The global toluene market size is anticipated to register a considerable CAGR during the forecast period, 2021-2028. The growth of the market is attributed to growing applications in variety of industries such as cosmetic nail products, pharmaceuticals, blending, pesticides and fertilizer manufacture globally.
Toluene is a water-insoluble, colorless, volatile, and flammable liquid that has same odors such as benzene and is widely used as a paint thinner. It derives from tolu trees and is extracted in crude oils. Some of the common names associated with toluene are ethoxide, phenylmethane, methylbenzene, antisal, and toluol. Wafers and chips are also cleaned with the solution. Toluene is a byproduct of the coal-fired manufacturing of gasoline and coke. Since it is made from petroleum and coal tar, it is extensively used to boost the octane rating of gasoline.
The COVID-19 pandemic has a considerable impact on the global toluene market. Due to the ongoing pandemic and stringent lockdown imposed by governments and regulatory agencies globally; several enterprises ranging from small to large suffered loss in their operation including the market. The hindrance in supply chain worldwide is another key aspect that hamper the market growth during the pandemic. The market is expected to recover soon with an uptrend operation as due to subsiding COVID cases.
Market Trends, Drivers, Restraints, and Opportunities
- Growing usage of toluene as a solvent for various application and growing construction projects especially in developing regions are key factors driving the market.
- Usage of toluene in the production of other chemicals such as benzene xylene benzoic acid and others is expected to boost the market in the coming years.
- Increasing awareness associated with the application of toluene and its derivatives is expected to fuel the market during the projected period.
- Stringent government regulations with the application of toluene presents a major challenge. This is anticipated to hamper the market growth in the projected period.
- Use of terminals for octane boosters in gasoline is projected to create significant growth opportunities for the market in the near future.
Scope of the Report
The report on the global toluene market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Toluene Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Applications (Explosive, Gasoline, Solvent, Chemical Intermediates, and Others) and Derivatives (Toluene Diisocyanates, Gasoline Additives, Benzene & Xylene, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Chevron Phillips Chemical Company, LLC; BASF SE; LyondellBasell Industries N.V.; Covestro AG; and Exxon Mobil Corp.
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Market Segment Insights
Chemical intermediates segment to grow at a rapid pace
Based on applications, the global toluene market is divided into explosive, gasoline, solvent, chemical intermediates, and others. The chemical intermediates segment is expected to grow at a rapid pace during the forecast period owing to the chemical used in the manufacturing of polyurethane. The chemical particularly has its flexible foam applications such as furniture and beds as well as in packaging. However, the solvent segment is anticipated to hold a key share of the market in the coming years due to wide adoption of the solution by numerous end-users.
Benzene & xylene segment to expand at a considerable CAGR
On the basis of derivatives, the market is segregated into toluene diisocyanates, gasoline additives, benzene & xylene, and others. The benzene & xylene segment is projected to expand at a considerable CAGR during the forecast period attributed to the growing demand for its derivatives, such as polyethylene terephthalate and polystyrene in several applications. Moreover, growing demand for coatings and sealants to reduce leakages is expected to drive the segment growth further.
Asia Pacific to constitute a key market share
In terms of regions, the global toluene market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the projected period owing to rising demand for automobiles along with rising purchasing parity of consumers across the region. However, the market of North America is anticipated to expand at a rapid pace during the forecast period attributed to the growing demand for luxurious vehicles in the region.
Segments
The global toluene market has been segmented on the basis of
Applications
- Explosive
- Gasoline
- Solvent
- Chemical Intermediates
- Others
Derivatives
- Toluene Diisocyanates
- Gasoline Additives
- Benzene & Xylene
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global toluene market are Chevron Phillips Chemical Company, LLC; BASF SE; LyondellBasell Industries N.V.; Covestro AG; and Exxon Mobil Corp. Manufacturers in the market have used a variety of strategic initiatives such as collaborations, mergers & acquisitions, and partnerships to grow their customer base and gain a competitive advantage over competitors. Furthermore, corporations are focusing their investments in R&D for the creation and introduction of new products in order to preserve their market competitiveness.
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