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Toluene Global Market Report 2022

Toluene Global Market Report 2022

  • May 2022
  • 175 pages
  • ID: 6281556
  • Format: PDF
  • The Business Research Company


Table of Contents

Major players in the Toluene market are Exxon Mobil Corporation, Sinopec, Royal Dutch Shell PLC, Reliance Industries, BASF SE, Valero Energy, BP Chemicals, China National Petroleum, Mitsui Chemicals, Chevron Phillips, and Nova Chemicals.

The global toluene market is expected to grow from $26.35 billion in 2021 to $27.44 billion in 2022 at a compound annual growth rate (CAGR) of 4.1%. The market is expected to grow to $31.92 billion in 2026 at a CAGR of 3.9%.

The toluene market consists of sales of toluene and related services.It is used in aviation fuel and other high-octane fuels, dyestuffs, and explosives.

Toluene is also used as a solvent for gums and lacquers. Toluene is a colorless flammable liquid obtained from coal tar or petroleum.

The main types of toluene are benzene and xylene, solvents, gasoline additives, TDI (toluene diisocyanate), trinitrotoluene, benzoic acid, and benzaldehyde.Benzoic acid is a white crystalline acid C6H5COOH found naturally or made synthetically and used mainly as a preservative of foods, as an antifungal agent in pharmaceuticals, and in organic synthesis.

The production process is the reformation process, pig’s process, coke/coal process, and styrene process.The various applications are drugs, dyes, blending, cosmetic nail products, and other applications (TNT, pesticides, and fertilizers).

The end-use industries are building and construction, automotive, oil, and gas, and consumer appliances.

Asia Pacific was the largest region in the toluene market in 2021.Middle East was the second-largest region in the toluene market.

The regions covered in the toluene report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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 a chemical feedstock, solvents, and fuel additive 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.

Toluene di-isocyanate is increasingly being used as raw materials in the manufacturing of flexible foam applications.Toluene di-isocyanate (TDI) is a chemical used in polyurethanes production, especially in flexible foam applications such as furniture, bedding, and also in packaging applications.

According to ’The Furnishing Report’ in the UK, Toluene di-isocyanate is one of the main ingredients used in the manufacturing of flexible polyurethane foams, one of the key components used in the UK furniture manufacturing industry. Increasing the use of toluene di-isocyanate will contribute to the growth of the market.

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. The acquisition is expected to help Chrysaor Holdings Limited in positioning it as the largest oil and gas producer in the UK North Sea with a production capacity of more than 180,000 boepd. ConocoPhillips is a USA-based company that specializes in processing, refining, and marketing crude oil, natural gas, and producing petroleum products such as toluene.

The countries covered in the Toluene market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.

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