NEW YORK, Feb. 15, 2023 /PRNewswire/ — Key players in the toluene market include ExxonMobil Corporation, Sinopec, Royal Dutch Shell PLC, Reliance Industries, BASF SE, Valero Energy, BP Chemicals, China Petroleum, Mitsui Chemicals, Chevron Phillips. and Nova Chemicals.
The global toluene market will grow from US$29.24 billion in 2022 to US$29.89 billion in 2023 at a compound annual growth rate (CAGR) of 2.2%. The Russo-Ukrainian war has undermined the global economy’s chances of recovering from the COVID-19 pandemic, at least in the short term. The war between the two countries has resulted in economic sanctions in a number of countries, a surge in commodity prices and a disruption in supply chains, leading to inflation in goods and services affecting many markets around the world. The toluene market is expected to grow by an average of 2.4% from US$32.81 billion in 2027.
The toluene market includes sales of toluene used in adhesives, paints, paint thinners, printing inks, rubber, leather tannins and silicone sealants. The value of this market is the ex-works price, i.e. the value of goods sold by the manufacturer or creator of goods to other entities (including manufacturers, wholesalers, distributors and retailers) or directly the final version is provided by the customer.
Toluene is a colorless, flammable liquid derived from coal tar or petroleum, used in aviation fuel and other high-octane fuels, dyes, and explosives.
Asia-Pacific will be the largest toluene market region in 2022. The Middle East is the second largest region in the toluene market.
The regions covered in the toluene market report include Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of toluene are benzene and xylenes, solvents, gasoline additives, TDI (toluene diisocyanate), trinitrotoluene, benzoic acid and benzaldehyde. Benzoic acid is a white crystalline acid C6H5COOH that can occur naturally or be synthesized.
It is mainly used as food preservative, antifungal agent in medicine, organic synthesis, etc. The production process includes reforming method, scraper method, coke/coal method and styrene method.
Various uses include pharmaceuticals, dyes, blending, nail products, and other uses (TNT, pesticides, and fertilizers). End-use industries include construction, automotive, oil and gas, and household appliances.
Growing demand for aromatics in the petrochemical industry is driving the growth of the toluene market. Aromatic compounds are forms of hydrocarbons derived from petroleum, consisting primarily of the elements carbon and hydrogen.
Toluene is a common aromatic hydrocarbon used in the chemical industry as a chemical feedstock, solvent, and fuel additive. To meet the growing demand, businesses are investing in expanding production capacity.
For example, in June 2020, British chemical company Ineos acquired the chemical division (aromatics and acetyls business) of British oil and gas company BP plc and its BP Cooper River petrochemical plant in South Carolina for $5 billion and other facilities. This will increase the aromatics production capacity to meet market demand.
Crude oil price volatility has been a major concern for the toluene market as certain fractions of crude oil are used as feedstock for toluene production. Toluene prices and supply are constantly changing due to factors such as volatile crude oil prices and changes in demand.
For example, according to the Energy Outlook 2021 report released by the US Energy Information Administration, the main agency responsible for collecting, analyzing and disseminating energy information, Brent crude oil is expected to average $61 per barrel (bbl) in 2025. and $73 by 2030 per bucket. This increase will lead to higher operating costs, which will affect the growth of the toluene market.
Toluene diisocyanate is increasingly being used as a raw material in the production of flexible foams. Toluene diisocyanate (TDI) is a chemical used in the production of polyurethanes, especially in flexible foams such as furniture and bedding, and in packaging applications.
According to The Furnishing Report in the UK, toluene diisocyanate is one of the main ingredients in the production of flexible polyurethane foam, which is one of the key ingredients used in the UK furniture industry. The expansion of the use of toluene diisocyanate will contribute to the growth of the market.
In August 2021, German specialty chemicals company LANXESS acquired Emerald Kalama Chemical for $1.04 billion. This acquisition will accelerate LANXESS’s growth and strengthen its market position. Emerald Kalama Chemical is an American chemical company that also processes toluene into chemicals used in the food, flavor, fragrance, and pharmaceutical industries.
Countries covered by the toluene market include Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA and Australia.
Market value is the income that a business receives from the sale, provision or donation of goods and/or services in a given market and region, expressed in currency (United States dollars (USD) unless otherwise noted).
Geographical revenues are consumer value, i.e., revenues generated by geographic entities in a particular market, regardless of where they are generated. It does not include resale revenue from sales further up the supply chain or as part of other products.
The Toluene Market Research Report is one in a series of new reports providing statistics on the Toluene market, including the global market size of the Toluene industry, regional share, competitors for Toluene market share, detailed Toluene segments, market trends and opportunities, and any additional Data You may need to succeed in the toluene industry. This Toluene market research report provides a comprehensive overview of everything you need and an in-depth analysis of current and future industry development scenarios.
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Post time: May-04-2023
