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%.
Rising end-use of toluene and its derivatives in industries such as, oil & gas, petrochemical, building & construction, paints, printing, rubber, and resins, among others are driving the market for toluene. Along with these, the growing petrochemical industry in the Asia-Pacific region countries such as, India, Taiwan, and Thailand is also driving the toluene market.
Rising end-use of toluene and its derivatives in industries such as, oil & gas, petrochemical, building & construction, paints, printing, rubber, and resins, among others are driving the market for toluene. Along with these, the growing petrochemical industry in the Asia-Pacific region countries such as, India, Taiwan, and Thailand is also driving the toluene market.
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“Toluene Di-Isocyanate 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.
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), 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.
The Asia-Pacific region, with its growing economies and rapidly expanding commercial and industrial bases, is projected to lead the toluene market from 2016 to 2021, both, in terms of value and volume. The toluene market in Europe and North America is consolidated, whereas the market in the Asia-Pacific region has a fragmented structure, where China, Japan, India, and South Korea are the leading players.
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