Toluene Market Size Is Expected to Reach USD 41.56 Billion in 2028, And Register A CAGR of 4.3% Over The Forecast Period: Reports and Data

NEW YORK, Aug. 23, 2021 /PRNewswire/ -- Reports and Data has published its latest report for the organic chemicals market titled "Toluene Market Size, Share, And Industry Analysis By Derivatives (Benzene and Xylene, Toluene Diisocyanate [TDI], Gasoline, Others), By End-Use (Construction, Oil & gas, Healthcare, Packaging, Automotive, Others), By Application (Fuel additives, Paints & Coatings, Heating Oil, Cleaning Agent, Foams, Polymer production, Others) And Region Forecast To 2028."

According to recent analysis by Reports and Data, the global toluene market size was USD 27.10 Billion in 2018 and is expected to reach USD 41.56 Billion in 2028, and register a revenue CAGR of 4.3% over the forecast period 2021–2028.

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Drivers, Restraints, and Opportunities

Toulene is an organic chemical compound is obtained as a byproduct from production of crude oil. Demand for toluene has been increasing substantially in commercial and industrial applications, as toluene is used as a solvent in glues and adhesives, paints, nail polish remover, thinners, lacquers, and correction fluid among others. It is also used extensively in leather tanning and printing processes. Toluene is a flammable hydrocarbon distillation product of petroleum and widely used as a fuel additive in motor vehicles. Rapid industrialization and urbanization trend are also propelling rising demand for various industrial and commercial products globally. For instance, toluene is used in the synthesis of trinitrotoluene (TNT), and to prepare benzoic acid, benzoyl chloride, and toluene diisocyanate. Furthermore, expanding applications in various other formulations and materials is expected to further support revenue growth of the market over the forecast period.

High demand and adoption across various industrial verticals has been resulting in deployment of more proactive strategies by key players in the market to cater to emerging requirements. Some strategies include expansion of production facilities and significant investments to cater to rising demand from various industries. For example, in 2018, AkzoNobel announced expansion of production capacity of advanced powder coatings at its new plant located in Changzhou, China. The company invested around USD 34 Million to ensure maximum production capacity in one of the largest global powder coating manufacturing facilities. Such initiatives by major companies are expected to propel demand for toluene during the forecast period.

On the other hand, some factors negatively impacting market growth include stringent government regulations regarding the use of toxic materials, chemicals, and ingredients, limited resources to procure the product, and introduction of shale gas.

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COVID-19 Impact Analysis 

• The virus outbreak and social distancing norms and restrictions severely disrupted the overall business landscape and operations worldwide.
• COVID-19 pandemic and lockdowns have resulted in several countries shutting down airports, ports, and commercial and domestic transportation. This had impacted manufacturing activities and operations globally and took a toll on the economy of various countries.
• Sudden and drastic downturn in economic activity caused a slowdown in manufacturing, production, agriculture, fisheries, dairy, and other sectors and also resulted in employment loss to a major extent.
• Supply impacts were further compounded due to challenges on the demand-side owing to reduced disposable income, depleting savings, and increased concerns and uncertainties.
• Emergence of variants of the virus and rise in infection rates during the initial waves and subsequent lockdowns has severely impacted operations and disrupted supply chains.

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Benzene and Xylene dominate other derivatives in the market:

Benzene and Xylene segment accounted for majority revenue share among the derivative segments in 2020. Increasing demand for petrol is a major factor expected to continue to support revenue growth of this segment over the forecast period.

Automotive segment to remain at forefront in market:

Automotive segment is expected to register a significantly robust revenue growth rate of 4.9% over the forecast period. This is attributed to increasing demand for enhanced quality petrol by consumers worldwide.

Asia Pacific continues to lead among regions:

Asia Pacific toluene market accounted for significantly larger revenue share in the global market and is expected to continue its dominance over other regional markets during the forecast period. Demand for toluene is increasing rapidly due to ongoing expanding commercial and industrial activities and manufacturing of various products. Rapid industrialization in countries such as India and China and development of modernized infrastructure are other factors supporting growth of the market in the region. In addition, presence of a large population and increasing disposable income are resulting in rising demand for vehicles and this is driving growth of the automotive industry. Increasing sales of passenger cars is expected to boost demand for toluene for distillation of petroleum, and drive market growth during the forecast period. 

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North America among the leading regions:

Expanding automotive sector and increasing construction activities in countries such as the U.S. and Canada are expected to lead to robust growth of the market in North America. Robust e-commerce sales of various products is driving demand for packaging, which is driving demand for various adhesives and glues. In addition, increasing oil and gas exploration and production activities is expected to support revenue growth of the North America market during the forecast period.

Europe to register steady revenue growth

The market in Europe is expected to register steady revenue growth during the forecast period. This can be attributed to well-established automotive sector in countries such as the Germany, U.K. and France. Besides, increasing activities in the construction industry in the region is expected to support growth of the market over the forecast period owing to increasing demand for paints, thinners, adhesives, sealants, coatings and various other products used in the construction industry and sector.

Major Companies in the Market:

• Covestro AG
• Exxon Mobil Corporation
• SK Innovation Co., Ltd.
• BP PLC
• BASF SE
• SK Innovation Co., Ltd.
• China National Petroleum Corporation
• Royal Dutch Shell PLC
• CPC Corporation
• Formosa Chemicals & Fibre Corporation

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For the purpose of this report, Reports and Data has segmented the toluene market into derivatives, end-user, application, and region.

Derivatives Outlook (Revenue, USD Billion, Volume, Kilo Tons; 2018-2028)

• Benzene and Xylene
• Toluene Diisocynate [TDI]
• Gasoline
• Others

End-Use Outlook (Revenue, USD Billion, Volume, Kilo Tons; 2018-2028)

• Construction
• Oil & gas
• Healthcare
• Packaging
• Automotive
• Others

Application Outlook (Revenue, USD Billion, Volume, Kilo Tons; 2018-2028)

• Fuel additives
• Paints & coatings
• Heating oil
• Cleaning Agent
• Foams
• Polymer production
• Others

Read Latest Blog by RND - Top 11 Trends That Will Shape Pharma Industry In 2021 And Beyond

Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2018-2028)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• BENELUX
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia Pacific
• Latin America
• Brazil
• Rest of Latin America
• Middle East and Africa
• Saudi Arabia
• U.A.E.
• South Africa
• Rest of Middle East & Africa

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Some points on how the report benefits stakeholders:

• The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
• Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
• The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
• The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
• Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
• The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.

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