As per the report published by Allied Market Research, the global toluene market was pegged at $16.59 billion in 2016, and is projected to reach 23.39 billion by 2023, growing at a CAGR of 5.0% from 2017 and 2023.
Growing demand for toluene among application and growth
of the dyes industry among Asia-Pacific have boosted the growth of the global
toluene market. However, discovery of shale gas in the North American market
and limitation in the sourcing of toluene hamaper the market. On the contrary,
production of toluene from shale gas is expected to open new opportunities for
the market growth in the coming years.
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Covid-19 scenario: The outbreak of Covid-19 has greatly affected the
global toluene market.
- The
factors such as disrupted supply chain and lack of workforce have affected
the production of toluene.
- The
governments of several countries have restricted movement and added travel
restrictions , which hampered the demand for the toluene market.
The global toluene market is segmented on the basis of
derivative type, production process, applications, and geography. Based on
derivative type, the market is divided into benzene & xylene, toluene
diisocyanates, solvents, gasoline additives. The benzene & xylene segment
held the largest share in 2016, contributing to more than half of the market.
Moreover, the segment is expected to register the highest CAGR of 5.2% during
the forecast period.
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COVID-19 impact analysis on the Toluene Market: https://www.alliedmarketresearch.com/request-for-customization/1983?reqfor=covid
On the basis of production process, the market is
categorized into reformate, pygas, coke/coal, and styrene. Based on
application, the market is divided into reformate, pygas, coke/coal, and
styrene. The drug segment held the largest share in 2016, accounting for half
of the market.
The global toluene market is analyzed across several regions
such as North America, Asia-Pacific, Europe, and LAMEA. The market across
Asia-Pacific held the largest share in 2016, accounting for more than half of
the market, due to surge in demand for toluene in the petrochemical and oil
& gas industry.
The global toluene market report includes an in-depth
analysis of the major market players such as ExxonMobil Chemical, Shell,
Sinopec, ConocoPhillips, Reliance Industries, BASF, Valero Energy, China
National Petroleum, BP Chemicals, and Mitsui Chemicals.
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