The Global Toluene Coatings Market is forecast to reach USD 41.56 Billion by 2028, according to a new report by Reports and Data. Toluene is also known as toluol, is a colorless, aromatic hydrocarbon. It is a water-insoluble liquid with a smell similar to paint thinners. This organic compound is a mono-substituted benzene derivative comprising of a CH3 group attached to the phenyl group. This colorless organic compound’s IUPAC systematic name is methylbenzene. The compound occurs as a byproduct in the production of gasoline by an ethylene cracker or catalytic reformer and naturally at low levels in crude oil. Toluol is also a byproduct of the production of coke from coal. The compound witnesses extensive application as a solvent and as an industrial feedstock. One major use is as a precursor to benzene and xylene. It is used as a solvent in contact cement, permanent markers, and paint thinner. It is also used as a recreational inhalant, which carries the risk of causing neurological damage. The nitration of the compound provides with mono-, di-, and trinitrotoluene, which are also extensively used. Thus, factors like the rising demand for toluene among end-users, a large number of derivatives, and expansion of the dyes industry in the Asia Pacific region are some of the factors propelling the market growth.
Top Companies Operating in the Global Toluene Coatings Market:
Covestro AG, Exxon Mobil Corporation, SK Innovation Co., Ltd, BP PLC, BASF SE, SK Innovation Co., Ltd, China National Petroleum Corporation, Royal Dutch Shell PLC, CPC Corporation and Formosa Chemicals Fibre Corporation.
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Further key findings from the report suggest
- The Toluene Coatings Market held a market share of USD 27.10 Billion in the year 2018 that is forecasted to grow at a rate of 4.3% during the forecast period.
- In context to Derivatives, the Toluene Diisocynate [TDI] segment is projected to witness the fastest growth rate of 5.2% during the forecast period, which is expected to hold, 16.2% of the market by 2028. The growth rate witnessed by the Toluene Diisocynate [TDI] segment is attributed to the rising demand for PU foam for insulating applications in construction, automotive sectors, wherein TDI forms an integral aspect in manufacturing these foams.
- In context to End-user, the Oil gas segment held the largest market share of more than 30.0% in 2018, with a growth rate of 4.4% during the forecast period. The market dominance of the Oil gas segment is attributed to the fact that this organic compound is a natural substance of crude oil gasoline, which results in its elevated use in this industry. Furthermore, its use in enhancing the quality of petrol also contributes to the segment’s occupied market share.
- In regards to Application, the Foams segment is projected to witness the fastest CAGR of 5.5% during the forecast period, which is expected to occupy 14.5% of the market by 2028. The rising demand for PU foam for insulating applications in oil gas, construction, and automotive sectors results in the increasing demand for the compound in this segment, which requires TDI for the product of these foams.
- In regards to the region, Europe held 24.0% of the market in 2018, with a CAGR of 4.0% during the forecast period. The market share held by the region is resultant of well-established automotive sector and expanding construction industry.
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Toluene Coatings Market Segmentation
Derivatives Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
- Benzene and Xylene
- Toluene Diisocynate [TDI]
- Gasoline
- Others
End-User Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
- Construction
- Oil gas
- Healthcare
- Packaging
- Automotive
- Others
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
- Fuel additives
- Paints coatings
- Heating oil
- Cleaning Agent
- Foams
- Polymer production
- Others
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
Key Attentions of Toluene Coatings Market Report:
The report offers a complete and broad perspective on the global Toluene Coatings Market.
The market statistics depicted in the various Toluene Coatings Market segments give a complete picture of the industry.
The market growth drivers and challenges affecting the development of the Toluene Coatings Market are analyzed in detail.
The report will aid in the analysis of key competitive market scenarios and Toluene Coatings Market dynamics.
Major players, Toluene Coatings Market key companies, investment feasibility, and study of new market entrants are offered.
The scope of development of the Toluene Coatings Market in each market segment is covered in this report.
The macro and microeconomic factors that influence the Toluene Coatings Market progress are detailed in this report.
The upstream and downstream components of the Toluene Coatings Market and a complete value chain are explained.
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