DUBLIN--(BUSINESS WIRE)--The "Toluene Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
The global toluene market is expected to grow from $18.25 billion in 2020 to $18.45 billion in 2021 at a compound annual growth rate (CAGR) of 1.1%. The market is expected to reach $16.92 billion in 2025 at a CAGR of -2%.
Major players in the toluene market are Exxon Mobil Corporation, Sinopec, Royal Dutch Shell PLC, Reliance Industries, BASF SE, Valero Energy, BP Chemicals and China National Petroleum.
The toluene market consists of sales of toluene and related services. It is used in aviation fuel and other high-octane fuels, dyestuffs and explosives. Toluene is also used as a solvent for gums and lacquers. Toluene is a colourless flammable liquid obtained from coal tar or petroleum.
The emerging demand for aromatics in the petrochemical industry contributed to the growth of the toluene market. Aromatics are petroleum-derived forms of hydrocarbons, composed primarily of carbon and hydrogen elements. Toluene is a common aromatic, used as chemical feedstock's, solvents, and fuel additives in the chemical industry. To cater to the growing demand, companies are investing in expanding their production capacity.
Fluctuations in crude oil prices have always been a major challenge in the toluene market as selected fractions of petroleum are used as raw material for producing toluene. Toluene prices are constantly changing owing to factors such as instability in the prices of crude oil and variations in demand and supply. For instance, in November 2019, crude oil prices increased by 0.86% per barrel in futures trade. This rise will increase the operating expense and thereby impact the growth of the toluene market.
The toluene market covered in this report is segmented by type into benzene and xylene, solvents, gasoline additives, TDI (toluene diisocyanate), trinitrotoluene, benzoic acid, and benzaldehyde. It is also segmented by production process into reformation process, pigs process, coke/coal process, styrene process, by end-use industry into building and construction, automotive, oil and gas, consumer appliances and by application into drugs, dyes, blending, cosmetic nail products, others (TNT, pesticides, and fertilizers).
Toluene di-isocyanate is increasingly being used as raw materials in the manufacturing of flexible foam applications. Toluene di-isocyanate (TDI) is a chemical used in polyurethanes production, especially in flexible foam applications such as furniture, bedding and also in packaging applications. According to 'The Furnishing Report' in the UK, Toluene di-isocyanate is one of the main ingredients used in the manufacturing of flexible polyurethane foams, one of the key components used in UK furniture manufacturing industry. Increasing use of toluene di-isocyanate will contribute towards the growth of the market.
Key Topics Covered:
1. Executive Summary
2. Toluene Market Characteristics
3. Toluene Market Trends and Strategies
4. Impact of COVID-19 on Toluene
5. Toluene Market Size and Growth
5.1. Global Toluene Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on the Market
5.2. Global Toluene Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Toluene Market Segmentation
6.1. Global Toluene Market, Segmentation by Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Benzene and Xylene
- Solvents
- Gasoline Additives
- TDI (Toluene diisocyanate)
- Trinitrotoluene
- Benzoic acid
- Benzaldehyde
6.2. Global Toluene Market, Segmentation by Production Process, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Reformation Process
- Pigs Process
- Coke/Coal Process
- Styrene Process
6.3. Global Toluene Market, Segmentation by End-Use Industry, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Building and Construction
- Automotive
- Oil and Gas
- Consumer Appliances
6.4. Global Toluene Market, Segmentation by Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Drugs
- Dyes
- Blending
- Cosmetic Nail Products
- Others (TNT, Pesticides, and Fertilizers)
7. Toluene Market Regional and Country Analysis
7.1. Global Toluene Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Toluene Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Companies Mentioned
- Exxon Mobil Corporation
- Sinopec
- Royal Dutch Shell PLC
- Reliance Industries
- BASF SE
- Valero Energy
- BP Chemicals
- China National Petroleum
- Mitsui Chemicals
- Chevron Phillips
- Nova Chemicals
- Sherwin-Williams
- Total SA
- Lyondell Basel
- Covestro AG
- Formosa Plastics
- CPC Corporation
- China Petroleum & Chemical Corporation
- SK Innovation
- Braskem SA
- Koch Industries
- JX Nippon Oil and Energy
- Mitsubishi Chemical Corporation
- BP P.L.C.
- Mitsui & Co
- S.K. Global Chemical Co Ltd
- GS Caltex
- Formosa Chemical & Fiber Corporation
- Stepan
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