereby driving the market for toluene.
Notable Developments
- September 2017: Sadara Chemical Company had announced the commercial startup of its toluene di isocyanate (TDI) facility in Jubail Industrial City II, Saudi Arabia.
Companies Mentioned
- Exxon Mobil Corporation
- Royal Dutch Shell PLC
- SK Innovation Co. Ltd.
- Valero
- Formosa Plastics
- BASF SE
- Chevron Phillips
- China Petroleum & Chemical Corporation
- Covestro AG
- CPC Corporation
- Lyondellbasell Industries NV
- Nova Chemicals
- Sherwin-Williams
- Total SA
- Braskem SA
- Mitsubishi Chemical Corporation
Key Topics Covered
1. Introduction
2. Executive Summary
3. Market Insights
4. Market Dynamics
5. Market Segmentation and Analysis
6. Regional Market Analysis
7. Future of the Market
8. Competitive Landscape
9. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/7tgvfh/toluene_global?w=4
