Global toluene market was valued a $ 27.3 billion in 2018 and is projected to reach $ 35.9 billion by 2024. Anticipated growth in the market can be attributed to increasing applications of its derivatives in different industries which include construction industry, cosmetics and agriculture. Additionally, growth in end-user industries such as construction, explosives and agrochemicals in regions like Asia-Pacific and Latin America is further anticipated to fuel the growth of the market. Toluene, formerly known as toluol and methylbenzene, is basically an aromatic hydrocarbon that is used as an industrial feedstock as well as a solvent. It is utilized as a solvent in nail polish removers, glues, paint thinners and correction fluids. Additionally, toluene is used in explosives industry in the manufacturing of flammable & explosive compounds, like Trinitrotoluene (TNT), hair dyes and nail products.
Notably, toluene market is segmented based on derivative type and region. Based on derivatives types, global toluene market is classified into benzene & xylene, toluene diisocyanate (TDI), solvent, gasoline additives and tri-nitro toluene (TNT). Benzene & xylene is the dominating segment as toluene (in the form of benzene-toluene-xylene mixtures) are utilized in the blending of petrol and occur as a by-product in the manufacturing of styrene. TDI segment is expected to be the fastest growing market for toluene during forecast period as it is majorly used in the production of PU foams, which are widely used in industries such as, oil & gas, building & construction, and automotive for insulating applications. Furthermore, solvent accounted for the second largest share in global toluene market, owing to its higher demand in manufacturing of cosmetics and paints & coatings industry.
Regionally, global toluene market has been segmented as North America, South America, Europe, Asia-Pacific and Middle East & Africa. Among these regions, Asia-Pacific accounts for a substantial share in the market followed by North America. Growth of Asia-Pacific toluene market is led by rising construction activities and growth in cosmetics industry across the region.
Some of the key players operating in global toluene market include, Exxon-Mobil Chemical, Shell, Valero, Reliance Industries, ConocoPhillips, BASF SE, BP Chemicals, China National Petroleum, Mitsui & Co, Sinopec, S.K. Global Chemical Co Ltd. among others.
Years considered for this report:
- Historical Years: 2014-2017
- Base Year: 2018
- Estimated Year: 2019
- Forecast Period: 2020-2024
Objective of the Study:
- To analyze and forecast global toluene market size.
- To forecast global toluene market based on derivative type and regional distribution.
- To identify drivers and challenges for global toluene market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global toluene market.
- To conduct pricing analysis for toluene market.
- To identify and analyze the profile of leading players involved in the manufacturing of toluene.
Some of the leading players in global toluene market are Exxon-Mobil Chemical, Sinopec, Shell, Reliance Industries, ConocoPhillips, Valero Energy, BASF SE, BP Chemicals, China National Petroleum, Mitsui & Co, among others.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of leading manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the product offerings, distribution channels and presence of all major players operating in global toluene market.
TechSci Research calculated global toluene market size using a top-down approach, wherein data for various derivatives was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Toluene manufacturers and suppliers
- Major end users
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to toluene market
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global toluene market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Market, By Derivative Type:
o Benzene & Xylene
o Toluene Diisocynates (TDI)
o Gasoline Additives
o Tri Nitro Toluene (TNT)
- Market, By Region:
Rest of Asia-Pacific
o North America
Rest of Europe
o Middle East & Africa
o South America
Company Profiles: Detailed analysis of the major companies present in global toluene market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).
Profit Margin Analysis
- Profit margin analysis in case of direct and indirect sales channel.