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Feb 23, 2024

Global Toluene Market Analysis 2023

Toluene Market Worldwide Polyurethane P U Demand Volume Million Metric Tons By Application 2021 Toluene Market Toluene Market Growth Rate By Region 2023 2028 Dublin, Aug. 23, 2023 (GLOBE NEWSWIRE) --

Toluene Market Worldwide Polyurethane P U Demand Volume Million Metric Tons By Application 2021

Toluene Market Toluene Market Growth Rate By Region 2023 2028

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 Covered1 INTRODUCTION1.1 Study Assumptions1.2 Scope of the Study2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY4 MARKET DYNAMICS4.1 Drivers4.1.1 Growing Use of Toluene as a Solvent4.1.2 Escalating Demand from the Paints & Coatings Sector4.2 Restraints4.2.1 Increasing Demand for Diesel as compared to Gasoline4.3 Industry Value Chain Analysis4.4 Porter's Five Forces Analysis4.4.1 Bargaining Power of Suppliers4.4.2 Bargaining Power of Consumers4.4.3 Threat of New Entrants4.4.4 Threat of Substitute Products and Services4.4.5 Degree of Competition4.5 Feedstock Analysis4.6 Technological Snapshot4.7 Trade Analysis4.8 Price Index4.9 Regulatory Policy Analysis5 MARKET SEGMENTATION (Market Size in Value)5.1 Derivative5.1.1 Benzene and Xylene5.1.2 Gasoline Additives5.1.3 Toluene Diisocyanates5.1.4 Other Derivatives (Benzoic Acid, Trinitrotoluene, and Benzaldehyde)5.2 Application5.2.1 Paints and Coatings5.2.2 Adhesives and Inks5.2.3 Explosives5.2.4 Chemical Industry5.2.5 Other Applications (Pharmaceuticals, Solvents, Dyes, etc.)5.3 Geography5.3.1 Asia-Pacific5.3.2 North America5.3.3 Europe5.3.4 South America5.3.5 Middle-East and Africa6 COMPETITIVE LANDSCAPE6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements6.2 Market Share(%)/Ranking Analysis6.3 Strategies Adopted by Leading Players6.4 Company Profiles6.4.1 BASF SE6.4.2 Braskem SA6.4.3 Chevron Phillips Chemical Company LLC6.4.4 China Petroleum & Chemical Corporation (Sinopec)6.4.5 China National Petroleum Corporation6.4.6 Covestro AG6.4.7 CPC Corporation6.4.8 ExxonMobil Corporation6.4.9 Formosa Chemicals & Fibre Corporation6.4.10 INEOS6.4.11 LyondellBasell Industries NV6.4.12 Mitsui Chemicals Inc.6.4.13 Mitsubishi Chemical Corporation6.4.14 Royal Dutch Shell PLC6.4.15 SABIC6.4.16 SK Innovation Co. Ltd.6.4.17 Total SA6.4.18 Valero7 MARKET OPPORTUNITIES AND FUTURE TRENDSFor more information about this report visit https://www.researchandmarkets.com/r/yz5mxw

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Toluene Market Worldwide Polyurethane P U Demand Volume Million Metric Tons By Application 2021

Toluene Market Toluene Market Growth Rate By Region 2023 2028