Competitive Scenario of Toluene Market Growth, Size, Demand, Forecast with Depth Assessment by Top Key Players 2030

The Global Toluene Market Report provides a study with an in-depth overview, describing the product/industry Scope and elaborating market outlook and status (2021-2030). The report is curated after in-depth research and analysis by experts. The report provides comprehensive valuable insights on the global Toluene market development activities demonstrated by industry players, growth opportunities, and market sizing with analysis by key segments, leading and emerging players, and geographies.

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 growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $16.92 billion in 2025 at a CAGR of -2%.

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Top Companies in the Global Toluene Market: 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; Form

Recent Updates:

In October 2019, Chrysaor Holdings Limited, a UK-based company specializing in the production and exploration of oil and gas resources, acquired ConocoPhillips UK oil and gas business for $2.68 billion.

Market Overview:

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 feedstocks, solvents, and fuel additives in the chemical industry. To cater to the growing demand, companies are investing in expanding their production capacity. For instance, in March 2019, Fortrec, a Singapore-based chemical company acquired aromatic solvents refinery in Ulsan, Korea. The plant has an annual capacity of 60,000 tons of aromatic solvents and will be expanded further to meet the increasing demand from customers. The growing demand for aromatics in end-use industries is growing and thereby driving the toluene market.

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.

Segmentation:

Markets Covered:
1) By Type: Benzene and Xylene; Solvents; Gasoline Additives; TDI (Toluene diisocyanate); Trinitrotoluene; Benzoic acid; Benzaldehyde 2) By Production Process: Reformation Process; Pigs Process; Coke/Coal Process; Styrene Process 3) By End-Use Industry: Building And Construction; Automotive; Oil And Gas; Consumer Appliances 4) By Application: Drugs; Dyes; Blending; Cosmetic Nail Products; Others (TNT, Pesticides, and Fertilizers)

Regional Analysis:

North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Australia)
South America (Brazil, Argentina, Colombia)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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