Toluene Global Market Report 2023

NEW YORK, Feb. 15, 2023 /PRNewswire/ -- 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.

Read the full report: https://www.reportlinker.com/p06281556/?utm_source=PRN

The global toluene market will grow from $29.24 billion in 2022 to $29.89 billion in 2023 at a compound annual growth rate (CAGR) of 2.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The toluene market is expected to grow from $32.81 billion in 2027 at a CAGR of 2.4%.

The toluene market consists of the sales of toluene used for glues, paints, paint thinners, printing ink, rubber, leather tanners, and silicone sealants.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Toluene is a colorless flammable liquid obtained from coal tar or petroleum.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.

Asia Pacific was the largest region in the toluene market in 2022.Middle East was the second-largest region in the toluene market.

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

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 that can be found naturally or synthesized.

It is primarily used as a food preservative, an antifungal agent in pharmaceuticals, and in organic synthesis.The production processes are 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.

The emerging demand for aromatics in the petrochemical industry has 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, solvent, and fuel additive in the chemical industry.To cater to the growing demand, companies are investing in expanding their production capacity.

For instance, in June 2020, Ineos, a UK-based chemicals company bought chemical unit (aromatics and acetyls business) of BP plc, a UK-based oil and gas company for $5 billion along with its BP's Cooper River petrochemical plant in South Carolina among other facilities.This will enhance the production capacity of aromatics to cater to the market demand.

Therefore, the growing demand for aromatics in end-use industries is 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 materials 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, according to the annual energy outlook 2021 report by the US Energy Information Administration, a principal agency responsible for collecting, analyzing, and disseminating energy information, the average Brent crude prices are expected to be at $61/bbl (barrel) in 2025, and $73/bbl in 2030. This rise will increase the operating expenses and thereby impact the growth of the toluene market.

Toluene di-isocyanate is increasingly being used as a raw material in the manufacturing of flexible foam applications.Toluene di-isocyanate (TDI) is a chemical used in polyurethane production, especially in flexible foam applications such as furniture and 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 August 2021, LANXESS, a German specialty chemicals company acquired Emerald Kalama Chemical for $1.04 billion. The acquisition will boost the growth of LANXESS and strengthens its position in the market. Emerald Kalama Chemical is a US-based chemicals company that also processes toluene into chemicals for food, flavor, fragrance, and pharmaceutical industries.

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

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The toluene market research report is one of a series of new reports that provides toluene market statistics, including toluene industry global market size, regional shares, competitors with a toluene market share, detailed toluene market segments, market trends and opportunities, and any further data you may need to thrive in the toluene industry. This toluene market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Read the full report: https://www.reportlinker.com/p06281556/?utm_source=PRN

About Reportlinker

ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001

SOURCE Reportlinker