Toluene Market – Global Industry Analysis and Forecast (2023-2029)

Toluene Market was valued at US$ 25.22 Bn. in 2022. The Toluene Market size is estimated to grow at a CAGR of 6.45 % over the forecast period.

Toluene Market Overview:

The report explores the Toluene market's segments (Derivative Type, Production Process, Application, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2018 to 2022. The report investigates the Toluene market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Toluene market's contemporary competitive scenario.Toluene MarketTo know about the Research Methodology:- Request Free Sample Report 2022’s market size is estimated on real numbers and outputs of the key players and major players across the globe. The past five years' trends are considered while forecasting the market through 2029. 2020 is a year of exception and analysis, especially with the impact of lockdown by region.

Toluene Market Dynamics:

Increased potential applications of toluene in a variety of end-use industries, including pharmaceuticals, mixing, cosmetic nail products, pesticides, fertilizer manufacturing, and others, have boosted toluene utilization in a variety of essential applications. During the forecast period, this might be one of the primary drivers of the toluene market's growth. Also, the paints and coatings industry is predicted to increase rapidly due to rising demand from the automotive, consumer durables, and construction industries, where toluene is widely used as a solvent for thinning paints, enamels, varnishes, and adhesive resins. The toluene market is expected to develop as a result of this factor. Toluene costs have been rising in recent years as supplies have been tightened due to production concerns. Also, toluene is seasonal in nature, although it is regarded as expensive because of the rise in pricing. This makes it difficult for producers with limited initial capital to enter the toluene industry. This could limit the toluene market's expansion. Also, strict rules governing volatile organic compounds (VOCs) limit the use of toluene in a variety of end-use industries, which is projected to hinder future market growth. Technological breakthroughs and increased R&D activity, on the other hand, have boosted the production of the toluene from shale gas at very low costs. As a result, both consumers and producers are increasingly turning to shale gas-based toluene for a variety of purposes. In the worldwide toluene market, this feature is expected to open up new opportunities. There are some limits and challenges to overcome that will limit total market expansion. Rising environmental concerns about the hazardous effects of chemicals used in toluene, as well as severe rules and regulations by regulatory agencies, are potential barriers to the global Toluene Market's overall growth.

Toluene Market Trends:

In industrial applications, toluene is employed as a solvent. These solvents are used in the chemical industry to make paints, glues, printing, and tanning processes for leather, among other things. Toluene is utilized as a solvent in the majority of chemical industries to make other compounds, including phenol, benzoic acid, nitrobenzene, and benzyl chloride. Global chemical production (excluding pharmaceuticals) is forecasted to expand by 4.4 percent in 2022, according to BASF. As a result, over the forecast period, the Chemical industry application segment will dominate the market. For use in internal combustion engines, toluene chemicals can be employed as an octane booster in gasoline fuels. Absolute toluene is a fuel used in both two-stroke and four-stroke engines. The increasing use of toluene and its derivatives in a variety of sectors is one of the market's main development drivers. Also, the increased usage of toluene in gasoline blends, where it functions as an octane booster and keeps the energy level of gasoline constant, has boosted the market growth. In addition, the growing demand for aromatics in the petrochemical industry for synthetic fibers, agrochemicals, dyes, nail paints, and other applications is driving the worldwide toluene market. Aside from that, increased demand for toluene has resulted from expansion in end-use sectors, mainly in emerging economies such as China and India.

Toluene Market Segment Analysis:

By Derivative Type: The benzene and xylene sector generated the most revenue in 2022, and it is expected to expand at a CAGR of 5.4% during the forecast period. Benzene and xylene are the most widely used industrial chemicals in a variety of end-use industries, including plastics, resins, synthetic fibers, rubber, lubricants, dyes, detergents, medicines, insecticides, and others. Also, factors such as rising polyester demand, low feedstock costs, and low-cost commodity products where benzene and xylene are usually utilized in the manufacturing of various consumer goods may drive this segment's growth in the global market. By Production Process: In 2022, the reformate processes category dominated the global market, and it is expected to rise at a CAGR of 5.5% over the forecast period. The growth is attributed to the reformate process, which is one of the main production processes for aromatic hydrocarbons like benzene and toluene. Also, the growing use of the reformate process for manufacturing toluene in a variety of end-use industries, including oil & gas, paints & coatings, cosmetics, pharmaceuticals, and others, is boosting the reformate processes segment's rise in the toluene market. By Application: The pharmaceuticals section generated the most revenue and market share accounted for 31% in 2022. The segment growth is attributed to a rise in the seriousness of conditions where toluene is widely used in the production of CNS depressive medications. In addition, it is used to treat different parasites in dogs and cats in veterinary medicine. These factors are fueling the worldwide toluene market's expansion in the medicines segment.

Regional Insights:

During the forecast period, the Asia-Pacific toluene market is expected to grow at the fastest rate of 5.8%, accounting for 46.2% of the global toluene market share in 2022. This can be linked to the growing use of toluene in Asia-Pacific industries such as paint, electronics, healthcare, automotive, cleaning, cosmetics, textiles, and others. Also, the high demand for toluene in countries like China, India, Japan, and Korea, owing to a variety of emerging application categories, has encouraged important manufacturers to expand or enter the region. The increased modernization and growth in end-use sectors, particularly in emerging economies like China and India, are positively boosting industry growth. Also, due to ongoing economic growth and growing living standards, India and China have seen significant growth in the chemical industry. Also, toluene manufacturers are implementing new technologies to reduce operating costs, improve production efficiency, and expand capacity, all of which are likely to boost the industry's growth. The objective of the report is to present a comprehensive analysis of the Toluene Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear, futuristic view of the industry to the decision-makers. The reports also help in understanding the Toluene Market dynamic and structure by analyzing the market segments and projecting the Toluene Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Toluene Market make the report investor’s guide.

