The global toluene market reached a value of US$ 21 Billion in 2016, the market is anticipated to reach a value of more than US$ 28 Billion by 2022, exhibiting a CAGR of 5% during 2017-2022
The growing applications of toluene and its derivatives in numerous industries represent the key growth inducing factors for the market. Besides, the wider use of toluene in gasoline blends, where it acts as octane booster and maintains the energy content of gasoline, has augmented the market growth.
Additionally, the surging demand for aromatics in the petrochemical industry for the production of synthetic fibres, elastomers, agrochemicals, dyes, nail paints, etc. is driving the global toluene market globally. Apart from this, expansion in the end-use industries, particularly in the emerging markets, such as China, India, etc., has resulted in an augmented demand for toluene.
The report has segmented the market on the basis of technology into reformate process, pygas process, coke/coal process, and styrene process. Based on the application, benzene represents the largest segment, followed by solvents, xylene, TDI, and others. Based on the import-export scenario of the market, the report finds that China is the largest importer whereas Korea is the largest exporter.
The report has also analysed the competitive landscape of the market with some of the key global players being BASF, Covestro, BP PLC, SK Innovation Co., Ltd., and Royal Dutch Shell Plc.