Increase in R&D Activities to Boost the Global Toluene Market | Technavio
November 17 2017 - 9:03AM
Business Wire
Technavio’s latest market research report on the global toluene
market provides an analysis on the most important trends expected
to impact the market outlook from 2017-2021. Technavio
defines an emerging trend as a factor that has the potential to
significantly impact the market and contribute to its growth or
decline.
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Technavio has published a new report on
the global toluene market from 2017-2021. (Graphic: Business
Wire)
The demand for toluene is driven by its use in diverse
industrial applications in automotive, building and construction,
industrial, and oil and gas industries. It is generally used to
manufacture polyurethane (PU) foams that are widely used in the
automotive, construction, and other industries. PU foams are used
as insulators in the building and construction industry. PU foams
are also used in automobiles as it facilitates low fuel
emissions.
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The top three emerging market trends driving the global toluene
market according to Technavio research analysts are:
- Fluctuation in crude oil prices
- Alternatives for toluene
- Increase in R&D activities
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Fluctuation in crude oil prices
Toluene is an aromatic compound that is used to manufacture
benzene, toluene diisocyanate (TDI), and other derivatives. Toluene
is a distillate product of crude oil, which is formed by the
fractional distillation of crude oil. The fluctuating prices of
crude oil affect the prices of the raw material, which affects the
production cost of toluene.
According to Hitesh Bhatia, a lead analyst at
Technavio for specialty chemicals research, “Fluctuations in the
price of crude oil have a direct impact on the manufacturing cost
of toluene. This will have a significant impact on the price of
toluene in the global market. The decline in the price of oil has
compelled vendors operating in the market to implement various
strategies such as cost-cutting measures to manage the profit
margins.”
Alternatives for toluene
Toluene is most commonly used for the manufacture of different
derivatives such as benzene and xylene, TDI, and others for various
end-use industries. In addition, toluene is known as an excellent
solvent and is used as a thinner in paints. It is also used for
degreasing and cleaning surfaces. However, exposure to toluene
causes health hazards. In addition, volatile organic compound (VOC)
emission in toluene-based products is also quite high. Thus, the
use of toluene poses a serious threat to the environment.
To combat these serious environmental risks, the regulatory
boards, such as the US Environmental Protection Agency (EPA), have
imposed strict regulations on the permissible level and content of
VOCs in everyday products. Owing to these regulations, the demand
for eco-friendly, non-flammable, and bio-friendly substitutes has
increased.
Increase in R&D activities
The major players in the global toluene market have increased
their R&D expenditure to find cost-effective production
techniques for toluene. In addition, vendors are opting for new
innovations and product development strategies to offer products
with better efficiency and enhanced properties.
“Toluene vendors are extensively relying on
the R&D activities, new technologies, and innovations to gain a
competitive edge in the market. In addition, the R&D activities
are expected to foster the use of alternative raw materials used
for manufacturing toluene. These R&D activities are expected to
boost the growth of the toluene market during the forecast period,”
says Hitesh.
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Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS:
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