Toluene Market
Toluene Market Forecasts to 2030 - Global Analysis By Derivative Type (Benzene, Gasoline Additives, Solvents and Other Derivative Types), By Source (Petroleum-Based Toluene and Biomass-Based Toluene), Grade, Production Process, End User and By Geography
According to Stratistics MRC, the Global Toluene Market is accounted for $26.8 billion in 2023 and is expected to reach $42.8 billion by 2030 growing at a CAGR of 6.9% during the forecast period. Toluene is a colorless, flammable liquid aromatic hydrocarbon compound with a sweet, benzene-like odor. It is primarily used as a solvent in various industrial applications, including paints, coatings, adhesives, and chemical manufacturing processes. Toluene is also found naturally in crude oil and is a byproduct of petroleum refining.
According to Oxford Economics, it is estimated that the global construction industry output increase by 85% to reach US$ 15.5 Tn by 2030.
Market Dynamics:
Driver:
Increasing demand for gasoline blending
The increasing demand for gasoline blending serves as a driver in the toluene market due to toluene's use as a key component in the production of octane-boosting additives for gasoline. Toluene helps enhance the octane rating of gasoline, improving engine performance and efficiency. With growing demand for higher-octane gasoline to meet stringent emission standards and optimize engine performance, the demand for toluene as a blending component in gasoline is expected to rise, thereby driving market growth.
Restraint:
Volatility in crude oil prices
Fluctuations in oil prices can disrupt production costs, supply chain dynamics, and profit margins, leading to uncertainty and risk for businesses. Moreover, industries that use crude oil derivatives as raw materials may experience challenges in forecasting expenses and managing operational budgets, potentially hindering investment decisions and market growth.
Opportunity:
Increasing focus on bio-based toluene production
Bio-based toluene offers a sustainable alternative to conventional toluene derived from fossil fuels, reducing environmental impact and dependence on finite resources. Moreover, it aligns with global efforts towards carbon neutrality and reducing greenhouse gas emissions. As consumers and industries prioritize sustainability, the demand for bio-based toluene is expected to grow, creating opportunities for innovation and investment in renewable and eco-friendly manufacturing processes.
Threat:
Stringent environmental regulations
Stringent environmental regulations pose a threat to the toluene market due to concerns over its impact on human health and the environment. Toluene emissions contribute to air pollution and may pose health risks, including respiratory issues and neurological effects. Regulatory measures aimed at reducing volatile organic compound (VOC) emissions, such as limits on industrial emissions and product usage, can restrict toluene usage.
Covid-19 Impact:
The COVID-19 pandemic impacted the toluene market by disrupting supply chains, reducing industrial activities, and decreasing demand for petroleum-based products. Lockdown measures and economic uncertainties led to a decline in consumption across various end-use industries, such as automotive, construction, and manufacturing. However, gradual economic recovery and the resumption of industrial activities have supported a modest rebound in toluene demand as global conditions stabilize.
The benzene segment is expected to be the largest during the forecast period
The benzene segment is anticipated to lead the toluene market during the forecast period. Benzene, a derivative of toluene, is a key raw material in the production of various chemicals, including styrene, phenol, and nylon. These chemicals find extensive applications in industries such as plastics, rubber, and pharmaceuticals. Moreover, benzene's versatility and wide-ranging use in manufacturing processes contribute to its dominant position in the toluene market.
The biomass-based toluene segment is expected to have the highest CAGR during the forecast period
The biomass-based toluene segment is projected to achieve the highest compound annual growth rate in the toluene market during the forecast period. This growth is driven by increasing environmental concerns and efforts to reduce dependence on fossil fuels. Biomass-based toluene offers a sustainable alternative derived from renewable sources, such as agricultural residues and waste biomass. Additionally, advancements in biofuel technologies and government initiatives promoting renewable energy sources further propel the growth of this segment.
Region with largest share:
Asia Pacific is positioned to witness the largest market share in the toluene market. This is due to the region's robust industrial sector, particularly in chemicals, paints, coatings, and adhesives, which drives significant demand for toluene. Additionally, rapid industrialization, urbanization, and infrastructure development initiatives fuel market growth. Moreover, the availability of raw materials, favorable government policies, and expanding manufacturing capacities further strengthen Asia Pacific's dominance in the toluene market, ensuring its continued prominence in the foreseeable future.
