[Online Quarterly Update] Toluene Market experienced considerable growth as its demand reached 35.7 million tonnes in 2021 and is expected to achieve a healthy CAGR of 5.15% during the forecast period.
Toluene, also known as Toluol, is a seven-carbon aromatic hydrocarbon that is clear and colorless in nature. Toluene is primarily utilized in the synthesis of various chemical derivatives like Toluene Diisocyanate (TDI), Benzoic Acid, and others. It is extensively used as a solvent and an industrial feedstock. Since the organic compound is regarded as a universal solvent, it can be directly used in disinfectants, thinners, paints, foams, cleaning agents, adhesives, fuel additives, etc. It also finds its applications in the transportation sector as an octane booster for gasoline with high RON. The increasing demand for aromatics in the petrochemical industry to produce elastomers, agrochemicals, dyes, etc., is driving the market around the world as it is regarded as an aromatic compound due to the presence of benzene ring in its chemical structure. Industrial production of Toluene is done via two methods. In the first method, it is extracted from the pyrolysis of gasoline, which in turn is produced from Naphtha cracking. In the second method, it is extracted from reformate, which is also produced from heavy Naphtha cracking. The demand for Toluene is expected to showcase a downward trajectory in some of the segments in the upcoming years due to restrictions on its consumption as it has a significant level of toxicity. However, with the toxicity of Toluene being much less in comparison to Benzene, it serves as a viable replacement for the latter in some applications.
Based on the derivative types, the Toluene market is segmented into Benzene and Xylene, Solvents, Gasoline Additives, Toluene Diisocyanate, and others (TNT, Benzoic acid, Benzaldehyde). The Benzene and Xylene segment accounts for the largest market share of 56.45% in 2021, owing to the increased usage of Benzene in textile industries and Xylene in paints and coatings and chemical industries.
On the basis of end-use, the market is segregated into building and construction, automotive, oil and gas, paints and coatings, pharmaceuticals, and others. Among these, the paints and coatings sector dominated the Toluene market across the globe with a market share of 24.78% and is expected to maintain its dominance in the forecast period as well. The building and construction segment is also expected to witness robust growth in the next few years owing to the number of construction projects lined up, which will further boost the demand for Toluene in the future.
In 2020, the sudden outbreak of COVID-19 had a far-reaching impact on the Toluene market across the globe. Several downstream industries, businesses, and other facilities were severely affected in the first half of 2020 due to the nationwide lockdowns imposed by the government authorities. Amidst the looming concern, the demand for Toluene was severely hindered around the world, followed by the disrupted supply chain. The market growth post-pandemic demonstrated an upward trajectory due to the increased demand for Toluene from the paint and coatings industry.
Among different regions, the Asia Pacific region dominated the Toluene market in 2021 with a share of 48.53% and is likely to maintain its dominance in the forecast period as well. The increasing production of Toluene in China due to its high demand in automotive, paints and coatings, and other downstream industries is driving the Toluene market across the Asia Pacific region. Followed by the APAC region, North America holds the second-largest share of Toluene in terms of demand.
Major players operating in the Toluene market include Exxon Mobil Corporation (USA), SK Global Corporation Limited (South Korea), Zhenhai Refining and Chemical Company (China), Marathon Petroleum Corporation (USA), PetroChina Company Ltd., Flint Hills Resources LLC (USA), Sinopec Shanghai Petrochemical Co. Ltd. (China), Formosa Chemical & Fibre Corporation (Taiwan), Cepsa (Spain), CNOOC Limited (China), Hengli Petrochemical (Dalian Complex) Co. Ltd. (China), LyondellBasell Industries N.V. (USA), SINOPEC Jinling Petrochemical Co. (China), Cenovus Energy Inc (USA), BASF Total Petrochemicals LLC (USA), Dow Chemical Company Ltd. (Germany) and Others.
Years considered for this report:
Historical Period: 2015-2020
Base Year: 2021
Estimated Year: 2022
Forecast Period: 2023–2035
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Objective of the Study:
• To assess the demand-supply scenario of Toluene which covers production, demand and supply of Toluene market globally.
• To analyse and forecast the market size of Toluene.
• To classify and forecast Toluene market based on application, technology, end-use and regional distribution.
• To identify drivers and challenges for Toluene market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in Toluene market.
• To identify and analyse the profile of leading players involved in the manufacturing of Toluene.
To extract data for Toluene market, primary research surveys were conducted with Toluene manufacturers, suppliers, distributors, wholesalers, and end users. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various end user segments and projected a positive outlook for Global Toluene market over the coming years.
ChemAnalyst calculated Toluene demand globally by analyzing the historical data and demand forecast which was carried out considering imported Toluene, prices, monomers & raw materials used for production of Toluene. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Toluene manufacturers and other stakeholders
• Organizations, forums, and alliances related to Toluene distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Toluene manufacturers, customers, and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Toluene market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
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Attribute
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Details
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Market size volume in 2021
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35.7 million tonnes
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Growth Rate
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CAGR of 5.15% from 2022 to 2035
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Base year for estimation
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2021
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Historic Data
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2015 – 2020
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Forecast period
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2023 – 2035
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Quantitative units
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Demand in Million Tonnes and CAGR from 2022 to 2035
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Report coverage
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Revenue forecast, demand & supply, competitive analysis, competitive landscape, growth factors, and trends
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Segments covered
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1. Derivatives Type (Benzene and Xylene, Solvents, Gasoline Additives, Toluene Diisocyanate, and others (TNT, Benzoic acid, Benzaldehyde)
2. End-Use (Building and Construction, Automotive, Oil and Gas, Paints and Coatings, Pharmaceuticals, and Others)
3. Sales Channel (Direct Company Sale, Direct Import, Distributors & Traders)
4. Process & Technology
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Regional scope
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North America; Europe; Asia Pacific; South America; Middle East & Africa
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Country scope
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United States; Mexico; Canada; China; India; Japan; South Korea; Taiwan; Singapore; Germany; Belgium; France; United Kingdom; Spain; Italy; Sweden; Austria; Saudi Arabia; Iran; South Africa; Brazil; Argentina
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Key companies profiled
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Exxon Mobil Corporation (USA), SK Global Corporation Limited (South Korea), Zhenhai Refining and Chemical Company (China), Marathon Petroleum Corporation (USA), PetroChina Company Ltd., Flint Hills Resources LLC (USA), Sinopec Shanghai Petrochemical Co. Ltd. (China), Formosa Chemical & Fibre Corporation (Taiwan), Cepsa (Spain), CNOOC Limited (China), Hengli Petrochemical (Dalian Complex) Co. Ltd. (China), LyondellBasell Industries N.V. (USA), SINOPEC Jinling Petrochemical Co. (China), Cenovus Energy Inc (USA), BASF Total Petrochemicals LLC (USA), Dow Chemical Company Ltd. (Germany) and Others
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Customization scope
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Free report customization with purchase. Addition or alteration to country, regional & segment scope.
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Pricing and purchase options
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Available Customizations:
With the given market data, ChemAnalyst offers customizations according to a company’s specific needs.
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