The ‘Global Toluene Market Share, Size, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global toluene market, assessing the market on the basis of its segments like technologies, applications, and major regions.
Toluene Market Size, Share, Price Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 5.3%
|Market Size in 2020||USD 24.3 billion|
|Revenue Forecast in 2026||USD 33.1 billion|
|Growth Rate CAGR||5.3%|
|Major Players||Exxon Mobil Corporation, Versalis S.p.A., Chevron Phillips Chemical Company and others|
Toluene is crucial for manufacturing gasoline which is witnessing a heightened application across various end use industries. The rising application of gasoline in automotive industry is in turn propelling the demand for toluene.
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Additionally, toluene is widely used in the construction industry, as it is used in the manufacturing process of rubbers, adhesives, and paints, among others. In this regard, the thriving building and construction industry across developing economies is bolstering the global toluene market. Over the forecast period, the rapid urbanisation and development of commercial and residential structures are expected to mould the market dynamics by fuelling the application of toluene in the construction sector.
Toluene is also extensively used as an industrial solvent and feedstock, which makes it applicable the manufacture of various downstream products such as printing inks, silicone sealants, and disinfectants, among others. Meanwhile, the rising demand for aromatic toluene to manufacture aromatic compounds in the petrochemical industry is further accelerating the market growth.
Furthermore, toluene is likely to witness expanded growth owing to the increasing demand for the product in leather production process.
Toluene Industry Definition and Major Segments
Toluene is a colourless chemical compound which is insoluble in water. It is obtained by petrochemical processes and is used to manufacture various industrial and commercial products, which is propelling the toluene market. Toluene is a naturally occurring compound which is also procured as a by-product of coke production processes.
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Based on technology, the market can be segmented into:
- Reformation Process
- Pygas Process
- Coke/Coal Process
- Styrene Process
On the basis of application, the market has been classified into:
- Trans Alkylation (TA)
- Toluene Diisocyanate (TDI)
- Toluene Disproportionation (TDP)
Based on region, the market can be categorised into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Toluene Market Trends
The key trends in the global toluene market include the escalating applications of toluene in the pharmaceutical industry to treat various chronic conditions such as Toxocara canis, and Uncinaria stenocephala, among others. Hence, the growing research and development activities in the pharmaceutical industry aimed towards boosting the healthcare infrastructure are adding to the market growth.
Toluene is a crucial component in the manufacturing of hair dyes and nail paints. In this regard, the growing personal hygiene awareness, coupled with the inflating per capita income across the urban areas, is another key trend in the toluene market. Further supported by the thriving e-commerce industry, toluene is likely to witness a heightened incorporation in the personal care sector in the forecast period.
In terms of regions, Asia Pacific holds a healthy share in the market, owing to the presence of large population bases across emerging economies such as India and China. The expansion of the end use industries of toluene is further providing impetus to the market.
Key Market Players
The major players in the toluene market report are Exxon Mobil Corporation, Versalis S.p.A., and Chevron Phillips Chemical Company, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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