Key Takeaways

Key players operating in the Global Toluene Market are BASF SE, Braskem SA, Chevron Phillips Chemical Company LLC, China Petroleum Corporation (Sinopec), China National Petroleum Corporation, Covestro AG, CPC Corporation, Exxon Mobil Corporation, Formosa Chemicals Fibre Corporation, INEOS, Lyondellbasell Industries NV, Mitsui Chemicals Inc., Mitsubishi Chemical Corporation, Royal Dutch Shell PLC, SABIC, SK Innovation Co. Ltd, Total SA, Shiv Chemicals, Pure Chemicals Co, Akshar international.

The Global Toluene Market Growth is witnessing high growth owing to burgeoning demand from the automotive sector. Toluene is one of the key raw materials in gasoline and growth in the automobile industry is driving its consumption. Toluene is used in various components and parts manufacturing such as paints, tires, hoses, and blades.

With rising construction activities worldwide, demand for toluene is also increasing, as it is consumed in nail polish remover, glue thinners, and cleaning agents. Toluene producers are focusing on expanding their geographic presence, especially in Asian countries to capitalize on strong growth avenues.

Market Drivers

One of the primary drivers contributing to the growth of the global toluene market is its extensive use in automobile fuel. Toluene is added to gasoline to raise the octane rating which enhances fuel efficiency of vehicles. Rising vehicle ownership and sales worldwide have increased demand for toluene from the transportation sector. It is also used by major oil companies in gasoline blending. Stable demand from automotive industry is thus fueling the global toluene market.

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