Toluene Market Report by Technology (Reformation Process, Pygas Process, Coke/Coal Process, Styrene Process), Application (Gasoline, STDP/TPX, Solvents, Trans Alkylation (TA), Hydrodealkylation, Toluene Diisocyanate (TDI), Toluene Disproportionation (TDP), and Others), and Region 2024-2032

Toluene Market Report by Technology (Reformation Process, Pygas Process, Coke/Coal Process, Styrene Process), Application (Gasoline, STDP/TPX, Solvents, Trans Alkylation (TA), Hydrodealkylation, Toluene Diisocyanate (TDI), Toluene Disproportionation (TDP), and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A685
Buy Now

Market Overview:

The global toluene market size reached US$ 28.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 44.0 Billion by 2032, exhibiting a growth rate (CAGR) of 4.6% during 2024-2032. The increasing product demand in industrial applications, the rising expansion of the automotive industry, the growing construction and infrastructure projects, and the escalating product adoption in the oil and gas sector are some of the factors propelling the market.

Report Attribute
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023 US$ 28.9 Billion
Market Forecast in 2032 US$ 44.0 Billion
Market Growth Rate (2024-2032) 4.6%


Toluene, a colorless and water-insoluble liquid, is a versatile aromatic hydrocarbon with a sweet, pungent odor. This organic compound is a vital industrial chemical, primarily used as a solvent in various applications. It is a key component in producing numerous chemicals, including benzene, a precursor in manufacturing plastics, resins, and synthetic fibers. Due to its excellent solvent properties, toluene is critical in formulating paints, coatings, adhesives, and inks. Furthermore, it is a crucial component in gasoline, enhancing its octane rating and improving engine performance. It is an integral part of the chemical industry.

Global Toluene Market

The global market is majorly driven by the increasing product demand in the production of benzene and xylene. In line with this, the rising product adoption in the petrochemical industry is significantly contributing to the market. Furthermore, the extensive use of toluene as a solvent in various applications such as paints, coatings, adhesives, and pharmaceuticals is expanding its market presence. Besides, the growing automotive and construction sectors are increasing the demand for toluene-based products, including rubber and thinners for lacquers and varnishes. Toluene's importance in producing explosives, particularly TNT, and its role as a high-octane additive in aviation and racing fuel its market growth. Moreover, its aromatic properties make it a fundamental component in the fragrance industry and a valuable raw material for pharmaceuticals. The increasing emphasis on sustainability and the development of bio-based toluene alternatives are stimulating innovation in the industry. Additionally, stringent environmental regulations and safety concerns encourage the adoption of toluene substitutes, but the market is adapting by producing low-VOC (Volatile Organic Compounds) formulations. The pharmaceutical sector's continuous expansion and the demand for specialty chemicals are expected to sustain the market growth.

Toluene Market Trends/Drivers:

Increasing product use in the production of electronic components

The increasing product use in producing electronic components is positively influencing the market. The product is a crucial solvent in manufacturing semiconductors, printed circuit boards, and other electronic components. The need for high-performance electronic components has accelerated with the relentless advancement of technology and the ever-growing demand for consumer electronics, such as smartphones, laptops, and smart devices, on the global level. The product's unique properties make it an ideal choice for dissolving and processing various materials used in microelectronics and semiconductor industries, contributing to the miniaturization and enhanced functionality of electronic devices.

Rising product uptake in gasoline blends

The rising product uptake in gasoline blends is catalyzing the market. The product is a sought-after component in gasoline production with its high octane rating. As the automotive industry expands and regulatory standards for cleaner and more efficient fuels become increasingly stringent, its role in enhancing gasoline's performance becomes more crucial. Blending toluene with gasoline boosts octane levels, enhances engine efficiency, and reduces harmful emissions. This is particularly vital as manufacturers strive to meet stringent environmental standards and consumers seek more fuel-efficient vehicles. Additionally, emerging markets with a growing middle-class population are witnessing a rise in automobile ownership, further boosting the product demand for gasoline blends. As a result, the market is experiencing a steady upswing, driven by its indispensable role in enhancing the quality and performance of gasoline for an ever-expanding global automotive fleet.

Expansion of the end-use industries

The expansion of the end-use industries is offering numerous opportunities for the market. Toluene, renowned for its versatility, is an indispensable raw material and solvent in multiple sectors. Industries such as chemicals, paints and coatings, pharmaceuticals, and petrochemicals are witnessing remarkable growth worldwide. The chemical industry uses the product to synthesize various chemicals, including benzene and xylene, while the paints and coatings sector utilizes it as a solvent. Furthermore, it is pivotal in producing essential pharmaceuticals and petrochemical processes. As these industries expand to meet the rising global demand for their products, their demand accelerates. This expansion bolsters the market and reflects its intrinsic connection to the broader industrial landscape.

Toluene Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global toluene market report, along with forecasts at the global and regional levels from 2024-2032. Our report has categorized the market based on technology and application.

Breakup by Technology:

  • Reformation Process
  • Pygas Process
  • Coke/Coal Process
  • Styrene Process
     

Reformation process dominates the market

The report has provided a detailed breakup and analysis of the market based on the technology. This includes the reformation process, pygas process, coke/coal process, and styrene process. According to the report, reformation process represented the largest segment.

The reformation process, which involves the catalytic reforming of naphtha, yields toluene as a valuable byproduct. This method is integral to the petrochemical industry's production of toluene and benefits from the increasing demand for various petrochemical products.

