Toluene Market Research Report Information by Product Type (Benzene and Xylene, Gasoline Additives, Solvents, Tri-Nitrotoluene (TNT), Toluene Diisocyanate (TDI) and others), Application (Paints & Coatings, Foams, Fuel Additives, Cleaning Agents, Heating Oils, Polymer Production and others), End-use Industry (Oil & Gas, Building & Construction, Automotive, Healthcare, Packing and others) and Region (North America, Europe, Asia-Pacific, Latin America and Middle East & Africa) - Forecast till 2030
ID: MRFR/CnM/0528-HCR | 140 Pages | Author: Chitranshi Jaiswal | June 2023
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Toluene Market
The market accounts for USD 34.67 million in 2030. The market also registered a CAGR of over 5.8% during the forecasted 2030.
$34.67 million
5.8%
Asia Pacific
2022 - 2030
Toluene Market Overview
Toluene Market is projected to be worth USD 33.23 Billion by 2030, registering a CAGR of 5.2% during the forecast period (2021 - 2030). Toluene is a colorless liquid that is insoluble in water. It is a monosubstituted chemical made comprised of a CH3 group connected to a phenyl group. Toluene, also known as methylbenzene, phenylmethane, and toluol, is predominantly created during the manufacturing of gasoline by reforming naphtha. Toluene is widely employed as an industrial raw material and a solvent in the production of a wide range of commercial goods. It is also used to make benzene, p-xylene for PET resins, and toluene diisocyanates (TDI) for polyurethane uses, as well as a solvent. Because of the methyl group in its chemical structure, it has low volatility, making it a useful octane-enhancer for motor gasoline blending. The fast use of toluene solvent-based paints and coatings owing to rising building activities, rising demand for efficient gasoline, and rising demand for chemical intermediates generated from toluene such as benzene and xylene are all factors driving the worldwide toluene market. Furthermore, due to the booming oil and gas industry, toluene demand is expected to expand significantly over the assessment period. Rising crude oil refining around the world is expected to close the raw material demand gap, boosting market growth over the forecast period. The market is expected to develop due to rising automobile production and sales, as well as rising lubricant consumption. Moreover, significant urbanization in emerging nations, combined with rising disposable income, is expected to drive market expansion during the assessment period.
COVID 19 Analysis
During the current situation of coronavirus, the Toluene market has faced a few drastic changes. During the pandemic small, medium and large enterprises all have faced negative downfalls. But the market is thought to rise again after the process of vaccination has started.
Market Dynamics
Drivers
Some of the factors that drive the growth of toluene in the market are the uses of toluene in the production of other chemicals such as benzene xylene benzoic acid and others. Also, toluene derivatives serve as the key driver for the growth of the Global market.
Opportunities
Opportunities such as styrene manufacturing process and utilization in the blending of petrol of toluene. The use of terminals in octane boosters in gasoline also played a major role in the opportunity for the growing global market.
Restraints
Few factors that hamper the overall growth of the toluene market are hazardous air pollutants and toxic substances that are considered harmful by the environmental policy agency. Owing to the acute and chronic effects on the central nervous system, toluene use in Europe and America is declining. These are some of the factors that hamper the growth of the overall toluene market.
Market Segmentation
The research report of the toluene market has been segmented in the global market based on product type, application, end-use industry, and region.
Based On The product Type
The global toluene market in the research report is segmented based on the product type into benzene and xylene, gasoline additives, solvents, trinitrotoluene (TNT), toluene diisocyanate (TDI), and others.
Based On The Application
The Global toluene market is segmented based on application into ends and coatings forms fuel additives cleaning agents heating oils polymer production and others. The fuel additives dominate the market in the segment as toluene is the primary source that is used to boost the octane number of gasoline fuel.
Based On The End-Use Industry
The Global market of toluene is divided based on end-users into- automotive health care, oil and gas, building and construction, packing, and others. The oil and gas segment holds up the largest Market share and is also estimated to be the dominant segment during the forecasted period.
Regional Analysis
The different segmentations that are made into the toluene market based on the region are- Asia-Pacific, the Middle East and Africa, North America, Europe, and Latin America.
The Asia Pacific holds the largest Toluene market share in the year 2018. It is expected that this dominance in the region increases during the toluene market forecast period. Is she specifically going to all its expanding oil and gas industries and the lenient government regulations for the usage of toluene has led to opting out of many Toluene market trends. In the region of Asia Pacific countries such as India, China and South Korea are one of the leading markets. These countries show a great upsurge in the demand for toluene.
The second region is North America which holds the maximum toluene market size in the year 2018. This major drive is due to the presence of oil and gas leaders increasing building and construction activities expanding automotive industries which have directly led to an increase in the customer base. As the need for customer goods increases such as paints and coatings and polyurethane foams, These use Toluene as its primary solvent. This solvent increases the use of chemicals and their derivatives. These are the factors that increase toluene market growth in North America.
Europe is expected to show some growth following some governmental policies in these regions regarding the use of toluene. The slow growth however is expected due to the mature automotive market that uses Toluene in their gasoline fuel to increase the fuel quality. This is the reason for the slow and continuous demand for Toluene in this region.
