H1 2023: During H1 2023, the key producers of Toluene were Sinopec Group (China National Petroleum & Chemical Corporation), PetroChina Company Limited, and Exxon Mobil Corporation. Although, Sinopec Group (China National Petroleum & Chemical Corporation) achieved the position of the biggest producer of Toluene on a global scale. Regionally, Asia Pacific took the lead as toluene's biggest consumer in H1 2023. However, toluene prices witnessed continuous fluctuations in the Asian market in H1 2023. In the first two months of 2023, market sentiment for toluene in China remained positive. Prices rose as the demand from downstream chemical sector (benzene, xylene, and other derivatives) climbed. The regular operation of manufacturing sites and upstream crude oil supply led to consistent production rates, which strengthened the Toluene market fundamentals. With sufficient regional inventories, the overall supply and demand dynamics for toluene became flat in March 2023 in China. However, prices rose in April 2023 as a result of higher crude oil prices and feedstock naphtha. Demands from consumer goods and downstream benzene derivatives sectors also increased and the level of inventory remained moderate in China. Due to a downward cost drive from feedstock and energy prices, the price of toluene displayed a bearish trend in the months of May and June in China. Similar fluctuating market behavior was experienced by the US. Toluene market prices in the US market experienced a declining trend in the first three months. The cost support from upstream crude oil varied. The pricing trend moved in a downward direction due to slow procurement rates in the downstream chemical derivatives and paints & solvents industries as well as a decrease in freight costs. Market dynamics of toluene in the US market improved in April as the demand from the downstream derivatives sector increased. Toluene prices displayed a bearish trend in May and June as falling crude oil and naphtha prices offered negative cost support to the price trend in America.
H1 2022: During H1 2022, the total production had reached roughly 18 million tonnes with Sinopec Group (China National Petroleum & Chemical Corporation), PetroChina Company Limited, and China National Offshore Oil Corporation (CNOOC Group Limited) stood as the leading producers of Toluene. However, Sinopec Group (China National Petroleum & Chemical Corporation) gained the position of the biggest producer of Toluene across the globe in H1 2022. In February 2022, Marathon Petroleum Corp. witnessed a force major on toluene and other products in Texas, USA. This lasted till the end of April 2022. Regionally, Asia Pacific got the position of being the largest consumer of Toluene and held a market share of approximately 47% in H1 2022. Toluene prices were high during the first three months of 2022. Due to rise in upstream crude oil prices due to the Russia-Ukraine conflict, toluene prices were high in the Asian market. In addition, trade disruptions and port congestion in China also supported the toluene price trend during H1 2022. Demand of toluene by the downstream end-user industries like paints & coatings also had a significant impact on toluene price. Although, prices fell in April 2022 in the Chinese market owing to the abundance of supply and weaker demand from the end-user sectors. However, after May 2022, the prices began to rise across Asia.
H2 2022: During H2 2022, the total production had reached roughly 19 million tonnes across the globe. Regionally, Asia Pacific was still leading among all the other regions across the globe. Toluene prices in the region fell continuously in the first two months due to low number of orders from the downstream industries across Asia. Due to the summer heat, China's major manufacturers had reduced their operating rates on government orders. At the same time, currency devaluation and economic slowdown further impacted domestic manufacturing activity. In September 2022, prices rebounded across India, South Korea, and Thailand and were stable in that month. It was noted that, toluene price volatility continued in China in the month of September 2022. However, October 2022 onwards, toluene prices faced a downward spiral in the Asia Pacific region with toluene prices especially quite low in the Chinese market. Upstream oil price support was weak during these last months of 2022. However, across Europe the toluene prices faced a mixed pattern. In September 2022, the Toluene prices were quite low owing to the high upstream costs but shifted to a higher side in October 2022. However, in November 2022, price of Toluene across Europe again dropped. The toluene market in Europe was adversely affected by low levels of market trading. As inventories rose, supply-side pressure was elevated. Due to high inflation rate in Europe, the consumption rate of toluene was quite dull.
The global Toluene market has expanded to reach approximately 37 million tonnes in 2022 and is likely to further grow at a healthy CAGR of 5.90% during the forecast period until 2035.
