Toluene Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
The global toluene market size reached US$ 27.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 37.4 Billion by 2028, exhibiting a growth rate (CAGR) of 5.29% during 2023-2028.
Toluene, also known as toluol and methylbenzene, is a colorless, water-insoluble liquid, with a benzene-like odor. It exhibits beta-oxidant, depressant, hepatoprotective, anesthetic, and neurotransmitter properties. Toluene is an aromatic hydrocarbon that is used in many industrial applications, mostly as a solvent and industrial feedstock. It is also used in the explosives industry to manufacture flammable compounds and in the production of hair dyes. Moreover, due to its low sensitivity characteristics and high-octane ratings, toluene is considered as an ideal fuel for heavily loaded engines.
Global Toluene Industry Drivers:
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.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global toluene market report, along with forecasts at the global and regional levels from 2023-2028. Our report has categorized the market based on technology and application.
Breakup by Technology:
The report has segmented the market on the basis of technology into reformate process, pygas process, coke/coal process, and styrene process.
Breakup by Application:
Trans Alkylation (TA)
Toluene Diisocyanate (TDI)
Toluene Disproportionation (TDP)
Based on the application, gasoline represents the largest segment
Breakup by Region:
Middle East and Africa
On a regional-basis, Asia Pacific is the leading market. Other major regions include North America, Europe, Middle East and Africa, and Latin America. Based on the import-export scenario of the market, the report finds that China is the largest importer whereas Japan is the largest exporter.
The report has also analysed the competitive landscape of the market with some of the key global players being Exxon Mobil Corporation, SK Global, British Petroleum, Versalis, Compañia Española De Petroleos Sau, BASF, Covestro, BP PLC, and Royal Dutch Shell Plc.
This report provides a deep insight into the global toluene market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the toluene industry in any manner.
Key Questions Answered in This Report:
How has the global toluene market performed so far and how will it perform in the coming years?
What are the key regions in the global toluene market?
What has been the impact of COVID-19 on the global toluene market?
What are the key application segments in the global toluene market?
Which are the popular technology types in the global toluene market?
What are the import and export trends of toluene?
What are the various stages in the value chain of the global toluene market?
What are the key driving factors and challenges in the global toluene market?
What is the structure of the global toluene market and who are the key players?
What is the degree of competition in the global toluene market?
How is toluene manufactured?