“Global Toluene Market” is a recently studied and analyzed market by MarketResearch.biz, and a report was produced to publish the findings. The report offers in-depth insights, revenue details, and other vital information regarding the global toluene market. The sections include trends, drivers, restraints, opportunities, and threats in the target market till 2028. The report offers insightful and detailed information regarding the major players operating in the market, their financials, innovations, key developments, strategies, acquisitions & mergers, and market footprint. The global toluene market report has been segmented on the basis of derivative, application, and region.
Toluene is also known as methylbenzene, methacide, phenylmethane, antisal, or formerly toluol. Toluene is found in crude oils and can be extracted tolu trees. It is a colorless, water insoluble, volatile, inflammable liquid, with a benzene-like odor and resembles paint thinner. It is primarily obtained from petroleum and coal tar, mixed with gasoline to improve its octane number. Toluene is majorly used in paints, adhesives, disinfectants, and inks. It is also used as a raw material to manufacture pharmaceuticals, dyes, and cosmetic nail products.
Increasing adoption of toluene in rapidly growing industries such as oil & gas, petrochemical, building & construction, paints, printing, rubber, and resins is expected to drive growth of the toluene market. Rising demand for chemical intermediates made from toluene such as benzene and xylene, coupled with surging demand for aromatics in the petrochemical industry for production of synthetic fibers, elastomers, agrochemicals, dyes, and nail paints in emerging economies is also anticipated to boost growth of the toluene market. Additionally, increasing demand for solvent-based paints and coatings owing to increasing construction activities and infrastructure development is expected to bolster growth of the toluene market globally. Furthermore, rapid urbanization along with increasing disposable income in developing countries is expected to propel growth of the market over the forecast period.
However, rising environmental concern regarding the toxic effect of chemicals used in toluene could hamper demand and restrain growth of the global toluene market over the forecast period. Stringent rules and regulation by regulatory bodies may also hamper growth of the market over the long term. The US Environmental Protection Agency (EPA) has implemented stringent regulations on the permissible level and content of Volatile Organic Compounds (VOC) in products.
The global toluene market is segmented on the basis of derivative, application, and region.
By Derivative: The derivative segment is bifurcated into Benzene and Xylene, Solvents, Gasoline Additives, TDI and Others (Trinitrotoluene, Benzoic acid, Benzaldehyde). The benzene & xylene segment, dominates the global market owing to growing demand for Polystyrene (PS) and Polyethylene Terephthalate (PET) in various end-use applications such as dyes and cosmetics industry.
By Application: The market is segmented into drugs, dyes, blending, cosmetic nail products, and others (TNT, pesticides, and fertilizers). The drugs segment is expected to hold major revenue share over the forecast period.
Currently, the market in North America accounts for highest share in the global market in terms of revenue. This can be attributed to presence of leading manufacturers and high consumption potential of in countries in the region. Europe toluene market is expected to register a strong growth rate owing to major demand for toluene from the gasoline additive manufacturing industry in the region. The market in the Asia Pacific is also expected to register significant growth over the forecast period due to increasing adoption for toluene. The market in Middle East & Africa is expected to register a moderate CAGR during the forecast period due to expanding petroleum refineries in the UAE, Saudi Arabia, and Kuwait.
Global Toluene Market Segmentation:
- Benzene and Xylene
- Gasoline Additives
- Others (Trinitrotoluene, Benzoic acid, Benzaldehyde)
- Cosmetic Nail Products
- Others (Pesticides, Fertilizers)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- 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
- CPC Corporation
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