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2022
Toluene Market

Toluene Market

by Derivative Type (Benzene & Xylene, Toluene Diisocynates, Gasoline Additives, and Others), Application (Drugs, Dyes, Blending, Cosmetic Nail Products, and Others), and Production Process (Reformate Processes, Pygas Processes, Coke/Coal Processes, and Styrene Processes): Global Opportunity Analysis and Industry Forecast, 2021-2030

✷  Report Code: A01653
Pages: 330
Feb 2022 | 20028 Views
Author(s) : Nikhil Mittal , Eswara Prasad
Tables: 213
Charts: 70
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COVID-19

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Toluene Market Research, 2030

The global toluene market was valued at $20.09 billion in 2020, and is projected to reach $33.23 billion by 2030, growing at a CAGR of 5.2% from 2021 to 2030.

Statement for COVID-19 banner: The toluene market has been negatively impacted due to the wake of COVID-19 pandemic owing to its dependence on chemical, oil & gas, and paint & coatings sector. According to a report published by the National Bureau of Statistics of China, the chemical manufacturing industry witnessed a 20% decline in production in March 2020 as compared to March 2019, while profits declined by 66%.

Toluene is a clear water insoluble aromatic hydrocarbon solvent that possesses aromatic, benzene-like smell, and is a highly volatile flammable liquid. It is produced from petroleum and coal tar, and is used as a solvent in the manufacturing of other organic chemicals, such as benzene, xylene, and toluene diisocyanate. In addition, it is used as a solvent in paints, thinners, adhesives, and inks.

Increasing potential applications of toluene in several end-use sectors such as drugs, blending, cosmetic nail products, pesticides & fertilizers manufacturing, and others, has surged the usage of toluene across various important applications. This may act as one of the key drivers for the growth of the toluene market during the forecast period. In addition, paints & coating industry is expected to register a steady growth rate owing to increasing demand from automotive, consumer durables, and construction sector where toluene is widely used as a solvent for thinning paints, enamels, varnishes and alkyd resins. This factor is predicted to boost the growth of the toluene market.

However, the prices of toluene have been increasing over the past few years, as the supplies are tightened due to production issues. Moreover, toluene is seasonal in nature, but is considered expensive, as the prices are continuously rising. This restrains the manufacturers with less investment potential to enter into the toluene market. This may hamper the growth of the toluene market. Moreover, implementation of stringent regulations toward volatile organic compounds (VOCs) limits the use of toluene in various end-use sectors, which is expected to hamper the market growth in the future.

On the contrary, technological advancements and increasing R&D activities have surged the production of toluene from shale gas at very low costs. This has led both the manufacturers and consumers become more linear toward using shale gas-based toluene for various end-use applications. This factor is anticipated to offer new opportunity in the global toluene market. 

The global toluene market analysis is done on the basis of derivative type, application, production process, and region. Depending on derivative type, the market is divided into benzene & xylene, toluene diisocynates, gasoline additives, and others. On the basis of application, it is fragmented into drugs, dyes, blending, cosmetic nail products, and others. On the basis of production, it is classified into reformate processes, pygas processes, coke/coal processes, and styrene processes. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

The major companies profiled in this report include BASF SE, Chevron Phillips Chemical Company LLC, Dhanlaxami Organics & Chemicals, ExxonMobil Corporation, Kakdiya Chemicals, LyondellBasell Industries Holdings B.V., Mitsubishi Chemicals Corporation, Mitsui Chemicals, Pon Pure Chemicals and Valero Energy.

Toluene market, by region

The Asia-Pacific toluene market size is projected to grow at the highest CAGR of 5.8% during the forecast period and accounted for 46.2% of toluene market share in 2020. This is attributed to increasing applications of toluene is sectors such as paint, electronic, healthcare, automotive, cleaning industry, cosmetics, textiles, and others in the Asia-Pacific region. Moreover, the strong demand for toluene in countries such as China, India, Japan, and Korea, due to different developing application segments has attracted the key players to expand or enter in the region.

Toluene Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific would exhibit highest CAGR of 5.8% during 2021-2030.

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Toluene market, by derivative type

In 2020, the benzene & xylene segment was the largest revenue generator, and is anticipated to grow at a CAGR of 5.4% during the forecast period. This is attributed benzene & xylene being the most commonly used industrial chemicals in various end-use sectors such as plastics, resins, synthetic fibers, rubber, lubricants, dyes, detergents, drugs, pesticides, and others. Furthermore, factors such as increasing demand for polyester, low cost of feed stock, and economical commodity products where benzene & xylene are widely used for manufacturing various consumer goods may escalate the growth of this segment in the global market.

Toluene Market
By Derivative Type

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Benzene & Xylene is the most lucrative segment

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Toluene market, by application

By application, the drugs segment was the largest revenue generator, and is anticipated to grow at a CAGR of 5.2% during the forecast period. This is attributed to increase in severity of diseases where toluene is widely used in producing central nervous system (CNS) depressant drugs. In addition to this, it is used in veterinary medicine for treatment of various parasites in dogs and cats. These factors are augmenting the growth of the drugs segment in the global toluene market. 

Toluene Market
By Application

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Blending is projected as the fastest growing segment

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Toluene market, by production process

By production process, the reformate processes segment dominated the global market in 2020, and is anticipated to grow at a CAGR of 5.5% during the forecast period. This is attributed to reformate process being one of the major production process by which aromatic hydrocarbon such as benzene and toluene are produced. Furthermore, the increase in adoption of reformate process for producing toluene in several end-use sectors such as oil & gas, paints & coatings, cosmetics, pharmaceuticals, and others, is augmenting the growth of the reformate processes segment in the global toluene market. 

