Global Toluene Market is Expected to Soar in the Upcoming Years 2024 - 2031 | BASF SE, Braskem SA, Chevron Phillips Chemical Company LLC

Market Overview:

Global toluene market is estimated to be valued at USD 28.12 Bn in 2024 and is expected to reach USD 43.13 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.3% from 2024 to 2031.

Market Dynamics:

Toluene demand is expected to increase significantly during the forecast period, owing to growing demand from the automotive and construction industries. Toluene is a raw material used in the production of paints and coatings, which witness growing demand from these end-use industries. Furthermore, rising paint and coatings consumption in construction activities will further propel toluene market growth over the forecast period. Toluene is also used as a raw material in the production of chemicals like benzene and xylene, and it finds usage as a solvent and an additive in petroleum-based fuels to raise the octane number. Growing demand for these derivatives and their end-use applications is another factor expected to positively influence industry growth.

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Declining Crude Oil Prices during COVID-19 as a Key Restraining Factor for Toluene Market

Toluene is majorly manufactured as a by-product from refinery processes or directly from petrochemical sources such as benzene and reformate. Therefore, fluctuations in crude oil prices exert considerable influence over the economics of toluene production. The COVID-19 outbreak led to a significant decline in global crude oil demand as well as prices due to lockdowns imposed across countries. This adversely impacted the toluene market in 2020. Many production facilities were forced to scale down or temporarily shut down operations due to poor demand-supply dynamics and uneconomical production costs. The gradual crude price recovery since H2 2020 helped revive toluene production to some extent but fluctuations still remain a challenge.

Rising Investments in Infrastructure Development opening promising avenues

Infrastructure development has been prioritized by several countries all over the world. Toluene is extensively utilized as a solvent in paints, coatings, and adhesives. In the construction sector, these products are highly consumed for applications ranging from architectural coatings to industrial flooring. Growing infrastructure spending on projects like roads, bridges, railways, urban development etc. would spur the demand for paints, coatings, and adhesives in developed as well as developing regions. According to World Bank estimates, global infrastructure investment requirements average $3.7 trillion annually until 2035. This presents lucrative opportunities for future growth of the toluene market driven by the infrastructure industry.

Increasing use of Bio-based Toluene gaining Traction

Driven by strict environmental regulations and rising sustainability awareness, the bio-based chemicals industry is witnessing considerable growth. Players are focusing on developing bio-based or renewable alternatives to conventionally produced chemicals. As such, several companies have successfully commercialized technologies for producing toluene from biomass sources like wood, agricultural residues etc. through fermentation processes. Going forward, the share of bio-based toluene production is expected to increase in the global supply. Adoption of bio-toluene provides environmental benefits and also strengthens supply security. The trend towards green chemicals is projected to favor the expansion of the toluene market over the long run.

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Top Companies Featured in This Report:

★ BASF SE
★ Braskem SA
★ Chevron Phillips Chemical Company LLC
★ China Petroleum & Chemical Corporation (Sinopec)
★ China National Petroleum Corporation
★ Covestro AG
★ CPC Corporation
★ Exxon Mobil Corporation
★ Formosa Chemicals & Fibre Corporation
★ INEOS
★ Lyondellbasell Industries NV
★ Mitsui Chemicals Inc.
★ Mitsubishi Chemical Corporation
★ Royal Dutch Shell PLC
★ SABIC
★ SK Innovation Co. Ltd
★ Total SA
★ Shiv Chemicals
★ Pure Chemicals Co
★ Akshar international

Market Segmentation:

By Product Type:

★ By Derivative Type: Benzene & Xylene, Toluene Diisocynates, Gasoline Additives, Others

By Applications:

★ By Application: Drugs, Blending, Cosmetic Nail Products, Others

Key Regions/Countries Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

Key Inquiries Addressed in this Report include:

What was the size of the Global Toluene Market in 2024, and what is the projected value by 2031?
What is the present global market landscape for the Global Toluene Market?
What strategies offer optimal opportunities for growth maximization in the business?
What recent trends are shaping the Global Toluene Market?
How does the market share of Global Toluene Market revenue, sales, and size vary across specific geographical regions?
Who are the prominent industry players in the Global Toluene Market?
Which segment of the Global Toluene Market is experiencing heightened demand?
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.

In summary, whether you're engaged in manufacturing, distribution, or investment within the Global Toluene sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.

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Author Bio:

Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.

(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)

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