In the region of the Middle East and Africa following market attributes demand due to the production and consumption of petroleum derivatives in the GCC countries.
In the region of Latin America, it is expected to show some retarded growth during the review period in the toluene market.
Competitive Landscape
The most important and major key players in the toluene market in the global market are listed down below-
- Exxon Mobil Corporation (US)
- Covestro AG (Germany)
- BP p.l.c. (UK)
- China Petroleum & Chemical Corporation (China)
- BASF SE (Germany)
- Royal Dutch Shell plc (The Netherlands) Formosa Chemicals & Fiber Corporation (Taiwan)
- Indian Oil Corporation Ltd (India)
- TOTAL S.A. (France)
- DuPont de Nemours, Inc (US)
- SK innovation co. Ltd (South Korea)
- CPC Corporation (Taiwan)
- GS Caltex Corporation (South Korea)
- and China National Petroleum Corporation (China)
All these prominent key players in the global market of toluene use various policies and strategies to cater to the increase in customer base. These policies and strategies involved methods to drive further growth of the toluene. These methods include collaborations, mergers, acquisitions establishing a joint venture developing the new production process innovations in the existing product expansion of business partnerships to increase the need of the customers. All the new technologies that are opted help in increasing the potential market to further extend.
Recent Developments
INEOS completes the acquisition of BP's global Aromatics & Acetyls division in January 2021. The deal includes 15 locations (5 in the Americas, 2 in Europe, and 8 in Asia) as well as ten prominent joint ventures around the world. Tosoh Corporation is a leading player in the worldwide toluene diisocyanate market, which is fragmented due to the presence of a large number of manufacturers with little or no market share.
Report Overview
The Global toluene market research report contains the following elements-
- Market overview
- Covid-19 analysis
- Market dynamics
- Market segmentation
- Regional analysis
- Competitive landscape
- Recent developments
The Global research report on the toluene market has been described thoroughly by mentioning factors that drive the market. As well as the opportunities that provide scope for further development. The report also consists of restraints that may hamper the growth of the market. The report consists of the impacts of covid-19 on the toluene market and the future estimates for the growth rate in the global market are also mentioned. This report contains various strategies and policies that are helpful to get customer service. Many prominent key players in the market of toluene are also mentioned in this research report during the toluene market forecast.
Intended Audience
Given below is the intended audience for the global market of toluene-
- Toluene manufacturers
- Traders and distributors of toluene
- Production process industries
- Potential investors
- Raw material suppliers
- Nationalized laboratory
Report Scope:
| Report Attribute/Metric | Details |
|---|---|
| Market Size | USD 33.23 billion 2030 |
| CAGR | 5.8% 2030 |
| Base Year | 2021 |
| Forecast Period | 2021-2030 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Application, End-Use Industry and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Exxon Mobil Corporation (US), Covestro AG (Germany), BP p.l.c. (UK), China Petroleum & Chemical Corporation (China), BASF SE (Germany), Royal Dutch Shell plc (The Netherlands), Formosa Chemicals & Fiber Corporation (Taiwan), Indian Oil Corporation Ltd (India), TOTAL S.A. (France), DuPont de Nemours, Inc (US), SK innovation co. Ltd (South Korea), CPC Corporation (Taiwan), GS Caltex Corporation (South Korea) and China National Petroleum Corporation (China) |
| Key Market Opportunities | Opportunities such as styrene manufacturing process and utilization in the blending of petrol of toluene. T |
| Key Market Drivers | The uses of toluene in the production of other chemicals such as benzene xylene benzoic acid and others. |
Frequently Asked Questions (FAQ) :
The toluene market is predicted to grow at a 5.80% CAGR between 2021-2030.
Asia Pacific is predicted to have the largest share in the toluene market.
Key players profiled in the toluene market include China National Petroleum Corporation (China), GS Caltex Corporation (South Korea), CPC Corporation (Taiwan), SK innovation co. Ltd (South Korea), DuPont de Nemours, Inc (US), TOTAL S.A. (France), Indian Oil Corporation Ltd (India), Formosa Chemicals & Fiber Corporation (Taiwan), Royal Dutch Shell plc (The Netherlands), BASF SE (Germany), China Petroleum & Chemical Corporation (China), Covestro AG (Germany), BP p.l.c. (UK), and Exxon Mobil Corporation (US).
Some of the factors that may help for the growth of the overall toluene market are the hazardous air pollutant and toxic substances that cause acute as well as chronic effects on the central nervous system. The use of toluene in Europe, as well as America, is slowly declining due to its environmental degradation properties. These are a few factors that may help the growth of the overall toluene market.
Growing environmental concern may deter market growth.
Key Questions Answered
- ✅ Global Market Outlook
- ✅ In-depth analysis of global and regional trends
- ✅ Analyze and identify the major players in the market, their market share, key developments, etc.
- ✅ To understand the capability of the major players based on products offered, financials, and strategies.
- ✅ Identify disrupting products, companies, and trends.
- ✅ To identify opportunities in the market.
- ✅ Analyze the key challenges in the market.
- ✅ Analyze the regional penetration of players, products, and services in the market.
- ✅ Comparison of major players’ financial performance.
- ✅ Evaluate strategies adopted by major players.
- ✅ Recommendations
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