USD 23.29 billion
Global Toluene Market Size, Share, Growth Analysis, By Derivative type(Benzene, Xylene), By Application(Drugs, Dyes) - Industry Forecast 2024-2031
Report ID:
SQSG15A2035 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
68 |
Figures:
75
Global Toluene Market Insights
Toluene Market size was valued at USD 23.29 billion in 2019 and is poised to grow from USD 24.53 billion in 2023 to USD 37.39 billion by 2031, growing at a CAGR of 5.4% in the forecast period (2024-2031).
Sales of toluene and associated services make up the toluene market. It is a component of explosives, high-octane fuels, and aviation fuel. Gums and lacquers can also be dissolved in toluene as a solvent. Toluene is an odorless liquid having a scent that is similar to benzene. It is extremely flammable and irritating to the skin, eyes, lungs, and nose. It is present in crude oil, albeit in very small amounts. It is separated during the catalytic reforming process used to make gasoline, as well as during the production of ethylene or coke from coal. To separate toluene, a distillation or solvent extraction technique is utilized. It is frequently employed in the production of bulk compounds like benzene and Xylenes. Derivatives like toluene diisocyanate (TDI) are also crucial to the industry.
The use of toluene has increased across a variety of significant applications due to the compound's expanding potential applications in a number of end-use industries, including the production of pesticides and fertilizers, cosmetic nail products, medicines, and blends. During the forecast period, this can be one of the main factors boosting the toluene market's expansion. Additionally, the paints and coatings business is anticipated to increase steadily due to rising demand from the construction, automotive, and consumer durables industries, where toluene is frequently used as a solvent for diluting paints, enamels, varnishes, and alkyd resins. The toluene market is expected to develop as a result of this factor.
US Toluene Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Solvents
Fastest Growth
Solvents
Growth Rate
5.4% CAGR
Global Industrials Seals Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Industrials Seals Market Size by Grade Type, 2021-2028 ($ Bn)
Global Industrials Seals Market Size by Grade Type, 2021-2028 (%)
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Global Toluene Market Segmental Analysis
The global toluene market segmentation is based on derivative type, application, and region. Based on derivative type the Toluene Market is segmented into benzene and xylene, solvents, gasoline additives, toluene diisocyanate, and others. Based on application the Toluene Market is segmented into drugs, dyes, blending, cosmetic nail products, and others. Based on region the global toluene market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Toluene Market Analysis by Derivative Type
In 2021, the Benzene and Xylene sector will hold the biggest market share at 56.45%. This is explained by the fact that benzene and xylene are the industrial chemicals that are most frequently employed in a variety of end-use industries, including plastics, resins, synthetic fibers, rubber, lubricants, dyes, detergents, medicines, insecticides, and others. Additionally, factors like rising polyester demand, cheap feedstock, and affordable commodity goods where benzene and xylene are frequently utilized in the production of various consumer goods may accelerate the expansion of this segment in the global market.
Toluene Market Analysis by Application
In 2021, it's anticipated that the application of drugs will account for a sizable portion of the industry. This is ascribed to an increase in the severity of illnesses when toluene is frequently employed in the manufacturing of medications that depress the central nervous system (CNS). Additionally, it is applied to the treatment of different parasites in canines and felines in veterinary medicine. In the worldwide toluene market, these reasons are accelerating the expansion of the medicines segment. The dyes category, however, is anticipated to expand significantly over the course of the study period.
Global Industrials Seals Market Share By Grade Type, 2021 (%), 2023 (%)
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Global Toluene Market Regional Insights
With a share of 48.53 % in the global toluene market in 2021, the Asia Pacific region dominated the market and is expected to continue to do so during the forecast period. The largest market share of the APAC toluene market has been gathered by the developing petrochemical sector in nations like India, Thailand, Taiwan, and others. The demand for toluene in the key APAC regions has also been fueled by the region's ongoing industrialization and urbanization. Since China is the world's largest producer of toluene and the demand for chemicals, paints, coatings, and adhesives is on the rise, the country topped the Asia-Pacific area with the highest shares.
In terms of demand, North America makes up the second-largest portion of toluene consumption. Although there is a consistent demand in the area, imports from Asia have reduced the profit margins of local producers. Global trade and regulatory changes may have an effect on market expansion in the near future.
Due to rising crude oil costs and production problems in the region, toluene prices in the Europe region were high. Over the course of the forecast, the regional market may be impacted by changes in trade policy following the BREXIT agreement.
