The global market for toluene is projected to witness steady growth during the forecast period. The factors contributing towards the growth of this market are, the growth of the end-user base in the emerging economies of the Asia-Pacific and the Middle Eastern & African regions. Countries such as China and India are witnessing a healthy increase in petrochemical industrial activities because of the relocation of manufacturing facilities from the high-cost European and North American markets to the low-cost markets of the Asia-Pacific and Middle Eastern & African regions. Along with these factors, the growing end-user base is driving the market for toluene.
The 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.
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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 manufacture 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.
Related Reports:
Toluene Market by Application and Derivative (Benzene and Xylene, Solvents, Gasoline Additive, Toluene Di-Isocyanate, Benzoic Acid, Trinitrotoluene, Andbenzaldehyde) – Global Forecast to 2021
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