Toluene Market Share - Growth, Trends, COVID-19 Impact, and Forecasts (2022

Toluene Market Share - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2030)

January 24, 2022

Market Overview:

The major application of toluene is to improve octane rating of gasoline. Toluene is also used to produce benzene and as a solvent in paints, coatings, adhesives, inks, and cleaning agents. Toluene is also used in the production of polymers used to make nylon, plastic soda bottles, and polyurethanes and for pharmaceuticals, dyes, cosmetic nail products, and the synthesis of organic chemicals.

Some of the prominent factors that positively influence the growth of toluene market are increasing crude oil production, rising demand for fuel additives, and increasing consumption of paints & coatings owing to rapid urbanization. Increasing urbanization along with rising per capita disposable income in developed and emerging economies are predicted to drive the growth of the market over the forecast period, 2017 to 2023. Increasing benzene and xylene production from toluene owing to the demand from plastics manufacturing industries. Moreover, continuous expansion of automotive sector as well as shifting manufacturers focus towards effective gasoline as fuel is estimated to fuel the growth of the market during the review period, 2017 to 2023. However, growing environmental concern regarding the toxic effect of chemicals used in toluene solvent along with the implementation of strict regulations are predicted to hinder the market growth over the assessment period, 2017 to 2023.

Market Segmentation

The global Toluene Market Share is categorized on the basis of grade, application, and region. On the basis of grade, the market is bifurcated into commercial, nitration, and toluene diisocyantes. On the basis of application, the toluene market is categorized into intermediates, fuel additives, foam, polymer production, solvents, and others. On the basis of region, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.

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Regional Analysis

Asia pacific is estimated to be the largest toluene market followed by North America and Europe due to strong existence of crude oil reserves which reduces the raw material demand gap for toluene market. In Europe, Germany, Russia, and Spain are predicted to register a strong growth on account of tremendous demand for toluene in gasoline additive manufacturing. In North America, countries such as U.S. and Canada are the fastest growing market for toluene, and is estimated to grow with the same pace over the forecast period. Rising demand for solvent segment to manufacture paints & coatings, adhesives and industrial cleaning agents is predicted to contribute to the regional market growth. In Middle East & Africa, U.A.E, Saudi Arabia and Kuwait are among the major contributors in the regional market growth due to expansion of oil & gas offshore and onshore activities as well as increasing innovations. In South America, Mexico is expected to register strong growth due to robust presence of automobile manufacturers.

Competitive Analysis

Some of the prominent players operating in the global toluene market share are Exxon Mobil Corporation (U.S.), Covestro AG (Germany), BP p.l.c. (U.K), China Petroleum & Chemical Corporation (China), BASF SE (Germany), Royal Dutch Shell plc (the Netherlands), Formosa Chemicals & Fibre Corporation (Taiwan), Indian Oil Corporation Ltd (India), The Dow Chemical Company (U.S), TOTAL S.A. (France), and others.

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