The "Toluene Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The market for toluene is expected to register a CAGR of about 5%, during the forecast period.
One of the major factors driving the market studied is the growing usage of toluene as a solvent. Stringent governmental regulations are expected to hinder the growth of the market studied.
Benzene and xylene segment dominated the market, and is expected to grow with the highest CAGR during the forecast period.
Growing usage in the production of toluene diisocynate (TDI) is likely to act as an opportunity in the future.
Asia-Pacific dominated the market across the world, with the largest consumption from countries, such as China and India.
Key Market Trends
Increasing Demand for Benzene & Xylene for Solvent Applications
Benzene and xylene accounted for the major share of the market studied, with an approximate share of almost 50% of the global market. Growing usage of xylene in paints and coatings, and industrial chemicals, along with growing usage of benzene in textiles and plastics, is expected to drive the market for benzene and xylene during the forecast period.
The paints and coatings industry is expected to register a growth rate of around 3.5% annually, owing to the steady growth from the automotive, construction, and consumer durables sector.
The textile industry, which also uses toluene as a solvent, is growing at a steady pace, majorly in the Asia-Pacific region, dominated by countries, such as China and India.
Hence, with growing end-user industries, the demand for toluene is expected to rapidly increase.
Asia-Pacific Region to Dominate the Market
The Asia-Pacific region dominated the global market share. China accounted for the largest market for toluene, in the region. China is the largest producer of chemicals, paints and coatings, and adhesives in the Asia-Pacific region. Growing production in the country is expected to drive the market studied in China, during the forecast period.
Owing to the rising demand from the industrial and infrastructural sector, the production of paints and coatings is increasing in China. Additionally, due to such positive outlook in the industry, various major coatings manufacturers are setting up newer plants in the country.
Recently, AkzoNobel started operating its world's largest powder coatings facility, in Changzhou, China.
China dominates plastic production in the global market, owing to its increasing demand from various industries and the continuous set up of new plants in the country.
Such positive growth is expected to drive the studied market in the region, during the forecast period.
The toluene market is fragmented, with no major player having more than 10% of the market share. The major companies include Exxon Mobil Corporation, Chevron Phillips, Lyondellbasell Industries NV, Covestro AG, and BASF SE, among others.
China Petroleum & Chemical Corporation
Exxon Mobil Corporation
Lyondellbasell Industries NV
Royal Dutch Shell PLC
SK Innovation Co. Ltd
Mitsubishi Chemical Corporation
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View source version on businesswire.com: https://www.businesswire.com/news/home/20210514005226/en/
Laura Wood, Senior Press Manager
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