Toluene is a seven-carbon aromatic hydrocarbon that appears colourless. Industrially, Toluene can be produced via two methods. In the first method, it is extracted from the pyrolysis of gasoline, which in turn is produced from Naphtha cracking. In the second method, it is extracted from reformate, which is also produced from heavy Naphtha cracking. Toluene is primarily utilized in the synthesis of various chemical derivatives like Toluene Diisocyanate (TDI), Benzoic Acid, and others. It also serves as a solvent in various industries and as an industrial feedstock. Toluene can be directly used in disinfectants, thinners, paints, foams, cleaning agents, adhesives, fuel additives, etc. It also finds its applications in the transportation sector as an octane booster for gasoline.
The increasing demand for aromatics in the petrochemical industry is driving the market owing to the presence of a benzene ring in their chemical structure. However, with the toxicity of Toluene being much less in comparison to Benzene, it serves as a viable replacement for the latter in some applications. Other applications of toluene such as to produce elastomers, agrochemicals, and dyes, also significantly contribute to the market. As a common chemical intermediate, toluene diisocyanate is used to make polyurethane foams, elastomers, and coatings as well as paints, varnishes, wire enamels, sealants, adhesives, and binders. In the production of nylon polymers, it also functions as a cross-linking agent. The growth in the demand for TDI is anticipated to augment the toluene market expansion. Due to these reasons, the Toluene market is expected to reach 77 million tonnes in 2035.
Based on demand by region the Asia Pacific region is dominating the Toluene market. In 2022, Asia Pacific held a market share of approximately 48 percent. However, Europe stays the second largest consumer of the Toluene market followed by North America. The demand for toluene is majorly driven by rising downstream derivatives' uses in the construction, building, oil & gas, and automotive industries for insulation purposes in developing nations like China, Taiwan, India, Thailand, Japan, and South Korea. Additionally, China leads as being the key producer of Toluene all across the globe.
Based on the end-user industry, the global Toluene market is segregated into Xylene, Toluene Diisocyanate (TDI), Benzene, Paints, Coatings & Solvent, and Others. Among these, Paints, Coatings & Solvent is the leading industry with a market share of approximately 28% in 2022 and is likely to maintain its dominance in the forecast period.
Major players in the production of Global Toluene are Sinopec Group (China National Petroleum & Chemical Corporation), Hengli Petrochemical (Dalian) Refinery Co., Ltd., China National Offshore Oil Corporation (CNOOC Group Limited), Lotte Chemical Corp., GS Caltex, SK Global Corp. Ltd., PetroChina Company Limited, Jilin Petrochemical Company, Sinochem Corporation, Shandong Jingbo Petrochemicals Co., Ltd., Haishunde Petrochemical’s, Zhuhai Changlian Petrochemical Limited Company, Reliance Industries Ltd., Bharat Petroleum Corp. Ltd., and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2035
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Objective of the Study:
• To assess the demand-supply scenario of Toluene which covers production, demand and supply of Toluene market in the globe.
• To analyse and forecast the market size of Toluene
• To classify and forecast Global Toluene market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Toluene market in the globe.
To extract data for Global Toluene market, primary research surveys were conducted with Toluene manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Toluene market over the coming years.
ChemAnalyst calculated Toluene demand in the globe by analyzing the historical data and demand forecast which was carried out considering the raw materials to produce Toluene. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Toluene manufacturers and other stakeholders
• Organizations, forums and alliances related to Toluene distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Toluene s manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Toluene market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
37 million tonnes
Market size Volume by 2035
77 million tonnes
Growth Rate
CAGR of 5.90% from 2023 to 2035
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2035
Quantitative units
Demand in million tonnes and CAGR from 2023 to 2035
Report coverage
Industry Market Size, Capacity By Company, Capacity by Location, Capacity by Process, Capacity by Technology, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Foreign Trade, Manufacturing Process, Policy and Regulatory Landscape.
Segments covered
By End-Use: [Xylene, Toluene Diisocyanate (TDI), Benzene, Paints, Coatings & Solvent, and Others]
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
I am satisfied with overall performance of ChemAnalyst. Weekly updates before the final report were especially helpful and reassuring. Additional requests on the interim and/or final reports were handled in a swift and professional manner
Mr.Shin Dosho
Member - Board of Directors
Osaka Gas Co. Ltd
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What was global market size of Toluene in terms of volume in 2022?
Ans:
The global market size of Toluene stood at approximately 37 million tonnes in 2022.
Q2.
Which end-use industry is dominating the Global Toluene market?
Ans:
The Paints, Coatings & Solvent industry is dominating the Toluene market with a market share of roughly 28% in 2022.
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