The toluene market proficiently consists of sales of toluene and connected services. It is utilized in aviation fuel and several other high-octane fuels, dyestuffs and explosives. Toluene is also effectively utilized as a solvent for gums and lacquers. Toluene is a colorless flammable liquid acquired from the coal tar or petroleum.
According to the report analysis, ‘Toluene Global Market Report 2020’ states that in the toluene global market there are several corporates which presently operating more effectively for leading the highest market growth and dominating the handsome value of market share around the globe during the inflowing years while spreading the awareness related to such, implementing the profitable strategies, analyzing the strategies and policies of such, decreasing the linked prices, developing the applications of such, enhancing the specifications of the production technologies and employing the young work force includes Exxon Mobil Corporation, Sinopec, Royal Dutch Shell PLC, Reliance Industries, BASF SE, Valero Energy, BP Chemicals and China National Petroleum.
The worldwide toluene market reached a value of approximately USD 24.7 billion in 2019, having increased at a compound annual growth rate (CAGR) of 2.7% since 2015, and is projected to augment at a CAGR of -4.67% to almost USD 20.4 billion by 2023. The toluene market has been geographically divided into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. The Asia Pacific was the largest economy in the toluene market during 2019.
The emerging requirement for aromatics in the petrochemical industry underwritten to the growth of the toluene market. The Aromatics are petroleum-derived forms of hydrocarbons, composed principally of carbon and hydrogen elements. The Toluene is a common aromatic, utilized as chemical feedstocks, solvents, and fuel seasonings in the chemical industry. To cater to the increasing requirement, companies are underwriting in enlarging their production capacity. For instance, during March 2019, Fortrec, a Singapore-based chemical corporate obtained aromatic solvents refinery in Ulsan, Korea. The plant has an annual volume of 60,000 tons of aromatic solvents and will be enlarged further to meet the augmenting demand from consumers. The growing requirement for aromatics in end-use industries is increasing and thereby propelling the toluene market.
The Toluene di-isocyanate is progressively being utilized as raw materials in the manufacturing of flexible foam applications. Toluene di-isocyanate (TDI) is a chemical utilized in polyurethanes production, particularly in flexible foam applications likewise furniture, bedding and also in packaging applications. According to ‘The Furnishing Report’ in the UK, Toluene di-isocyanate is one of the major ingredients utilized in the producing of flexible polyurethane foams, one of the foremost components utilized in UK furniture manufacturing industry. Growing use of toluene di-isocyanate will underwrite towards the growth of the market.
In October 2019, Chrysaor Holdings Limited, a UK-based company specialized in the production and exploration of oil and gas resources, acquired ConocoPhillips’ UK oil and gas business for USD 2.68 billion. The acquisition is expected to help Chrysaor Holdings Limited in positioning it as the largest oil and gas producer in the UK North Sea with the production capacity of more than 180,000boepd. ConocoPhillips is a USA-based company that specializes in processing, refining, and marketing crude oil, natural gas, and producing petroleum products such as toluene.
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Ankur Gupta, Head Marketing & Communications