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Toluene Market - Growth, Trends, and Forecast (2019 - 2024)

  • ID: 4514908
  • Report
  • 110 pages
  • Mordor Intelligence
1 of 4


  • Chevron Phillips
  • CPC Corporation
  • Formosa Plastics
  • Royal Dutch Shell PLC
  • SK Innovation Co. Ltd
  • MORE
Market Overview

The market for toluene is expected to grow at a CAGR of about 5% during the forecast period of 2019 – 2024. One of the major factors driving the studied market is the growing use 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 in 2018 and is expected to grow with the highest CAGR during the forecast period.
  • Growing use in the production of toluene diisocynate (TDI) is likely to act as an opportunity in the future.
  • Asia-Pacific dominated the market across the globe with the largest consumption from countries such as China and India.
Key Market Trends

Increasing Demand for Benzene & Xylene
  • 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 the growing end-user industries, the demand for toluene is expected to rapidly increase.
Asia-Pacific Region to Dominate the Market
  • Asia-Pacific region dominated the global market share in 2018. In the region, China accounted for the largest market for toluene. 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 growing 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.
  • In 2018, AkzoNobel started operating its largest powder coatings facility, worldwide, in Changzhou, China.
  • China dominates plastic production in the global market, owing to its growing demand from various industries and the continuous set up of new plants in the country.
  • In 2018, ExxonMobil Corp. signed a preliminary deal to build a petrochemical complex in China. This deal not only supports the growth in the plastics industry, but also the production of various industrial chemicals.
  • Such positive growth is expected to drive the studied market in the region, during the forecast period.
Competitive Landscape

The global 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
Note: Product cover images may vary from those shown
2 of 4


  • Chevron Phillips
  • CPC Corporation
  • Formosa Plastics
  • Royal Dutch Shell PLC
  • SK Innovation Co. Ltd
  • MORE
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study



4.1 Drivers
4.1.1 Growing Use of Toluene as a Solvent
4.1.2 Emerging Demand from Petrochemical Industry
4.2 Restraints
4.2.1 Increasing Demand for other Aromatic Products
4.2.2 Stringent Governmental Regulations
4.3 Industry Value-Chain Analysis
4.4 Porters 5 Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Feedstock Analysis
4.6 Technological Snapshot
4.7 Trade Analysis
4.8 Price Index
4.9 Regulatory Policy Analysis

5.1 Derivative
5.1.1 Benzene and Xylene
5.1.2 Gasoline Additives
5.1.3 Toluene Diisocyanates
5.1.4 Other Types
5.2 Application
5.2.1 Blending
5.2.2 Dyes
5.2.3 Drugs
5.2.4 Cosmetics
5.2.5 Other Applications
5.3 Geography
5.3.1 Asia-Pacific China India Japan South Korea Rest of Asia-Pacific
5.3.2 North America United States Canada Mexico
5.3.3 Europe Germany United Kingdom Italy France Rest of Europe
5.3.4 South America Brazil Argentina Rest of South America
5.3.5 Middle East & Africa Saudi Arabia South Africa Rest of Middle East & Africa

6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 BASF SE
6.4.2 Chevron Phillips
6.4.3 China Petroleum & Chemical Corporation
6.4.4 Covestro AG
6.4.5 CPC Corporation
6.4.6 Exxon Mobil Corporation
6.4.7 Formosa Plastics
6.4.8 Lyondellbasell Industries NV
6.4.9 Nova Chemicals
6.4.10 Royal Dutch Shell PLC
6.4.11 Sherwin-Williams
6.4.12 Total SA
6.4.13 SK Innovation Co. Ltd
6.4.14 Valero
6.4.15 Braskem SA
6.4.16 Mitsubishi Chemical Corporation

7.1 Growing Use in the Production of Toluene diisocynate (TDI)
Note: Product cover images may vary from those shown
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4 of 4
  • Chevron Phillips
  • China Petroleum & Chemical Corporation
  • Covestro AG
  • CPC Corporation
  • Exxon Mobil Corporation
  • Formosa Plastics
  • Lyondellbasell Industries NV
  • Nova Chemicals
  • Royal Dutch Shell PLC
  • Sherwin-Williams
  • Total SA
  • SK Innovation Co. Ltd
  • Valero
  • Braskem SA
  • Mitsubishi Chemical Corporation
Note: Product cover images may vary from those shown