Region with highest CAGR:
North America is poised for rapid expansion in the toluene market due to various factors. The region's robust industrial infrastructure, particularly in the chemicals, automotive, and construction sectors, drives significant demand for toluene-based products. Additionally, technological advancements in extraction and production processes contribute to enhanced toluene availability and cost-effectiveness. Moreover, growing investments in renewable energy and bio-based toluene production further stimulate market growth in North America, positioning the region for considerable expansion in the toluene market.
Key players in the market
Some of the key players in Toluene Market include BASF SE, BP plc, Braskem S.A., Chevron Phillips Chemical, Covestro AG, DIC India, Dow Chemical Company, Exxon Mobil Corporation, Formosa Chemicals & Fibre Corporation, Indian Oil Corporation Limited (IOCL), INEOS Group Holdings S.A., LG Chem Ltd., Lotte Chemical Corporation, LyondellBasell Industries, Mitsui Chemicals, Inc., PTT Global Chemical Public Company Limited, Reliance Industries Limited, Shell Chemicals, Sinopec, Tosoh Corporation, Total S.A. and Versalis.
Key Developments:
In September 2023, Versalis partnered with Technip Energies to integrate plastic waste recycling technologies.
In March 2023, DIC India Limited, part of DIC Group, reported that it has inaugurated its advanced and latest toluene-free plant Optima for liquid ink manufacturing at Saykha in Bharuch district, Gujarat. Spread across 92,500 square meters, the plant has the capacity to manufacture more than 10,000 tons of TF, KF/NTNK (Toluene Free/ Ketone Free) liquid inks in two shifts in phase I.
In September 2022, Covestro has introduced polyether polyols using biobased feedstock. Company is now offering renewable1 toluene diisocyanate (TDI) and methylene diphenyl diisocyanate (MDI) for the production of polyurethane foams.
Derivative Types Covered:
• Benzene
• Gasoline Additives
• Solvents
• Toluene Diisocyanate (TDI)
• Tri-Nitrotoluene (TNT)
• Xylene
• Other Derivative Types
Sources Covered:
• Petroleum-Based Toluene
• Biomass-Based Toluene
Grades Covered:
• Industrial Grade
• Commercial Grade
• Other Grades
Production Process Covered:
• Coke/Coal Process
• Pygas Process
• Reformate Process
• Styrene Process
End Users Covered:
• Automotive
• Chemicals & Petrochemicals
• Construction
• Cosmetics
• Electronics
• Pharmaceuticals
• Printing Inks
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Toluene Market, By Derivative Type
