The Toluene Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Toluene Global Market Report 2024, 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.
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.
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The toluene market covered in this report is segmented –
1) By Type: Benzene and Xylene, Solvents, Gasoline Additives, TDI (Toluene diisocyanate), Trinitrotoluene, Benzoic acid, Benzaldehyde
2) By Production Process: Reformation Process, Pigs Process, Coke/Coal Process, Styrene Process
3) By Application: Drugs, Dyes, Blending, Cosmetic Nail Products, Other Applications (TNT, Pesticides, and Fertilizers)
4) By End User Industry: Building and Construction, Automotive, Oil and Gas, Consumer Appliances
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.
The toluene market report table of contents includes:
1. Executive Summary
2.Toluene Market Characteristics
3.Toluene Market Trends And Strategies
4.Toluene Market analysis
5.Toluene Market Size And Growth
6.Toluene Segmentation
7.Toluene Regional And Country Analysis
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27.Toluene Competitive Landscape And Company Profiles
28.Toluene Key Mergers And Acquisitions
29.Toluene Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- China National Petroleum Corp.
- Exxon Mobil Corporation
- Royal Dutch Shell PLC
- TotalEnergies SE
- BP Chemicals PLC
- Valero Energy Corp.
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