NEW YORK, Jan. 23, 2017 /PRNewswire/ -- "Toluene market projected to reach USD 23.41 billion by 2021"
The toluene market is projected to reach USD 23.41 billion by 2021 at a CAGR of 6.3%. The growing end-user base of toluene in end-use industries such as, automotive, building & construction, and oil & gas is expected to lead to the high growth of the toluene market. In addition, the growing petrochemical industry in the Asia-Pacific region also is further expected to drive the toluene market. The major restraints in the toluene market are the limitations in sourcing toluene, the increasing demand for diesel as against gasoline, and the discovery of shale gas.
"Benzene and xylene–The largest segment of toluene in terms of value and volume"
Benzene and xylene are projected to lead the toluene market during the forecast period, both, in terms of value and volume. The most common derivatives of benzene and xylene are, Polyethylene Terephthalate (PET), Polystyrene (PS), and cumene, among others. The growing applications of PET and PS are expected to support the benzene and xylene markets, which in turn is expected to drive the toluene market.
"North America expected to be the fastest growing market both, in terms of value and volume"
North America is the fastest growing market for toluene. Growth in the North American market is led by the rising demand from the automotive, building & construction, industrial, and gasoline consumption, due to the increasing quality & performance standards of the end-products in which toluene is used as a solvent or additive. These factors along with the discovery of shale oil is also driving the toluene market.
Break-up of profiles of the primary participants for the report
- By Company Type – Tier 1–55%, Tier 2–20%, and Tier 3–25%
- By Designation – C Level– 75%, Manager Level–25%
- By Region – North America–10%, Europe-20%, Asia-Pacific–40%, Middle East & Africa-18%, and Latin America–12%
The toluene market is projected to register steady growth rate from 2016 to 2021. The companies profiled in this report include, 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.
The toluene market for this study is segmented on the basis of application and derivative. The application and derivative include, benzene and xylene; solvents; gasoline additives; TDI; and others such as, trinitrotoluene, benzoic acid, and benzaldehyde among others. The research study also includes a detailed segmentation of the global toluene market based on region. Apart from the market segmentation, this report provides a comprehensive review of the major market drivers, restraints, opportunities, and key issues of the market.
Key benefits of buying the report
This research report is focused on various levels of analyses—industry analysis (industry trends), market share analysis of top players, value chain analysis, and company profiles, emerging and high-growth segments of the toluene market; high-growth regions; and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on toluene offered by the top players in the global toluene market
- Market Development: Comprehensive information about lucrative emerging markets – the report analyzes the markets for toluene across regions
- Market Diversification: Exhaustive information about untapped geographies, and investments in the global toluene market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of the leading players in the toluene market
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