Toluene Market is expected to generate a revenue of USD 37.39 Billion by 2030, Globally, at 5.4% CAGR: Verified Market Research®

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Jan 26, 2023, 10:30 ET

The market report is a good combination of qualitative and quantitative data that highlights significant market changes, obstacles that business and the competition must overcome, as well as new possibilities and trends in the global Toluene Market.

JERSEY CITY, N.J., Jan. 26, 2023 /PRNewswire/ -- Verified Market Research® recently published a report, "Toluene Market" By Derivative (Benzene And Xylene, Gasoline Additives), By Application (Chemical Intermediates, Explosives, Gasoline, Solvent), and By Geography.

As per the deep research carried out by Verified Market Research®, the global Toluene Market size was valued at USD 23.29 Billion in 2021 and is projected to reach USD 37.39 Billion by 2030, growing at a CAGR of 5.4% from 2023 to 2030.

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Browse in-depth TOC on "Toluene Market"

202 - Pages

126 – Tables

37 – Figures

Global Toluene Market Overview

Toluene is a liquid that is insoluble in water, colorless, combustible, volatile, and has a benzene-like odor that is similar to paint thinner. It can be made from tolu trees and is extracted using crude oils. Methoxide, phenylmethane, methylbenzene, antisal, or historically toluol are other names for it. Chips and wafers are also cleaned using it. Toluene is a byproduct of the coal-based processes used to make coke fuel and gasoline. Toluene was first made from coal tar and petroleum, which was then combined with gasoline to increase its octane rating.

Toluene exhibits beta-oxidant, anesthetic, depressive, hepatoprotective, and neurotransmitter effects. In the manufacturing of nail polish removers, paint thinners, glues, and correction fluids, toluene is used as a solvent. Additionally, it is used to make combustible and explosive chemicals like Trinitrotoluene (TNT), as well as hair dyes and cosmetic nail treatments, in the explosives industry. Inks, paints, disinfectants, and adhesives all frequently include toluene. Additionally, it is used as a raw ingredient to make medications, cosmetic nail products, and colors.

Due to its increased use in gasoline blends, toluene is in higher demand. As an octane booster, toluene regulates the amount of energy in gasoline. Toluene is also ideal for use as fuel in heavily loaded engines due to its low sensitivity characteristics and high octane ratings. Additionally, toluene is produced as a by-product of the production of styrene and is used in the mixing of gasoline (in the form of benzene-toluene-xylene mixes).

A rise in the demand for aromatics in the petrochemical industry is also a factor contributing to the development of synthetic fibers, agrochemicals, dyes, elastomers, and nail paints. Along with rising disposable incomes in the global economy, the expansion of end-user sectors (such as agrochemicals, cosmetics, and explosives) in Asia-Pacific and Latin America has been positively predicted in driving the growth of the global toluene market.

Verified Market Research® narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements that interests the client. The "Global Toluene Market" is mainly bifurcated into sub-segments which can provide classified data regarding the latest trends in the market.

Key Players

The "Global Toluene Market" study report will provide valuable insight with an emphasis on the global market. The major players in the market are Covestro AG, CPC Corporation, Exxon Mobil Corporation, Formosa Chemicals & Fibre Corporation, China National Petroleum Corporation, Royal Dutch Shell PLC, SK Innovation Co., Ltd, China Petroleum & Chemical Corporation, BP PLC, and BASF SE.

Based on the research, Verified Market Research® has segmented the global Toluene Market into Derivative, Application, and Geography.

Toluene Market, by Derivative

Benzene and Xylene
Gasoline Additives
Toluene Di-isocyanates
Others

Toluene Market, by Application

Chemical Intermediates
Explosives
Gasoline
Solvent
Others

Toluene Market, by Geography

North America

U.S
Canada
Mexico

Europe

Germany
France
U.K
Rest of Europe

Asia Pacific

China
Japan
India
Rest of Asia Pacific

ROW

Middle East & Africa
Latin America

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