Dublin, Aug. 23, 2023 (GLOBE NEWSWIRE) -- The "Toluene Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The global toluene market is projected to experience a Compound Annual Growth Rate (CAGR) of over 5.5% during the forecast period. While the COVID-19 pandemic negatively impacted various sectors, including automotive, chemicals, paint and coatings, the toluene market is expected to rebound and maintain its growth trajectory in 2022.
Key Factors and Highlights
- Solvent Usage: The growing utilization of toluene as a solvent is a significant driver for the market. Toluene is commonly used in various industrial applications, such as producing paints, glues, printing materials, and leather tanning processes. These applications contribute to its demand in the chemical industry.
- Regulations and Restraints: Stringent governmental regulations are expected to pose challenges to the market's growth. Additionally, the increasing demand for diesel compared to gasoline is restraining the market, as diesel demand affects the gasoline market, which toluene is used for.
- Segment Dominance: The benzene and xylene segment currently holds the largest market share. It is also expected to exhibit the highest CAGR during the forecast period. This segment's dominance is contributing to the overall growth of the toluene market.
- Toluene Diisocyanate (TDI) Production: The growth of toluene usage in TDI production offers an opportunity for market expansion. TDI is used extensively in various industries, including furniture, bedding, mattresses, and flexible polyurethane foam manufacturing.
- Geographical Distribution: The Asia-Pacific region, led by China and India, dominates the global toluene market. China's significant chemical, paints, coatings, and adhesives production is driving demand in the region. India's allocation of funds and potential production-linked incentive scheme in the chemical sector further support market growth.
- Industry Application: The chemical industry application is expected to dominate the toluene market. Toluene is used as a solvent to produce various chemicals, such as phenol, benzoic acid, nitrobenzene, and benzyl chloride. Chemical industry production growth, especially in countries like China, is contributing to this trend.
- Toluene Di-isocyanate (TDI) for Furniture Production: Toluene is used in TDI production, which is vital for manufacturing flexible polyurethane foams used in furniture and mattresses. Growing demand for these products is boosting toluene consumption in this sector.
- Gasoline Production and Octane Booster: Toluene is used as an octane booster in gasoline fuels, contributing to its demand. It can improve octane ratings in fuels used in various engine types.
- Market Overview: The toluene market is characterized by a fragmented landscape, with no single major player holding more than a 10% market share. Key players in this market include ExxonMobil Corporation, INEOS, LyondellBasell Industries NV, SABIC, and BASF SE.
In conclusion, the global toluene market is expected to demonstrate steady growth, driven by factors like its use as a solvent, dominance in certain segments, and its role in various industries such as chemicals and furniture manufacturing. The Asia-Pacific region, particularly China and India, is projected to be a significant contributor to this growth.
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Use of Toluene as a Solvent
4.1.2 Escalating Demand from the Paints & Coatings Sector
4.2 Restraints
4.2.1 Increasing Demand for Diesel as compared to Gasoline
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Feedstock Analysis
4.6 Technological Snapshot
4.7 Trade Analysis
4.8 Price Index
4.9 Regulatory Policy Analysis
5 MARKET SEGMENTATION (Market Size in Value)
5.1 Derivative
5.1.1 Benzene and Xylene
5.1.2 Gasoline Additives
5.1.3 Toluene Diisocyanates
5.1.4 Other Derivatives (Benzoic Acid, Trinitrotoluene, and Benzaldehyde)
5.2 Application
5.2.1 Paints and Coatings
5.2.2 Adhesives and Inks
5.2.3 Explosives
5.2.4 Chemical Industry
5.2.5 Other Applications (Pharmaceuticals, Solvents, Dyes, etc.)
5.3 Geography
5.3.1 Asia-Pacific
5.3.2 North America
5.3.3 Europe
5.3.4 South America
5.3.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share(%)/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 BASF SE
6.4.2 Braskem SA
6.4.3 Chevron Phillips Chemical Company LLC
6.4.4 China Petroleum & Chemical Corporation (Sinopec)
6.4.5 China National Petroleum Corporation
6.4.6 Covestro AG
6.4.7 CPC Corporation
6.4.8 ExxonMobil Corporation
6.4.9 Formosa Chemicals & Fibre Corporation
6.4.10 INEOS
6.4.11 LyondellBasell Industries NV
6.4.12 Mitsui Chemicals Inc.
6.4.13 Mitsubishi Chemical Corporation
6.4.14 Royal Dutch Shell PLC
6.4.15 SABIC
6.4.16 SK Innovation Co. Ltd.
6.4.17 Total SA
6.4.18 Valero
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/yz5mxw
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachments
- Toluene Market Worldwide Polyurethane P U Demand Volume Million Metric Tons By Application 2021
- Toluene Market Toluene Market Growth Rate By Region 2023 2028
