The global toluene market was valued at USD 20.02 billion in 2015 and is projected to reach USD 23.41 billion by 2021 at a CAGR of 6.3%. The market is expected to be driven by the growing end-user base of toluene and its derivatives in industrial, construction, automotive, and oil & gas applications. The growing petrochemical industry in the Asia-Pacific region is also supporting the growth of the toluene market.
North America is estimated to be the fastest growing toluene market. There is high potential in the North American toluene market as the region has a vast and varied industrial base. The growth in North America is mainly attributed to the expansion of industrial and commercial infrastructure in the U.S., Canada, and Mexico. North America has the largest manufacturing base of various industries such as cosmetics, paints & coatings, pulp & paper, printing, gums, and oils. Toluene has direct applications as solvents in these industries.
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Toluene diisocyanate (TDI) is projected to be the fastest growing segment of the toluene market during the forecast period. A major part of TDI is used in the manufacture of PU foams. These foams have unique insulating properties and are widely used in the automotive, building & construction, and oil & gas industries. The PU foam industry is highly regulated and its growth is dependent on the dynamics of the crude oil market. The growth of the foam market is attributed to the developments in the construction and automotive industries in the Asia-Pacific region countries such as India, China, and South Korea.
The value chain of the toluene market comprises of raw material suppliers, manufacturing processes, distribution, and end-use industries. Some of the major raw material suppliers of toluene are, Shell Chemicals (Netherlands), BP P.L.C. (U.K.), BASF SE (Germany), Chevron Philipps Chemical Co, LLC (U.S.), and SABIC (Saudi Arabia). In the entire value chain, maximum value is added at the manufacturing stage, as, the toluene content in the aromatic extract from naphtha depends upon the process chosen for its production. Some factors, such as, the high production cost, high export & import duties, and high royalties paid to the governments add to the strong entry barriers for new entrants in the toluene market.
The companies profiled in this report include, China Petroleum & Chemical Corporation (China), China National Petroleum Corporation (China), Exxon Mobil Corporation (U.S.), Covestro AG (Germany), BP P.L.C. (U.K.), SK Innovations (South Korea), BASF SE (Germany), GS Caltex (South Korea), Formosa Chemical & Fiber Corporation (Taiwan), Royal Dutch Shell (Netherlands), and CPC Corporation (Taiwan), among others.
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