Toluene Market Growth | Revenue Opportunity, Competitive Analysis and Forecast 2022-2030
Market Overview:
The major application of toluene is to improve octane rating of
gasoline. Toluene growth 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 Growth 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 growth 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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