Toluene Derivatives Market: Introduction
- The global toluene derivatives market is expected to expand at a rapid pace during the forecast period, due to the increasing demand for these derivatives in various industries such as, building & construction, automotive, oil & gas, and consumer appliances. Growth in the petrochemical industry in countries in Asia Pacific such as India, Taiwan, and Thailand has also opened new avenues for the toluene derivatives market.
- Toluene, also known as toluol and methylbenzene, is an aromatic hydrocarbon that is primarily used as an industrial feedstock and solvent. Toluene is used as a solvent in paint thinners, nail polish removers, glues, and correction fluids. Additionally, it is employed in the explosives industry in the manufacture of flammable & explosive compounds such as Trinitrotoluene (TNT). Furthermore, it is employed in the manufacture of hair dyes and cosmetic nail products.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF sample of this report
Key Drivers of Toluene Derivatives Market
- Rise in energy costs and increase in greenhouse gas emissions have compelled companies to improve energy efficiency. This has boosted the usage of polyurethane foams as insulators in the building & construction industry. Polyurethane is also used in automobiles due to its light weight, which helps lower fuel emissions. These unique characteristics of polyurethane foams are expected to drive the demand for these foams in the automotive industry. In turn, this is projected to drive the demand for toluene derivatives, which is a major raw material used in the production of polyurethane.
- Rise in application of toluene derivatives in the manufacture of drugs and blending of petrol offers lucrative potential for the global toluene derivatives market, owing to rapid industrialization and expansion in the oil & gas industry. Increase in demand for toluene derivatives as octane booster in gasoline is also augmenting the global toluene derivatives market.
- Demand for toluene derivatives has been increasing owing to the rise in usage of these derivatives in gasoline blends. Additionally, toluene derivatives such as benzene-toluene-xylene mixtures are used in the blending of petrol. These occur as by-products of styrene. This is also expected to drive the market during the forecast period.
Benzene & Xylene Type Segment to Offer Immense Opportunities
- In terms of value and volume, the benzene & xylene type segment is estimated to account for significant share of the market during the forecast period, owing to the rise in demand for derivatives, including Polystyrene (PS) and Polyethylene Terephthalate (PET), in numerous applications. This trend is anticipated to continue during the forecast period due to the growth in automobile and consumer appliances industries in Asia Pacific and Middle East & Africa.
- Rise in usage of xylene in paints and coatings, industrial chemicals, textiles, and plastics is expected to drive the market for benzene and xylene during the forecast period. This, in turn, is estimated to boost the toluene derivatives market in the near future.
- Toluene diisocyanate (TDI) is anticipated to be a rapidly growing segment of the market during the forecast period. TDI is primarily employed in the production of polyurethane foams, which are widely used in industries such as oil & gas, building & construction, and automotive for insulating applications.
Expanding operations in future? To get the perfect launch ask for a custom report
Asia Pacific Expected to Hold Major Share of Global Toluene Derivatives Market
- In terms of value and volume, Asia Pacific accounted for significant share of the global toluene derivatives market in 2018. It is anticipated to continue its dominance during the forecast period, due to the growth in the paints & coatings industry and rise in demand for architectural and automotive coatings in the region. China is the largest producer of chemicals, paints & coatings, and adhesives in Asia Pacific. This is expected to further drive the toluene derivatives market in the country.
- North America and Europe also constitute vital share of the global toluene derivatives market. The market is estimated to expand at a sluggish pace in these regions due to the implementation of stringent regulations regarding carbon emissions.
- Brazil is the leading consumer of toluene derivatives in Latin America. It is projected to continue its attractiveness during the forecast period due to the expansion in the oil & gas industry in the country.
- Latin America and Middle East & Africa are likely to be attractive regions of the toluene derivatives market during the forecast period. Latin America constitutes countries such as Brazil and Mexico, which are major manufacturers of automotive in the world. They are also manufacturing hubs for numerous industries. Economic growth in these countries is likely to create opportunities for the toluene derivatives market in Latin America.
Key Players in Market
Key players operating in the toluene derivatives market include:
- ExxonMobil Corporation
- BP Plc
- Chevron Phillips Chemical
- Indian Oil Corporation Limited
- BASF SE
- China Petroleum & Chemical Corporation
- Royal Dutch Shell Plc
- Mitsui Chemicals
Global Toluene Derivatives Market: Research Scope
Global Toluene Derivatives Market, by Type
- Benzene & Xylene
- Toluene Diisocyanate (TDI)
- Benzoic Acid
- Gasoline Additives
Global Toluene Derivatives Market, by Application
Global Toluene Derivatives Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.