Global Industrials Seals Market By Geography, 2021 - 2028, 2024-2031
- Largest
- Fastest
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Global Toluene Market Dynamics
Toluene Market Driver
- The main driver fueling the expansion of the global toluene market is the rising use of toluene in various end-use industries. For instance, toluene is a solvent used in paints, lacquers, thinners, glues, correction fluid, printing, and leather tanning. Another significant element fueling the market's expansion is the usage of toluene in the manufacture of gasoline.
- The petrochemical industry's growing need for aromatics played a role in the toluene market's expansion. Aromatics are hydrocarbons that are generated from petroleum and generally contain the atoms carbon and hydrogen. Toluene is a typical aromatic that is utilized in the chemical industry as a feedstock, solvent, and fuel additive. Businesses are spending money to increase their production capacity in order to meet the rising demand.
Toluene Market Restraint
- The industry's expansion has been constrained by the growing preference for diesel over gasoline. However, ongoing exposure to toluene may have a harmful impact on the heart, liver, kidney, brain, and nervous system, which also lowers the demand for the toluene business.
- The difficulty of obtaining toluene, the rising popularity of diesel fuel over gasoline, and the discovery of shale gas are the main factors limiting the market for toluene. Since shale oil has a higher aromatic content than conventional oil, its discovery presents a significant market opportunity.
- As certain petroleum fractions are utilized as the primary raw material for the production of toluene, fluctuations in crude oil prices have always been a significant concern for the toluene market. Due to variables including fluctuating crude oil prices and shifts in supply and demand, toluene prices are always shifting.
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Global Toluene Market Competitive Landscape
The primary organic growth tactics chosen by market participants in the toluene industry include product development, capacity expansion, and innovation. Key toluene players are gaining a competitive edge thanks to these initiatives, which are assisting them in growing their regional presence and capturing market share. For instance, INEOS finalized the purchase of BP's global Aromatics & Acetyls division in January 2021. The transaction included ten top joint ventures and 15 locations worldwide (five in the Americas, two in Europe, and eight in Asia).
Toluene Market Top Players Company Profiles
- BASF SE
- ExxonMobil Chemical
- Royal Dutch Shell Plc
- China Petroleum & Chemical Corporation (Sinopec Corp.)
- BP plc
- Covestro AG
- LyondellBasell Industries Holdings B.V.
- Chevron Phillips Chemical Company
- Mitsui Chemicals Inc.
- Braskem S.A.
- Eastman Chemical Company
- China National Chemical Corporation (ChemChina)
- INEOS Group AG
- Huntsman Corporation
- Dow Inc.
- PTT Global Chemical Public Company Limited
- Reliance Industries Limited
- Formosa Chemicals & Fibre Corp.
- TotalEnergies SE
- Toray Industries, Inc.
Toluene Market Recent Development
- In November 2021, ExxonMobil declared that it would contribute to the construction of a multibillion-dollar chemical complex in the Dayawan Petrochemical Industrial Park in Huizhou, Guangdong Province, China. The plant will help fulfill China's anticipated increase in demand for products containing performance chemicals.
- In May 2021, the paint and coatings plant in Jiading, China, where PPG has completed a US$ 13 million investment, now boasts eight new powder coating production lines and an expanded powder coatings technology center, both of which are intended to strengthen PPG's R&D capabilities. The plant's capacity will probably grow by more than 8,000 tonnes annually as a result of the expansion.
Global Toluene Key Market Trends
- Toluene is a solvent used in several industrial settings. In the chemical industry, these solvents are employed in the production of paints, glues, printing, leather tanning procedures, and other products. Most chemical businesses use toluene as a solvent to create other kinds of compounds like phenol, benzoic acid, nitrobenzene, and benzyl chloride. For usage in internal combustion engines, the toluene chemical can also be added to gasoline as an octane enhancer. For both two-stroke and four-stroke engines, i.e., as fuel, absolute toluene is employed. The chemical industry's demand for toluene is anticipated to increase significantly throughout the projected period as a result of these factors.
Global Toluene Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the Benzene and Xylene sector will command the most market share in 2021 with 56.45% of the total. It is projected that a significant percentage of the industry in 2021 will be devoted to drug application. The Asia Pacific region dominated the toluene market in 2021 with a share of 48.53 %, and it is anticipated that this dominance will last during the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 23.29 billion |
| Market size value in 2031 | USD 37.39 billion |
| Growth Rate | 5.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Toluene Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Toluene Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Toluene Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Toluene Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Toluene Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Toluene Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Toluene Market Report Snapshots
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