Global Toluene Market, By Derivative Type (Benzene & Xylene, Toluene Diisocynates, Gasoline Additives, Others), By Application (Drugs, Blending, Cosmetic Nail Products, Others), By Production Process (Reformate Processes, Pygas Processes, Coke/coal Processes, Styrene Processes), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

Published In : Mar 2024

Code : CMI6809

Pages :135

Formats :

Excel and PDF

Industry : Advanced Materials

Market Concentration and Competitive Landscape

Global Toluene Market Concentration By Players

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Steady Growth of Transportation Sector

The transportation sector has been experiencing steady growth globally over the past few years which has significantly driven the demand for toluene. Toluene is primarily used as a fuel additive in gasoline to increase the octane rating and provide better performance of vehicles. As more people are becoming mobile and economies are developing rapidly in different parts of the world, the vehicle fleet size has witnessed a substantial rise. According to the data from the World Bank, the motor vehicles per 1,000 people increased from 150 in 2010 to 180 in 2020 across various nations indicating the rising automobile usage. As the transportation networks and logistics continue to become more complex with advancements in road infrastructure, freight movement and passenger transportation needs, higher volumes of gasoline is required as fuel. This has led oil companies to increasingly blend toluene into gasoline to meet the growing energy needs of the transportation sector. The latest report from United Nations Conference on Trade and Development showed that international trade volumes grew by 4.3% in 2021 compared to the pre-pandemic level in 2019. The rebound in industrial production and mobility has driven greater demand for diesel and gasoline transported via road, rail, air and sea routes. More fuel consumption implies higher blending of toluene thereby positively impacting its market growth. With rising incomes, rapid urbanization and greater investment in public transit systems, transportation infrastructure is expected to further expand across major developing economies like China, India or Africa in the coming years. International agencies project passenger and freight traffic to surge significantly. This will not only increase the size of vehicle fleet on a yearly basis but also augment fuel usage. As transportation remains a key priority sector for government’s worldwide, continuous support is anticipated for promoting vehicular traffic. Therefore, the steady growth of transportation industry ensures ongoing and rising demand for toluene from the fuel additive market over the forecast period.

Key Players Insights