5.1 Introduction
5.2 Benzene
5.3 Gasoline Additives
5.4 Solvents
5.5 Toluene Diisocyanate (TDI)
5.6 Tri-Nitrotoluene (TNT)
5.7 Xylene
5.8 Other Derivative Types
6 Global Toluene Market, By Source
6.1 Introduction
6.2 Petroleum-Based Toluene
6.3 Biomass-Based Toluene
7 Global Toluene Market, By Grade
7.1 Introduction
7.2 Industrial Grade
7.3 Commercial Grade
7.4 Other Grades
8 Global Toluene Market, By Production Process
8.1 Introduction
8.2 Coke/Coal Process
8.3 Pygas Process
8.4 Reformate Process
8.5 Styrene Process
9 Global Toluene Market, By End User
9.1 Introduction
9.2 Automotive
9.3 Chemicals & Petrochemicals
9.4 Construction
9.5 Cosmetics
9.6 Electronics
9.7 Pharmaceuticals
9.8 Printing Inks
9.9 Other End Users
10 Global Toluene Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 BASF SE
12.2 BP plc
12.3 Braskem S.A.
12.4 Chevron Phillips Chemical
12.5 Covestro AG
12.6 DIC India
12.7 Dow Chemical Company
12.8 Exxon Mobil Corporation
12.9 Formosa Chemicals & Fibre Corporation
12.10 Indian Oil Corporation Limited (IOCL)
12.11 INEOS Group Holdings S.A.
12.12 LG Chem Ltd.
12.13 Lotte Chemical Corporation
12.14 LyondellBasell Industries
12.15 Mitsui Chemicals, Inc.
12.16 PTT Global Chemical Public Company Limited
12.17 Reliance Industries Limited
12.18 Shell Chemicals
12.19 Sinopec
12.20 Tosoh Corporation
12.21 Total S.A.
12.22 Versalis
List of Tables
1 Global Toluene Market Outlook, By Region (2021-2030) ($MN)
2 Global Toluene Market Outlook, By Derivative Type (2021-2030) ($MN)
3 Global Toluene Market Outlook, By Benzene (2021-2030) ($MN)
4 Global Toluene Market Outlook, By Gasoline Additives (2021-2030) ($MN)
5 Global Toluene Market Outlook, By Solvents (2021-2030) ($MN)
6 Global Toluene Market Outlook, By Toluene Diisocyanate (TDI) (2021-2030) ($MN)
7 Global Toluene Market Outlook, By Tri-Nitrotoluene (TNT) (2021-2030) ($MN)
8 Global Toluene Market Outlook, By Xylene (2021-2030) ($MN)
9 Global Toluene Market Outlook, By Other Derivative Types (2021-2030) ($MN)
10 Global Toluene Market Outlook, By Source (2021-2030) ($MN)
11 Global Toluene Market Outlook, By Petroleum-Based Toluene (2021-2030) ($MN)
12 Global Toluene Market Outlook, By Biomass-Based Toluene (2021-2030) ($MN)
13 Global Toluene Market Outlook, By Grade (2021-2030) ($MN)
14 Global Toluene Market Outlook, By Industrial Grade (2021-2030) ($MN)
15 Global Toluene Market Outlook, By Commercial Grade (2021-2030) ($MN)
16 Global Toluene Market Outlook, By Other Grades (2021-2030) ($MN)
17 Global Toluene Market Outlook, By Production Process (2021-2030) ($MN)
18 Global Toluene Market Outlook, By Coke/Coal Process (2021-2030) ($MN)
19 Global Toluene Market Outlook, By Pygas Process (2021-2030) ($MN)
20 Global Toluene Market Outlook, By Reformate Process (2021-2030) ($MN)
21 Global Toluene Market Outlook, By Styrene Process (2021-2030) ($MN)
22 Global Toluene Market Outlook, By End User (2021-2030) ($MN)
23 Global Toluene Market Outlook, By Automotive (2021-2030) ($MN)
24 Global Toluene Market Outlook, By Chemicals & Petrochemicals (2021-2030) ($MN)
25 Global Toluene Market Outlook, By Construction (2021-2030) ($MN)
26 Global Toluene Market Outlook, By Cosmetics (2021-2030) ($MN)
27 Global Toluene Market Outlook, By Electronics (2021-2030) ($MN)
28 Global Toluene Market Outlook, By Pharmaceuticals (2021-2030) ($MN)
29 Global Toluene Market Outlook, By Printing Inks (2021-2030) ($MN)
30 Global Toluene Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
Frequently Asked Questions
In case of any queries regarding this report, you can contact the customer service by filing the “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
Yes, the samples are available for all the published reports. You can request them by filling the “Request Sample” option available in this page.
Yes, you can request a sample with your specific requirements. All the customized samples will be provided as per the requirement with the real data masked.
All our reports are available in Digital PDF format. In case if you require them in any other formats, such as PPT, Excel etc you can submit a request through “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
We offer a free 15% customization with every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.
We have 3 different licensing options available in electronic format.
- Single User Licence: Allows one person, typically the buyer, to have access to the ordered product. The ordered product cannot be distributed to anyone else.
- 2-5 User Licence: Allows the ordered product to be shared among a maximum of 5 people within your organisation.
- Corporate License: Allows the product to be shared among all employees of your organisation regardless of their geographical location.
All our reports are typically be emailed to you as an attachment.
To order any available report you need to register on our website. The payment can be made either through CCAvenue or PayPal payments gateways which accept all international cards.
We extend our support to 6 months post sale. A post sale customization is also provided to cover your unmet needs in the report.
Request Customization
We provide a free 15% customization on every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.
Note: This customization is absolutely free until it falls under the 15% bracket. If your requirement exceeds this a feasibility check will be performed. Post that, a quote will be provided along with the timelines.
WHY CHOOSE US ?
Assured Quality
Best in class reports with high standard of research integrity
24X7 Research Support
Continuous support to ensure the best customer experience.
Free Customization
Adding more values to your product of interest.
Safe & Secure Access
Providing a secured environment for all online transactions.
Trusted by 600+ Brands
Serving the most reputed brands across the world.
