Global Toluene Market

Toluene Market Size, Share, Growth Analysis, By Derivative type(Benzene, Xylene, Solvents, Gasoline Additives), By Application(Drugs, Dyes, Blending, Cosmetic Nail Products), By Region - Industry Forecast 2024-2031


Report ID: SQSG15A2035 | Region: Global | Published Date: July, 2036
Pages: 165 | Tables: 68 | Figures: 75

Toluene Market Insights

Toluene Market size was valued at USD 23.29 billion in 2019 and is poised to grow from USD 24.53 billion in 2023 to USD 37.39 billion by 2031, growing at a CAGR of 5.4% in the forecast period (2024-2031).

Sales of toluene and associated services make up the toluene market. It is a component of explosives, high-octane fuels, and aviation fuel. Gums and lacquers can also be dissolved in toluene as a solvent. Toluene is an odorless liquid having a scent that is similar to benzene. It is extremely flammable and irritating to the skin, eyes, lungs, and nose. It is present in crude oil, albeit in very small amounts. It is separated during the catalytic reforming process used to make gasoline, as well as during the production of ethylene or coke from coal. To separate toluene, a distillation or solvent extraction technique is utilized. It is frequently employed in the production of bulk compounds like benzene and Xylenes. Derivatives like toluene diisocyanate (TDI) are also crucial to the industry.

The use of toluene has increased across a variety of significant applications due to the compound's expanding potential applications in a number of end-use industries, including the production of pesticides and fertilizers, cosmetic nail products, medicines, and blends. During the forecast period, this can be one of the main factors boosting the toluene market's expansion. Additionally, the paints and coatings business is anticipated to increase steadily due to rising demand from the construction, automotive, and consumer durables industries, where toluene is frequently used as a solvent for diluting paints, enamels, varnishes, and alkyd resins. The toluene market is expected to develop as a result of this factor.

US Toluene Market  is poised to grow at a sustainable CAGR for the next forecast year.

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Toluene Market size was valued at USD 23.29 billion in 2019 and is poised to grow from USD 24.53 billion in 2023 to USD 37.39 billion by 2031, growing at a CAGR of 5.4% in the forecast period (2024-2031).

The primary organic growth tactics chosen by market participants in the toluene industry include product development, capacity expansion, and innovation. Key toluene players are gaining a competitive edge thanks to these initiatives, which are assisting them in growing their regional presence and capturing market share. For instance, INEOS finalized the purchase of BP's Aromatics & Acetyls division in January 2021. The transaction included ten top joint ventures and 15 locations worldwide (five in the Americas, two in Europe, and eight in Asia). 'BASF SE', 'ExxonMobil Chemical', 'Royal Dutch Shell Plc', 'China Petroleum & Chemical Corporation (Sinopec Corp.)', 'BP plc', 'Covestro AG', 'LyondellBasell Industries Holdings B.V.', 'Chevron Phillips Chemical Company', 'Mitsui Chemicals Inc.', 'Braskem S.A.', 'Eastman Chemical Company', 'China National Chemical Corporation (ChemChina)', 'INEOS Group AG', 'Huntsman Corporation', 'Dow Inc.', 'PTT Chemical Public Company Limited', 'Reliance Industries Limited', 'Formosa Chemicals & Fibre Corp.', 'TotalEnergies SE', 'Toray Industries, Inc.'

The main driver fueling the expansion of the toluene market is the rising use of toluene in various end-use industries. For instance, toluene is a solvent used in paints, lacquers, thinners, glues, correction fluid, printing, and leather tanning. Another significant element fueling the market's expansion is the usage of toluene in the manufacture of gasoline.

Toluene is a solvent used in several industrial settings. In the chemical industry, these solvents are employed in the production of paints, glues, printing, leather tanning procedures, and other products. Most chemical businesses use toluene as a solvent to create other kinds of compounds like phenol, benzoic acid, nitrobenzene, and benzyl chloride. For usage in internal combustion engines, the toluene chemical can also be added to gasoline as an octane enhancer. For both two-stroke and four-stroke engines, i.e., as fuel, absolute toluene is employed. The chemical industry's demand for toluene is anticipated to increase significantly throughout the projected period as a result of these factors.

With a share of 48.53 % in the toluene market in 2021, the Asia Pacific region dominated the market and is expected to continue to do so during the forecast period. The largest market share of the APAC toluene market has been gathered by the developing petrochemical sector in nations like India, Thailand, Taiwan, and others. The demand for toluene in the key APAC regions has also been fueled by the region's ongoing industrialization and urbanization. Since China is the world's largest producer of toluene and the demand for chemicals, paints, coatings, and adhesives is on the rise, the country topped the Asia-Pacific area with the highest shares.

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Global Toluene Market

Product ID: SQSG15A2035

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