Toluene Market To Reach $105.27 Billion By 2030 | CAGR: 7.4%

Toluene Market Growth & Trends

The global toluene market is expected to reach USD 105.27 billion by 2030, registering a CAGR of 7.4% during the forecast period of 2024 to 2030, as per the new report by Grand View Research, Inc. The growth is majorly driven by its wide application as a solvent in various industries, such as paints, coatings, adhesives, printing inks, rubber, and polymer processing.

Toluene is an aromatic hydrocarbon with the chemical formula C7H8. It is a colorless, volatile liquid with a distinct benzene-like odor. The product is derived from crude oil and is a major component of gasoline, where it acts as an octane booster to improve fuel performance in engines.

The product is predominantly consumed in the production of benzene, xylene, and their derivatives. Most of the global product production is utilized in the manufacturing of these chemicals, which find diverse applications in various industries including paints and coatings, chemical manufacturing, pharmaceuticals, mining and construction, sectors. This consistent demand for toluene arises from its commercial significance and its integral role in core chemical manufacturing processes.

The demand for the product is steadily increasing, driven by its extensive use as an octane booster in gasoline blends. The product effectively enhances the energy content of gasoline, making it highly favorable for high-performance engines. Furthermore, its low sensitivity characteristics contribute to its suitability for heavily loaded engines. Moreover, another emerging factor boosting the toulene market growth is the rising demand for aromatics in the petrochemical industry. Toluene plays a vital role in the production of synthetic fibers, elastomers, agrochemicals, dyes, and nail paints, contributing to the surge in its market demand.

Toluene is a volatile organic compound (VOC) and a major contributor to air pollution. Increasing environmental regulations and growing awareness of the harmful effects of VOCs may lead to stricter emissions controls and reduced usage in certain applications.With the global push for sustainability and eco-friendly products, there is a growing trend towards renewable and green alternatives to conventional petrochemical-derived chemicals like toluene. Bio-based and plant-derived solvents are gaining popularity, which could potentially impact the demand for toluene.

 Request a free sample copy or view report summary: Toluene Market Report

Toluene Market Report Highlights

• Solvent application of toluene is projected to grow at a highest growth rate of 8.0% owing to its excellent properties like low viscosity, and relatively low toxicity compared to other solvents.

• Some common solvent applications of toluene include paints and coatings, adhesives, printing inks, pharmaceuticals, cleaning agents, and fragrances & perfumes among others

• Asia Pacific region is expected to witness the fastest growth rate of 8.4% over the forecast period owing to the increasing application of downstream derivatives of toluene used in automobile, oil & gas, and construction among others in the region.

• Countries like China, India, and Japan are expected to maintain dominancy in the global market during the forecast period, primarily due to the continuous expansion of the manufacturing sector in these nations.

Toluene Market Segmentation

Grand View Research has segmented the global toluene market report based on application and region:

Toulene Application Outlook (Revenue, USD Billion; Volume, Million tons, 2018 - 2030)

• Solvents

• TDI

• Others

Toulene Regional Outlook (Revenue, USD Billion; Volume, Million tons, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • Italy

  • France

  • Netherlands

  • Belgium

  • Russia

• Asia Pacific

  • China

  • India

  • Japan

  • Malaysia

  • Indonesia

  • Vietnam

  • Australia

  • New Zealand

• Central & South America

  • Brazil

  • Argentina

  • Peru

  • Colombia

• Middle East

  • Saudi Arabia

  • Iran

  • Oman

  • UAE

  • Qatar

  • Kuwait

• Africa

  • South Africa

  • Nigeria

  • Angola

List of Key Players in the Toluene Market

• Exxon Mobil Corporation

• SABIC

• China Petroleum and Chemical Corporation

• INEOS Group AG

• BASF SE

• Covestro AG

• LyondellBasell Industries Holdings B.V.

• Royal Dutch Shell Plc

• Chevron Phillips Chemicals

• Mitsubishi Chemicals Corporation