Toluene Market Research Report – Recent Trends, Growth Opportunities, and Market Size and Share Global Forecast Analysis – 2024 - 2033

Toluene Market Size Research Report – In a Glance

As per the Research report on global Toluene market, the market is projected to foresee a CAGR of 6.5% between 2024-2033, and further generate a market size of USD 44.28 billion by the end of 2033. In the year 2023, the market size was valued at USD 23.89 billion.

• The global Toluene market is projected to grow on account of the expanding automotive sector.
• In Japan, the Toluene market growth can be attributed to the increasing demand in end-use industries.
• KDMI analyst’s growth analysis foresees environmental regulations to challenge the market growth.
• The Asia Pacific Toluene market is projected to dominate the global market.

Toluene Market Analysis

Toluene is a chemical compound which is colorless, flammable liquid with distinct aromatic odor, derived from petroleum refining or obtained synthetically. It is used as a solvent in various industries, including paints, coatings, adhesives, and rubber production. Also, it is a precursor in the manufacturing of chemicals like benzene and xylene. Toluene also finds application as a fuel additive and in the production of explosives. The global Toluene market is experiencing growth due to the expanding automotive sector. As toluene is a key component in manufacturing of coatings, adhesives, and polymers used in automotive applications. The rising demand for vehicles, drives the need for toluene-based products, thus stimulating market growth. The global automotive manufacturing market was worth about USD 2.86 trillion in 2021 and is estimated to grow by 7.9%, driving the growth of the market. BASF SE, Exxon Mobil Corporation, and The Dow Company are some of the significant parties in the global market for Toluene.

Analyst’s Observation on Japan Toluene Market Research

In Japan, the market growth for Toluene can be attributed to the increasing demand in end-use industries. As sectors like manufacturing, automotive, and electronics grow, the need for toluene also increases. AS it is used in various applications such as solvents, coatings, and adhesives expanding the market and supporting industrial activities across the nation. As per reports, toluene adoption in end-use industries has increased by 43% in Japan, driving the market growth. Mitsubishi Chemical Corporation, Sumitomo Chemical Co., Ltd., and Asahi Kasei Corporation are some of the significant parties in the market for Toluene in Japan.

Toluene Market Growth Drivers and Challenges

• Rising construction activities:

Rising construction activities acts as a significant growth driver due to its increased demand for construction materials such as adhesives, paints, and coatings. All of these components often contain toluene as a basic component. As economies expand and urbanization accelerates, there is a rising need for infrastructure development and housing projects. This increase in construction not only boosts the consumption of toluene-based products, driving the market growth.

• Environmental regulations:

Environmental regulations act as a restraint factor due to strict limitations on the use of toluene due to its volatile organic compound (VOC) emissions, which contribute to air pollution and health hazards. Compliance with these regulations causes costly modifications and alternative solutions, affecting the market growth and profitability.

Toluene Market Segmentation

Our experts at KD Market Insights have segmented the global Toluene market research report as:

Toluene Market Regional Synopsis

The Asia Pacific Toluene market is majorly driven by several factors. Firstly, the region's growing manufacturing sector, particularly in countries like China and India, increases the demand for toluene, a key chemical used in various industrial processes. The expanding automotive and construction industries in the region contribute to the demand for toluene-based products such as adhesives, paints, and coatings. Also, some government policies, with increasing investments in infrastructure projects, further drives the market's growth in the Asia Pacific region. According to reports, the demand for toluene in automotive industries has increased by 25% and is expected to grow more in upcoming 5 years.

As per our analysts at KD Market Insights, the following five players lead the Asia Pacific Toluene market growth:

• BASF SE
• ExxonMobil Corporation
• Mitsui Chemicals
• Braskem
• Chevron Phillips Chemical

Toluene Market Competitive Landscape

Some of the key players who top the global Toluene market share:

• The Dow Chemical Company
• Exxon Mobil Corporation
• SK Innovation,
• Husky Energy Inc.
• BASF SE,
• Covestro AG
• LyondellBasell Industries
• Royal Dutch Shell
• Farmosa Chemicals and Fiber Corp
• Braskem SA

Toluene Market Recent Developments

• Sinopec-SK Wuhan Petrochemical Co., a joint venture between SK innovation and SINOPEC, manufacturers of petrochemicals and associated products, agreed to acquire SINOPEC owned Wuhan refinery which manufacturers 25 different chemicals such as gasoline, toluene, jet aviation fuel, etc.
• INEOS stated that it has acquired the Aromatics and Acetyls division of BP for USD 5 billion. With this acquisition, the portfolio and geographical presence of INEOS has expanded.

1. Executive Summary
   1. Market Overview
   2. Key Findings
   3. Market Trends
   4. Market Outlook
2. Introduction
   1. Scope of the Report
   2. Research Methodology
   3. Definitions and Assumptions
   4. Acronyms and Abbreviations
3. Market Dynamics
   1. Drivers
   2. Restraints
   3. Opportunities
   4. Challenges
4. Global Toluene Market
   1. Market Overview
   2. Market Size and Forecast
   3. Market Segmentation
      1. By Type
      2. By Derivatives
      3. By Application
      4. By Region

1. Market Segmentation by Type
   1. TDI Grade
   2. Nitration Grade
   3. Commercial Grade
2. Market Segmentation by Derivatives
   1. Benzene and Xylene
   2. TDI
   3. Gasoline Additives
   4. Others
3. Market Segmentation by Application
   1. Solvent
   2. Chemical Intermediate
   3. Other
4. Regional Analysis
   1. North America
      1. United States
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, by Derivatives and by Application
      2. Canada
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, by Derivatives and by Application
      3. Mexico
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, by Derivatives and by Application
   2. Europe
      1. United Kingdom
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, by Derivatives and by Application
      2. Germany
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, by Derivatives and by Application
      3. France
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, by Derivatives and by Application
      4. Italy
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, by Derivatives and by Application
      5. Spain
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, by Derivatives and by Application
      6. Rest of Europe
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, by Derivatives and by Application
   3. Asia Pacific
      1. China
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, by Derivatives and by Application
      2. Japan
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, by Derivatives and by Application
      3. India
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, by Derivatives and by Application
      4. Australia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, by Derivatives and by Application
      5. South Korea
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, by Derivatives and by Application
      6. Rest of Asia Pacific
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, by Derivatives and by Application
   4. Latin America
      1. Brazil
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, by Derivatives and by Application
      2. Argentina
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, by Derivatives and by Application
      3. Colombia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, by Derivatives and by Application
      4. Rest of Latin America
         1. Market Size and Forecast
         2. Key Trends and Developments
         3.               Market Analysis by Type, by Derivatives and by Application
   5. Middle East & Africa
      1. South Africa
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, by Derivatives and by Application
      2. Saudi Arabia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, by Derivatives and by Application
      3. UAE
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, by Derivatives and by Application
      4. Rest of Middle East & Africa
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type, by Derivatives and by Application
5. Competitive Landscape
   1. Market Share Analysis
   2. Company Profiles
      1. The Dow Chemical Company
      2. Exxon Mobil Corporation
      3. SK Innovation,
      4. Husky Energy Inc.
      5.  BASF SE,
      6. Covestro AG
      7. LyondellBasell Industries
      8. Royal Dutch Shell
      9. Farmosa Chemicals and Fiber Corp
      10. Braskem SA
6. Strategic Recommendations
7. Appendix
   1. List of Tables
   2. List of Figures
8. References