Toluene Market Expected to Reach US$ 31.1 Billion by 2024

According to the latest report by IMARC Group, titled “Toluene Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global toluene market reached a value of US$ 22.5 Billion in 2018. Toluene is a water-insoluble, colorless and organic chemical compound. It is a minor constituent obtained during the production of gasoline and crude oil. Toluene can also be produced through natural sources such as tolu tree and as a by-product of styrene production. Owing to its physical and chemical properties, toluene is used in the synthesis of saccharin, trinitrotoluene (TNT) and benzoic acid. It is also utilized in the manufacturing of polymers used for making plastic soda bottles, nylon and polyurethanes.

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Global Toluene Market Trends:

Toluene currently plays a vital role across several end-use industries, such as building and construction, printing, rubber, oil and gas, resins, leather and pharmaceuticals, which is one of the major factors driving the growth of the toluene market. Moreover, there has been a rise in the usage of toluene in gasoline mixtures in the form of an octane booster for controlling the energy content of gasoline. Apart from this, an increase in the utilization of aromatics to manufacture nail paints, agrochemicals and elastomers in the petrochemical industry is positively influencing the market growth. Further, the manufacturers of toluene are adopting new technologies like Celanese's AO-plus and BP's Cativa which help in lowering the operating cost, enhancing production efficiency and increasing capacity. However, toluene has intoxicating effects due to which its application has been hampered in several industries. Despite this hindrance, the market value is expected to reach US$ 31.1 Billion by 2024, at a projected CAGR of 5.6% during 2019-2024.

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Global Toluene Market Summary:

On the basis of technology, the market has been segmented into reformation process, pygas process, coke/coal process and styrene process. Amongst these, the reformation process exhibits a clear dominance in the market.
Based on application, the market has been segregated into gasoline, STDP/TPX, solvents, trans alkylation (TA), hydrodealkylation, toluene diisocyanate (TDI) and toluene disproportionation (TDP). Currently, gasoline represents the largest segment owing to the increasing usage of toluene in gasoline as an additive.
On a geographical front, Asia Pacific holds the majority of the total global market. This is due to a rise in the demand for toluene in construction activities across various nations in the region. Asia Pacific is followed by North America, Europe, Middle East and Africa, and Latin America.
The report has also analyzed the import and export trends of the market and finds that China represents the largest importer, whereas, the Republic of Korea is the biggest exporter of toluene across the globe.
The competitive landscape of the market has also been analyzed with some of the key players being Exxon Mobil Corporation, SK Group, British Petroleum, Versalis and Compañia Española De Petroleos Sau.

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