The global toluene market size was valued at USD 30.84 billion in 2023. The market is projected to grow from USD 26.03 billion in 2024 to USD 37.87 billion by 2032, exhibiting a CAGR of 4.8% during the forecast period. 

Toluene is an odorless liquid with a smell that is similar to benzene. It is highly flammable and irritating to the skin, eyes, lungs, and nose. It is present in crude oil but in tiny amounts. It is separated during the catalytic reforming process used to make gasoline and during the production of ethylene or coke from coal.

Fortune Business Insights presents this information in its report titled "Toluene Market, 2024-2032."                                  

The Report Lists the Key Players Profiled in the Market Report:

• Dow Chemical Company (U.S.)
• Exxon Mobil Corporation (U.S.)
• K. Innovation (South Korea)
• Husky Energy Inc. (Canada)
• BASF SE (Germany)
• Covestro AG (Germany)
• LyondellBasell Industries Holdings B.V (U.K.)
• CPC Corporation (Taiwan)
• Royal Dutch Shell PLC (U.K.)
• Formosa Chemicals & Fibre Corp (Taiwan)
• Chevron Philips Chemicals (U.S.)
• Braskem SA (Brazil)

Market Segments: 

Based on segment type, the market is classified into TDI grade, nitration grade, and commercial grade.

On the basis of derivative type, the market is split into benzene & xylene, TDI, a gasoline additive, and others.

According to application, the market is segmented into the solvent, chemical intermediate, and others.

Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Report Coverage:

The report offers:

• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into the regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Recent industry developments include product launches, partnerships, mergers, and acquisitions.

Drivers & Restraints:

Growing Demand from Industries to Drive the Market During the Forecast Period  

Other chemicals mainly consume toluene, like benzene and xylene. Benzene, xylene, and their related derivatives are produced using more than half of the toluene made worldwide. These derivatives are used widely in various industries, including paints and coatings, chemical production, pharmaceuticals, mining, construction, and the military. As a result, toluene is in high demand due to its commercial significance and solid foundation in producing essential chemicals.

Information Source: https://www.fortunebusinessinsights.com/toluene-market-102391

Regional Insights:  

Rapid Globalization and Development Will Lead Asia Pacific Market to Grow Subsequently   

Due to the robust consumption in nations like China, South Korea, India, Taiwan, and Japan, the Asia-Pacific region dominates the global toluene market. The market has been driven by the robust industrial demand brought on by rapid development and globalization.

North America is the second-largest toluene consumer in the world. The region's demand is steady, and imports from Asia have declined.

Due to the increase in crude oil prices, toluene has witnessed stagnant growth and low demand.

The market in the Latin America region is expected to show moderate growth during the forecast period due to economic & political havoc.

Competitive Landscape

Leading Players adopt Acquisition Strategies to Stay Competitive

Several players in the market are using acquisition strategies to build their business portfolios and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions.

Notable Industry Development:   

• April 2019: Sinopec-SK Manufacturers of petrochemicals and related goods Wuhan Petrochemical Co. and SINOPEC have reached an agreement to purchase the SINOPEC-owned Wuhan refinery, which produces 25 different chemicals, including gasoline, toluene, and jet aviation fuel.