The size of the Global Market was around USD 24.07 Billion by revenue, at the end of 2018. It is expected to grow at a CAGR of 6.35 % to reach close to USD 32.75 Billion in the forecast, as mentioned earlier period.The Toluene Market has a decent growth pace in the global market, which is driven by the demand for Benzene and Xylene derivatives, mainly in the industrial applications. The Toluene Market is expected to reach a total of USD 32.75 Billion with a 6.35% CAGR.
Pemex, a major toluene producer in Mexico, is reportedly planning to export its product out of Mexico for the first time. The improvement in the economic incentives for toluene in the international market drives and supports the proposal of Pemex.
Toluene Market Drivers and Restraints:
The global market is mainly driven by the demand for Benzene and Xylene derivatives primarily in the industrial applications. Also, the rising demand from the automobile and consumer applications in industries helps in the growth of the global market.However, the costs associated may restrain the market in the forecast period. Also, the market concentration in regions like the Asia Pacific restrains the market expansion into regions like the Middle East and Africa.
Toluene Market Segmentation Analysis:
By Application and Derivative
Based on the application and the derivative, the global market is segmented into Toluene Di-Isocyanate (TDI), Benzene and Xylene, Gasoline Additive, Solvents, Benzoic Acid, Trinitrotoluene, and Benzaldehyde. Among the mentioned derivatives and applications, the benzene and xylene segment are the largest and is expected to have the fastest growth rate in the proposed forecast period. The growth is mainly attributed to the growing demand the derivatives of benzene and xylene such as polystyrene, polyethylene terephthalate in numerous applications. The demand for this segment is expected to have fast growth due to the evolving automobile and consumer application across the world, especially in Asia-Pacific.
Toluene Market Geographical Analysis:
By geography, the market is segmented as Europe, Asia Pacific, Latin America, North America, and Middle-East & Africa. The Asia Pacific region holds the largest share of the Global Market in the year of 2018, in terms of value and volume. The regional advantages in this region, like the ease of company setup, cheap resources, and a large number of the skilled population are the major reasons for the fast-emerging industries in this region, hence the region’s position in the global market. Also, the fast-developing economies like India, Japan, and China are the main reason for the developing regional market. These facts are the reason for this region to be the fastest-growing regional market in the proposed forecast period.North America is next in the lead of the Global Toluene Market by both value and bulk, as of 2018. The situation of most of the key players in the global market in North America is the main reason for its market position. This region has the second-fastest growth rate on a global scale.Europe is next in the lead of the global market in the year 2018. The existence of a large customer base in and around this region helps in the growth of the Toluene Market in this region. This region is the third fastest-growing region in the global market in the projected forecast period.On the other hand, the Middle East & Africa and Latin America regions, being in the slow-developing countries, have fewer opportunities for market growth. Hence, the market growth is at a slow pace in these regions.
Toluene Market Key Market Players:
By the end of 2018 SK Innovations (South Korea), Covestro AG (Germany), Royal Dutch Shell (Netherlands), GS Caltex (S.Korea), China Petroleum & Chemical Corporation (China), Exxon Mobil Corporation (U.S.), CPC Corp. (Taiwan), BP P.L.C. (U.K.), BASF SE (Germany), and Formosa Chemical & Fiber Corp. (Taiwan) among others are the leading shareholders of the global market for Toluene Market. There is a constant competition between these companies regarding the pricing and quality of the product.
Toluene Market Research Report Key Highlights: