Albany, NY -- (SBWIRE) -- 02/24/2020 -- 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.
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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.
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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 operating in the toluene derivatives market include:
ExxonMobil Corporation
LyondellBasell
BP Plc
Chevron Phillips Chemical
Indian Oil Corporation Limited
BASF SE
China Petroleum & Chemical Corporation
Royal Dutch Shell Plc
CNPC
Mitsui Chemicals