Portland, OR -- (SBWIRE) -- 06/15/2017 -- Toluene Market Report, published by Allied Market Research, states that the toluene market was valued $16,597 million in 2016, and is projected to reach $23,393 million by 2023, growing at a CAGR of 5.0% from 2017 to 2023. The benzene & xylene segment held more than half of the total market share in 2016.

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Toluene is produced in the process of manufacturing saccharin, antiseptics, and paint thinners. It is also employed in making perfumes, antifreeze dyes, and medicine and is utilized to produce the polymers that create plastic and nylon. It is naturally found in coal tar and is a byproduct of gasoline and coke. The primary sources of toluene are the industries that manufactures and use it in production. The industries that manufacture toluene and further use it in production are oil refiners, chemical industries, rubber manufacturers, pharmaceutical industries, metal degreasing, printing, manufacturers of paints, varnishes, and lacquers. In addition, toluene is extensively manufactured by the process of catalytic reforming and account for half of the global production volume. Furthermore, coke oven light oil (COLO) and steam cracking of naphtha represent an opportunistic source for toluene from coal processing into coke.

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Currently, the global toluene market witness numerous opportunities, owing to a rapid increase in development of petrochemical industry in Asia-Pacific and LAMEA. Toluene has numerous commercial & industrial applications and is a solvent in paints, lacquers, thinners, glues, correction fluids, and nail polish removers, and is used in the printing and leather tanning processes. Toluene is used as a fullerene indicator and is a raw material for toluene diisocyanate. It is used as a solvent in carbon nanotubes, such as fullerenes. Moreover, biological usage of toluene, such as in biochemistry experiments that include breaking or disrupting red blood cells in order to extract hemoglobin acts as a factor that boost the market development.

The benzene & xylene segment, accounted for more than half share, in terms of volume, in 2016. Moreover, increase in demand for toluene and the polyester sector is expected to result in higher volumes of toluene being converted into mixed xylenes & para-xylene. However, a decrease in demand for fossil fuels in industrialized nations and increase in trend toward the consumption of bio-based fuels, such as ethanol is expected to restrict the market growth to some extent.

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Demand for toluene in blending of petrol and for use in gasoline pool to raise octane rating of fuel and reduction of its vapor pressure among oil & gas industries acts as a lucrative opportunity for the key players in the global toluene market.

Key Findings of the Toluene Market:

- In terms of value, the benzene & xylene derivative type is anticipated to show the highest growth rate of 5.2% during the analysis period.

- Asia-Pacific is projected to maintain its lead throughout 2023, and is projected to grow at a CAGR of 5.3%, in terms of value.

- The drugs segment occupied nearly half of the total market in 2016.

- Germany occupied nearly one-third of the total Europe toluene market in 2016.

- In terms of value, Japan is expected to grow at a CAGR of 4.3% from 2017 to 2023.

In 2016, Asia-Pacific accounted for more than half of the total toluene market, and are expected to continue this trend, due to increase in demand for toluene in petrochemical and oil & gas industries, specifically in China, India, Japan, Brazil, and other developing countries.

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The major companies profiled in the report include ExxonMobil Chemical, Sinopec, Shell, Reliance Industries, ConocoPhillips, Valero Energy, BASF, BP Chemicals, China National Petroleum, and Mitsui Chemicals.