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Toluene Market Report 2024 - Toluene Market Analysis, Trends And Growth
Toluene Market
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According to The Business Research Company's, The toluene market size has grown steadily in recent years. It will grow from $29.7 billion in 2023 to $30.96 billion in 2024 at a compound annual growth rate (CAGR) of 4.2%. The growth in the historic period can be attributed to petroleum industry growth, polyurethane production, expanding chemical manufacturing, printing and rubber industries, adhesive and sealant industry.
The toluene market size is expected to see steady growth in the next few years. It will grow to $36.89 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The growth in the forecast period can be attributed to renewable and sustainable alternatives, evolving regulations, shift in automotive industry, fluctuations in crude oil prices, health and environmental concerns. Major trends in the forecast period include technological innovations, growing demand in the chemical industry, focus on bio-based toluene production, fluctuating crude oil prices, regional market dynamics.
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Market Drivers and Trends:
The emerging demand for aromatics in the petrochemical industry has contributed to the growth of the toluene market. Aromatics are petroleum-derived forms of hydrocarbons, composed primarily of carbon and hydrogen elements. Toluene is a common aromatic, used as a chemical feedstock, solvent, and fuel additive in the chemical industry. To cater to the growing demand, companies are investing in expanding their production capacity. For instance, in July 2023, the U.S. Energy Information Administration, a US-based government agency, total world petroleum consumption was about 97.26 million b/d. Therefore, increasing demand in the petrochemical industry is driving the toluene market. Therefore, the growing demand for aromatics in end-use industries is driving the toluene market.
Toluene di-isocyanides is increasingly being used as a raw material in the manufacturing of flexible foam applications. Toluene di-isocyanides (TDI) is a chemical used in polyurethane production, especially in flexible foam applications such as furniture and bedding, and also in packaging applications. According to 'The Furnishing Report' in the UK, toluene di-isocyanides is one of the main ingredients used in the manufacturing of flexible polyurethane foams, one of the key components used in the UK furniture manufacturing industry. Increasing the use of toluene di-isocyanides will contribute to the growth of the market.
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Major Key Players of the Market:
China National Petroleum Corp., Exxon Mobil Corporation, Royal Dutch Shell plc, TotalEnergies SE, BP Chemicals plc, Valero Energy Corp., Reliance Industries Ltd., BASF SE, INEOS Group Holdings S.A., CNOOC Ltd., SK Innovation Co. Ltd., Saudi Basic Industries Corporation., LyondellBasell Industries N.V., Mitsubishi Chemical Corporation, China Petroleum & Chemical Corporation, Sherwin-Williams Company, Covestro AG, Braskem SA, Mitsui Chemicals Inc., DuPont de Nemours Inc., S.K. Global Chemical Co. Ltd., Formosa Plastics Corp., Nova Chemicals Corp., Stepan Company, Koch Industries Inc., GS Caltex Inc., JX Nippon Oil and Energy Corp., Chevron Phillips Chemical Company LLC
Toluene Market 2024 Key Insights:
• The toluene market size is expected to see steady growth in the next few years. It will grow to $36.89 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%.
• Expanding Aromatic Production Capacity Meeting The Soaring Demand For Toluene In The Petrochemical Industry
• Rising Adoption Of Toluene Di-Isocyanides (TDI) In Flexible Foam Manufacturing A Catalyst For Market Growth
• Asia-Pacific was the largest region in the toluene market in 2023
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