Furthermore, the pygas process, which primarily involves the extraction of toluene and other valuable aromatic compounds from pyrolysis gasoline, contributes significantly to the market. The demand for these processes intensifies as industries like chemicals, plastics, and automotive manufacturing expand. This segmentation ensures a consistent product supply and aligns with the broader market dynamics, making it highly responsive to the specific needs of various industrial sectors.

Breakup by Application:

  • Gasoline
  • STDP/TPX
  • Solvents
  • Trans Alkylation (TA) 
  • Hydrodealkylation
  • Toluene Diisocyanate (TDI) 
  • Toluene Disproportionation (TDP)
  • Others
     

Gasoline dominates the market

The report has provided a detailed breakup and analysis of the market based on the application. This includes gasoline, STDP/TPX, solvents, trans alkylation, hydrodealkylation, toluene diisocyanate, toluene disproportionation, and others. According to the report, gasoline represented the largest segment.

Toluene is a valuable component in gasoline production, serving as a high-octane blending agent. The demand for higher-quality gasoline has accelerated as the global automotive industry continues to expand and evolve, driven by increasing vehicle ownership and stringent emission regulations. The product's unique properties make it an ideal choice for improving gasoline's octane rating, which enhances engine efficiency and reduces emissions. As a result, the market benefits directly from the automotive sector's growth, as gasoline remains a primary fuel source for internal combustion engines.

Breakup by Region:

  • Asia Pacific
  • North America
  • Europe
  • Middle East and Africa
  • Latin America
     

Asia Pacific exhibits a clear dominance, accounting for the largest market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. According to the report, Asia Pacific accounted for the largest market share.

Asia Pacific stands out as a significant consumer and producer of the product, owing to its rapid industrialization, robust manufacturing sectors, and expanding population. The region, including countries like China and India, has experienced substantial industrial growth. Toluene is a crucial raw material in various industries, including chemicals, textiles, and electronics, which thrive in this region. Furthermore, the automotive industry has increased demand for the product in gasoline blending. Rapid urbanization and infrastructure development boost the demand for paints, coatings, and adhesives, all of which use the product as a solvent. With a growing middle class and increased consumer electronics production, the demand for electronic components where toluene is used remains strong. Moreover, the region is a global manufacturing hub, which drives product consumption for various industrial applications. It is not only a major consumer but also a producer of toluene, contributing to both supply stability and market growth.

Competitive Landscape:

Top companies are strengthening the market growth through strategic initiatives and innovations. These companies, often leaders in the chemical and petrochemical sectors, are driving market expansion in several ways. Various top manufacturers are investing in expanding their production capacities. Increasing their output ensures a consistent and ample product supply to meet the growing demand from various industries. These companies actively engage in research and development activities to find new product applications and develop more efficient and eco-friendly production processes. This encourages innovation and keeps toluene relevant in an ever-evolving market. Furthermore, top firms have a global presence, allowing them to tap into emerging markets with increasing industrialization and consumer demand. This global reach helps in market penetration and diversification. Various leading producers are adopting sustainable practices to reduce their environmental footprint. This aligns with global sustainability goals and attracts environmentally conscious customers. Collaborations and partnerships with downstream industries such as automotive, electronics, and pharmaceuticals are common strategies. These partnerships ensure a steady demand for the product in various applications. These companies are exploring new markets and applications for the product beyond traditional uses. This diversification helps mitigate risks and opens up new avenues for growth.

The report has provided a comprehensive analysis of the competitive landscape in the toluene market. Detailed profiles of all major companies have also been provided.

  • Exxon Mobil Corporation
  • SK Global
  • British Petroleum
  • Versalis
  • Compañia Española De Petroleos Sau

Recent Developments:

  • In September 2023, British Petroleum entered a third long-term liquefied natural gas (LNG) offtake contract from Woodfibre’s British Columbia LNG facility.
  • In September 2023, Versalis partnered with Technip Energies to integrate plastic waste recycling technologies.
  • In December 2022, Compañia Española De Petroleos Sau announced investing 3 Billion Euros in Andalusia to build Europe's largest green hydrogen hub.

Toluene Market Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion, Million Tons
Scope of the Report Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: 
  • Technology
  • Application
  • Region
Technologies Covered Reformation Process, Pygas Process, Coke/Coal Process, Styrene Process
Applications Covered Gasoline, STDP/TPX, Solvents, Trans Alkylation (TA), Hydrodealkylation, Toluene Diisocyanate (TDI), Toluene Disproportionation (TDP), Others
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered Exxon Mobil Corporation, SK Global, British Petroleum, Versalis, Compañia Española De Petroleos Sau, etc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report:

  • How has the global toluene market performed so far, and how will it perform in the coming years?
  • What are the drivers, restraints, and opportunities in the global toluene market?
  • What is the impact of each driver, restraint, and opportunity on the global toluene market?
  • What are the key regional markets?
  • Which countries represent the most attractive toluene market?
  • What is the breakup of the market based on the technology?
  • Which is the most attractive technology in the toluene market?
  • What is the breakup of the market based on the application?
  • Which is the most attractive application in the toluene market?
  • What is the competitive structure of the global toluene market?
  • Who are the key players/companies in the global toluene market?

Key Benefits for Stakeholders:

  • IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the toluene market from 2018-2032.
  • The research report provides the latest information on the market drivers, challenges, and opportunities in the global toluene market.
  • The study maps the leading, as well as the fastest-growing, regional markets.
  • Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the toluene industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Toluene Market Report by Technology (Reformation Process, Pygas Process, Coke/Coal Process, Styrene Process), Application (Gasoline, STDP/TPX, Solvents, Trans Alkylation (TA), Hydrodealkylation, Toluene Diisocyanate (TDI), Toluene Disproportionation (TDP), and Others), and Region 2024-2032
Purchase options




Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More