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LONDON, GREATER LONDON, UK, February 18, 2020 /EINPresswire.com/ — The global toluene market is expected to grow at a rate of about -4.67% to nearly $20.4 billion by 2023. The emerging demand for aromatics in the petrochemical industry contributed to the growth of the toluene market. However, fluctuations in crude oil prices have always been a major challenge in the toluene market as selected fractions of petroleum are used as raw material for producing toluene.
The toluene market consists of sales of toluene and related services. It is used in aviation fuel and other high-octane fuels, dyestuffs and explosives. Toluene is also used as a solvent for gums and lacquers. Toluene is a colorless flammable liquid obtained from coal tar or petroleum.
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The global toluene market is further segmented based on type and geography.
By Type – The toluene market is segmented into benzene and xylene, solvents, gasoline additives, TDI (toluene diisocyanate), trinitrotoluene, benzoic acid, and benzaldehyde.
By Geography – The global toluene is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia-Pacific toluene market accounts for the largest share in the global toluene market.
Trends In The Toluene Market
Toluene di-isocyanate is increasingly being used as raw materials in the manufacturing of flexible foam applications. Toluene di-isocyanate (TDI) is a chemical used in polyurethanes production, especially in flexible foam applications such as furniture, bedding and also in packaging applications.
Potential Opportunities In The Toluene Market
With stability in oil prices and growing demand in end user industries, the scope and potential for the global toluene market is expected to significantly rise in the forecast period.
Major players in the market are Exxon Mobil Corporation, Sinopec, Royal Dutch Shell PLC, Reliance Industries, BASF SE, Valero Energy, BP Chemicals, and China National Petroleum.
Global Toluene Industry Report 2020 is one of a series of new reports from The Business Research Company that provides toluene market overviews, analyzes and forecasts toluene market size and growth for the global toluene market, toluene market share, toluene market players, toluene market size, toluene market segments and geographies, toluene market trends, toluene market drivers and toluene market restraints, toluene market’s leading competitors’ revenues, profiles and market shares. The toluene market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Where To Learn More
Read Toluene Global Market Report 2020 from The Business Research Company for information on the following:
Markets Covered: global toluene market
Data Segmentations: toluene market size, global and by country; historic and forecast size, and growth rates for the world, 7 regions and 12 countries
Toluene Market Organizations Covered: Exxon Mobil Corporation, Sinopec, Royal Dutch Shell PLC, Reliance Industries, BASF SE, Valero Energy, BP Chemicals, and China National Petroleum
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Time Series: Five years historic (2015-19) and forecast (2019-23).
Other Information And Analyses: PESTEL analysis, toluene market customer information, toluene market product/service analysis – product examples, toluene market trends and opportunities, drivers and restraints, key mergers and acquisitions, key metrics covered: number of enterprises, number of employees, global toluene market in 2020 – countries offering most new opportunities
Sourcing and Referencing: Data and analysis throughout the report are sourced using end notes.
Strategies For Participants In The Toluene Industry: The report explains a number of strategies for companies in the toluene market, based on industry trends and company analysis.
Opportunities For Companies In The Toluene Sector: The report reveals where the global toluene industry will put on most $ sales up to 2023.
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Source: EIN Presswire