Growing demand for toluene among application and growth of the dyes industry among Asia-Pacific have boosted the growth of the global toluene market
PORTLAND, OREGON, UNITED STATES, November 26, 2020 /EINPresswire.com/ — 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 hamper 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.
Request Report Sample : https://www.alliedmarketresearch.com/request-sample/1983
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.
For Purchase Inquiry : https://www.alliedmarketresearch.com/purchase-enquiry/1983
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.
Get detailed COVID-19 impact analysis on the Toluene Market: https://www.alliedmarketresearch.com/request-for-customization/1983?reqfor=covid
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.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
Toll Free: 1-800-792-5285
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060S
Source: EIN Presswire