Toluene Market
By Production Process

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Reformate Processes is projected as the fastest growing segment

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Key benefits for stakeholders

  • Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
  • It outlines the current toluene market trends and future estimations from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
  • The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
  • The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study.
  • The profiles of key players and their key strategic developments are enlisted in the report.

Impact Of Covid-19 On The Global Toluene Market

  • The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe.
  • The toluene market has been negatively impacted due to wake of the COVID-19 pandemic owing to its dependence on chemical manufacturing, oil & gas, paints & coatings, building & construction, automotive, and other sectors. According to a report published by the National Bureau of Statistics of China, the chemical manufacturing industry witnessed a 20% decline in production in March 2020 as compared to March 2019, while profits declined by 66%.
  • Also, several companies have either shut down or shrank their operations due to the risk of infections among the workforce where toluene is used as solvent for manufacturing various consumer goods. This has temporarily hampered the growth of toluene market amid the COVID-19 period.
  • In addition, the falling income of customers and travel restrictions imposed by both local and government bodies have halted the growth of the transportation sector, which in turn has negatively impacted the oil & gas sector where toluene is widely used as solvent in oil refining applications. For instance, according to a report published by Energy and Economic Growth Survey, the oil & gas sector is among the hardest hit sector with an average contraction of -2.8% in 2020. This has shrunk the demand for toluene in the oil and gas sector.
  • In 2020, toluene prices were expected to be higher in Asia. The price rise was due to continued regional demand trends and tight product availability. Firm downstream demand for toluene and stronger upstream costs are expected to sustain the price gain. 

Toluene Market Report Highlights

Aspects Details
By Derivative Type
  • Benzene & Xylene
  • Toluene Diisocynates
  • Gasoline Additives
  • Others
By Application
  • Drugs
  • Blending
  • Cosmetic Nail Products
  • Others
By Production Process
  • Reformate Processes
  • Pygas Processes
  • Coke/coal Processes
  • Styrene Processes
By Region
  • North America   (U.S., Canada, Mexico)
  • Europe  (Germany, UK, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, KSA, South Africa, Rest of LAMEA)
Key players in the global toluene market are:
  • BASF SE
  • Chevron Phillips Chemical Company LLC
  • Dhanlaxami Organics & Chemicals
  • ExxonMobil Corporation
  • Kakdiya Chemicals
  • LyondellBasell Industries Holdings B.V.
  • Mitsubishi Chemicals Corporation
  • Mitsui Chemicals
  • Pon Pure Chemicals
  • Valero Energy
 

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According to CXOs of leading companies, the global toluene market is expected to exhibit high growth potential. The increasing use of toluene in the production of pharmaceuticals, dyes, and cosmetic nail products supplemented the market growth. In addition, the Asia-Pacific fluoropolymers industry offers promising opportunities for the toluene manufacturers, owing to enhanced production of automobiles in countries such as India, China, and Australia where toluene is primarily used as solvent. Furthermore, increase in demand for efficient and cost-effective electrical & electronics solutions and surge in disposable incomes in the developing economies, such as Thailand, Indonesia, and Korea, propel the growth of the toluene market.

In addition, shale-gas based toluene is often regarded as a cost effective alternative in oil refining and chemical manufacturing activities. Also, factors such as easy availability and novel inventions for application of toluene in several end-use industries may enhance the performance of the toluene market.

The CXOs further added that sustained economic growth and the development of paints & coatings sector have surged the popularity of toluene.

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FREQUENTLY ASKED QUESTIONS?

A. The increasing potential applications of toluene in several end use sectors such as drugs, blending, cosmetic nail products, and pesticides & fertilizers manufacturing and increasing demand from paints & coatings sectors are the key factors boosting the toluene market growth.

A. The global toluene market was valued at $22.15 billion in 2022 and is projected to reach $33.23 billion by 2030.

A. BASF SE, Chevron Phillips Chemical Company LLC, Dhanlaxami Organics & Chemicals, ExxonMobil Corporation, Kakdiya Chemicals, LyondellBasell Industries Holdings B.V., Mitsubishi Chemicals Corporation, Mitsui Chemicals, Pon Pure Chemicals and Valero Energy are the key players in the global toluene market.

A. Industries such as paints & coatings, drugs manufacturing, gasoline blending, cosmetics, and pesticides & fertilizers may increase the demand for toluene.

A. The global toluene market analysis is done on the basis of derivative type, application, production process, and region. Depending on derivative type, the market is divided into benzene & xylene, toluene diisocynates, gasoline additives, and others. On the basis of application, it is fragmented into drugs, dyes, blending, cosmetic nail products, and others. On the basis of production, it is classified into reformate processes, pygas processes, coke/coal processes, and styrene processes. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

A. Increasing potential applications in several end use sectors and escalating demand from paints & coatings are the main drivers of the toluene market.

A. Applications such as drugs, dyes, blending, cosmetic nail products, and others are are expected to drive the adoption of toluene market during the forecast period.

A. The toluene market has been negatively impacted due to the wake of the COVID-19 pandemic owing to its dependence on chemical manufacturing, oil & gas, paints & coatings, building & construction, automotive, and other sectors. In 2022, toluene prices are expected to be higher in Asia-pacific. The price rise will be due to continued regional demand trends and tight product availability. Firm downstream demand for toluene and stronger upstream costs are expected to sustain the price gain.

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