The global toluene market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Toluene is an aromatic hydrocarbon extracted from crude oil and coking coal and is a part of BTX (Benzene, Toluene and Xylenes). It is a majorly used as a solvent and as a feedstock for producing benzene, xylenes, terephthalic acid and many downstream derivatives. Toluene is also used as a feedstock in the manufacturing of numerous chemicals like TNT, TDI, dyes and pharmaceuticals.
Rising demand of solvent driven paint, inks and other industries is likely to drive the toluene market. As toluene is a major feedstock for benzene and xylene production, demand from these markets is expected to fuel the growth of toluene market. Demand from paints and ink, pharmaceuticals and dye industry is also increasing because of growing population and extra income in developing countries.
Drivers and Restraints of Toluene Market
Growing investments in downstream industries in regions like the Middle East and the Far East are likely to offer tremendous possibilities for toluene market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Toluene is exposed to the probability of volatility in supply and price of crude oil. Toluene has an adverse effect on human body if exposed to it for a longer duration. Its remnants are normally found in soil and air which often makes environmental regulatory institutions to implement strict regulations on usage of toluene. Existing and future regulations concerning the use of Toluene and its derivatives in end products is likely to hinder the market growth.
Toluene Market by Region
Asia was the largest consumer of toluene and this pattern is anticipated to continue to be identical over the following few years. Consumption in Asia is showing upward trend because of increase in economic activity in China and India. China, Japan and South Korea were largest consumers of toluene in this region, whereas India is likely to grow at a higher pace. Growing demand from paint, inks, dyes and other industries will drive toluene market in Asia. Consumption of toluene in rest of the world was minimal however it is likely to grow at a reasonable rate next to Asia. North America is likely to grow at a significant rate due to demand from construction and automobile industry. Demand from Europe was low relatively and is likely to stay same in the next few years due to strict environmental regulations.
Top key players in this market include China Petroleum & Chemical Corporation, China National Petroleum Corporation, Exxon Mobil Corporation, Covestro AG, BP P.L.C., SK Innovations, BASF SE, GS Caltex, Formosa Chemical & Fiber Corporation, Royal Dutch Shell, and CPC Corporation.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Potential and niche segments, regions showing promising growth