USD 23.29 billion
Report ID: SQSG15A2035 | Region: Global | Published Date: September, 2022 | Pages: 165 | Tables: 68 | Figures: 75
Toluene Market size was valued at USD 23.29 billion in 2021 and is poised to grow from USD 24.53 billion in 2022 to USD 37.39 billion by 2030, growing at a CAGR of 5.4% in the forecast period (2023-2030).
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.
Global Market Size
USD 23.29 billion
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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.
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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.
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Toluene Market Driver
Toluene Market Restraint
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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
Toluene Market Recent Development
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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.
|Market size value in 2021||USD 23.29 billion|
|Market size value in 2030||USD 24.53 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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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.
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