Toluene Market worth 23.41 Billion USD by 2021

Toluene Market worth 23.41 Billion USD by 2021
The report "Toluene Market by Application and Derivative (Benzene and Xylene, Solvents,
Gasoline Additive, Toluene Di-Isocyanate, Benzoic Acid, Trinitrotoluene,
Andbenzaldehyde) - Global Forecast to 2021", The global market size of toluene was USD
20.02 Billion in 2015 and is projected to reach USD 23.41 Billion by 2021, at a CAGR of 6.3%.
Browse 90 market data tables and 42 figures spread through 216 pages and in-depth TOC on
“Toluene Market
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he global toluene market has a large number of market players; however the market is led by
some of the major players, such as China Petroleum & Chemical Corporation (China), China
National Petroleum Corporation (China), Exxon Mobil Corporation (U.S.), Covestro AG
(Germany), and BP P.L.C. (U.K.), among others. Together, these companies account for
approximately 34% share of the toluene market. The other major players in the toluene market
are, SK Innovation Co., Ltd. (South Korea), BASF SE (Germany), GS Caltex (South Korea),
Formosa Chemicals & Fiber Corporation (Taiwan), Royal Dutch Shell PLC (Netherlands), and
CPC Corporation (Taiwan), among others.
Most of these companies are leaders in the production of toluene and its derivatives. These
companies are focusing on eliminating the supply chain gaps with backward or forward
integration, and expansions in the emerging markets of the Asia-Pacific region in order to widen
and strengthen their market shares.
Market players are concentrating on increasing their production capacities and developing cost
effective technologies. The companies are investing in establishing new facilities, mainly in the
emerging regions so as to increase their global presence. All these developments are due to the
increasing demand for toluene from segments such as, solvents, TDI, and gasoline additives.
Expansions and backward or forward integration are the key strategies adopted by the major
toluene manufactures in the recent past. The top players in the toluene market are adopting these
strategies for better penetration and expansions of their businesses into new emerging regions.
These new ventures would help the companies to satiate the growing demand for toluene in
several applications. ExxonMobil (U.S.), and BP PLC (U.K.) are the few among the other market
players who have adopted these strategies in order to strengthen their shares in the toluene
market.
Moreover, the leading market players are also focusing on expanding their existing production
facilities in order to meet the growing demand for toluene, especially from the Asia-Pacific
region. The market players are using this strategy as an excellent strategy to optimize their
production facilities in the potential toluene markets.
“Asia-Pacific is the key market for toluene”

The Asia-Pacific region is estimated to have led the toluene market in 2016. China is the largest
consumer of toluene in the world. The demand for toluene is driven by the diverse industrial
markets ranging from building & construction, automotive, industrial, and oil & gas, among
others. The ensuing increase in investments and rise in the number of new manufacturing
establishments is expected to lead the Asia-Pacific region emerging as the prime driver for the
toluene market.
“TDI segment to be the fastest growing market for toluene”
The TDI segment is estimated to be fastest growing segment in the toluene market. Growth in
the automotive and building & construction industries is expected to drive the market of TDI for
polyurethane, which is used as an insulating foam in these industries. North America is expected
to witness high potential growth in the TDI segment due to the recent discoveries of shale gas
and shale oil in the region and a strong manufacturing base in the U.S. Rising energy costs and
greenhouse gas emissions have prompted various companies to improve the energy efficiency in
households and industrial buildings, which is driving the demand for PU foams for use as
insulators. PU foam is used in automobiles due to the light weight, which helps in the reduction
of fuel emissions. With the increasing concerns regarding the conservation of energy, the market
for PU is expected to grow, which, in turn, is expected drive the demand for toluene.
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