$23.41 Billion Toluene Market - Global Forecast to 2021: Growing Petrochemical (Aromatics) Industry In Asian Countries - Research and Markets

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Jan 23, 2017, 08:10 ET

DUBLIN, Jan 23, 2017 /PRNewswire/ --

Research and Markets has announced the addition of the "Toluene Market - Global Forecast to 2021" report to their offering.

The toluene market is projected to reach USD 23.41 Billion by 2021, at a CAGR of 6.3% from 2016 to 2021

The market is expected to be driven by the growing end-user base of toluene and its derivatives in various industries such as, building & construction, automotive, oil & gas, and consumer appliances, among others. The growing petrochemical industry in the Asia-Pacific region countries such as India, Taiwan, and Thailand has also opened new markets for toluene.

The toluene market is segmented by application and derivative; and region. The toluene market can be classified into application and derivative segments such as, benzene and xylene; solvents; gasoline additives; TDI; and others such as, trinitrotoluene, benzoic acid, and benzaldehyde. The benzene and xylene segment is projected to be the largest market of toluene due to the growing demand for its derivatives such as, Polystyrene (PS) and Polyethylene Terephthalate (PET) in various applications. This trend is projected to continue due to the increasing automobile and consumer appliances industry in the Asia-Pacific, and Middle Eastern & African regions.

The Asia-Pacific region, with its growing economies and rapidly expanding commercial and industrial bases, is projected to lead the toluene market from 2016 to 2021, both, in terms of value and volume. The toluene market in Europe and North America is consolidated, whereas the market in the Asia-Pacific region has a fragmented structure, where China, Japan, India, and South Korea are the leading players.

The TDI segment is expected to be the fastest growing market for toluene during the forecast period. It is majorly used in the production of PU foams, which are widely used in industries such as, oil & gas, building & construction, and automotive for insulating applications. Rising energy costs and greenhouse gas emissions have also prompted companies to improve energy efficiency in households and industrial buildings, which is leading to the growing use of PU foams as insulators in the building & construction industry. PU is also used in automobiles due to its light weight, which enables lowering fuel emissions. These unique characteristics of PU foams are expected to drive its demand in the automotive industry, which, in turn, drive the market for TDI, which is a major raw material for the production of PU.

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