According to the latest global toluene market report by IMARC Group, the market reached a value of US$ 22.5 Billion in 2018. Toluene is a water-insoluble, colorless and organic chemical compound. It is a minor constituent obtained during the production of gasoline and crude oil. Toluene can also be produced through natural sources such as tolu tree and as a by-product of styrene production. Owing to its physical and chemical properties, toluene is used in the synthesis of saccharin, trinitrotoluene (TNT) and benzoic acid. It is also utilized in the manufacturing of polymers used for making plastic soda bottles, nylon and polyurethanes.

Global Toluene Market Trends:

Toluene currently plays a vital role across several end-use industries, such as building and construction, printing, rubber, oil and gas, resins, leather and pharmaceuticals, which is one of the major factors driving the growth of the toluene market. Moreover, there has been a rise in the usage of toluene in gasoline mixtures in the form of an octane booster for controlling the energy content of gasoline. Apart from this, an increase in the utilization of aromatics to manufacture nail paints, agrochemicals and elastomers in the petrochemical industry is positively influencing the market growth. Further, the manufacturers of toluene are adopting new technologies like Celanese's AO-plus and BP's Cativa which help in lowering the operating cost, enhancing production efficiency and increasing capacity. However, toluene has intoxicating effects due to which its application has been hampered in several industries. Despite this hindrance, the market value is expected to reach US$ 31.1 Billion by 2024, at a projected CAGR of 5.6% during 2019-2024.

Market Segmentation: 

Market Breakup by Technology

1. Reformation Process
2. Pigs Process
3. Coke/Coal Process
4. Styrene Process

Market Breakup by Application

1. Gasoline
2. STDP/TPX
3. Solvents
4. Trans Alkylation (TA) 
5. Hydrodealkylation
6. Toluene Diisocyanate (TDI) 
7. Toluene Disproportionation (TDP)
8. Others  

Market Breakup by Region

1. Asia Pacific
2. North America
3. Europe
4. Middle East and Africa
5. Latin America

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