Toluene Market Scope: Inquire before buying

Toluene Market
Report Coverage Details
Base Year: 2022 Forecast Period: 2023-2029
Historical Data: 2018 to 2022 Market Size in 2022: US $ 25.22 Bn.
Forecast Period 2023 to 2029 CAGR: 6.45% Market Size in 2029: US $ 39.07 Bn.
Segments Covered: by Derivative TDI Benzene and Xylene Gasoline Additive Others
by Production Process Reformate Processes Pygas Processes Styrene Processes Coke/Coal Processes
by Application Drugs Blending Cosmetic Nail Products Others

Toluene Market, by Region:

North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (razil, Argentina Rest of South America)

Key Players:

1. BASF 2. Shell 3. HELM AG 4. Covestro 5. Sinopec 6. Formosa Plastics 7. Lyondell Basel 8. BP Chemicals 9. Mitsui Chemicals 10. Valero Energy 11. Conoco Phillips 12. Total Petrochemicals 13. ExxonMobil Chemical 14. Reliance Industries 15. China National Petroleum 16. Sherwin- Williams 17. Nova Chemicals 18. Koch Industries Frequently Asked Questions: 1. Which region has the largest share in Global Toluene Market? Ans: Asia Pacific region held the highest share in 2022. 2. What is the growth rate of Global Toluene Market? Ans: The Global Toluene Market is growing at a CAGR of 6.45% during forecasting period 2023-2029. 3. What is scope of the Global Toluene market report? Ans: Global Toluene Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period. 4. Who are the key players in Global Toluene market? Ans: The important key players in the Global Toluene Market are – BASF, Shell, HELM AG, Covestro, Sinopec, Formosa Plastics, Lyondell Basel, BP Chemicals, Mitsui Chemicals, Valero Energy, Conoco Phillips, 5. What is the study period of this market? Ans: The Global Toluene Market is studied from 2022 to 2029.
1. Toluene Market Size: Research Methodology 2. Toluene Market Size: Executive Summary 2.1. Market Overview and Definitions • Introduction to Toluene Market Size 2.2. Summary • Key Findings • Recommendations for Investors • Recommendations for Market Leaders • Recommendations for New Market Entry 3. Toluene Market Size: Competitive Analysis 3.1. MMR Competition Matrix • Market Structure by region • Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12. COVID-19 Impact 4. Toluene Market Size Segmentation 4.1. Toluene Market Size by Derivative Type (2022-2029) • TDI • Benzene and Xylene • Gasoline Additive • Others 4.2. Toluene Market Size by Production Process (2022-2029) • Reformate Processes • Pygas Processes • Styrene Processes • Coke/Coal Processes 4.3. Toluene Market Size, by Application (2022 – 2029) • Drugs • Blending • Cosmetics Nail Products • Others 5. North America Toluene Market (2022-2029) 5.1. North America Toluene Market Size by Derivative Type (2022-2029) • TDI • Benzene and Xylene • Gasoline Additive • Others 5.2. North America Toluene Market Size by Production Process (2022-2029) • Reformate Processes • Pygas Processes • Styrene Processes • Coke/Coal Processes 5.3. North America Toluene Market, by Application (2022-2029) • Drugs • Blending • Cosmetics Nail Products • Others 6. European Toluene Market (2022-2029) 6.1. European Toluene Market, by Derivative Type (2022-2029) 6.2. European Toluene Market, by Production Process (2022-2029) 6.3. European Toluene Market, by Application (2022- 2029) 6.4. European Toluene Market, by Country (2022- 2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Toluene Market (2022-2029) 7.1. Asia Pacific Toluene Market, by Derivative Type (2022-2029) 7.2. Asia Pacific Toluene Market, by Production Process (2022-2029) 7.3. Asia Pacific Toluene Market, by Application (2022-2029) 7.4. Asia Pacific Toluene Market, by country (2022- 2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Toluene Market (2022-2029) 8.1. Middle East and Africa Toluene Market, by Derivative Type (2022-2029) 8.2. Middle East and Africa Toluene Market, by Production Process (2022-2029) 8.3. East and Africa Toluene Market, by Application (2022-2029) 8.4. Middle East and Africa Toluene Market, by country (2022- 2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Toluene Market (2022-2029) 9.1. South America Toluene Market, by Derivative Type (2022-2029) 9.2. South America Toluene Market, by Production Process (2022-2029) 9.3. South America Toluene Market, by Application (2022-2029) 9.4. South America Toluene Market, by country (2022-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key player 10.1 BASF 10.1.1 Company Overview 10.1.2 Financial Overview 10.1.3 Global Presence 10.1.4 Capacity Portfolio 10.1.5 Business Strategy 10.1.6 Recent Development 10.2 Shell 10.3 HELM AG 10.4 Covestro 10.5 Sinopec 10.6 Formosa Plastics 10.7 Lyondell Basel 10.8 BP Chemicals 10.9 Mitsui Chemicals 10.10 Valero Energy 10.11 Conoco Phillips 10.12 Total Petrochemicals 10.13 ExxonMobil Chemical 10.14 Reliance Industries 10.15 China National Petroleum 10.16 Sherwin- Williams 10.17 Nova Chemicals 10.18 Koch Industries

About This Report

Report ID 13903
Category Material & Chemical
Published Date June 2023
Updated Date