According to the research report titled ‘Global Toluene Market Size study, by Derivative (Benzene and Xylene, Gasoline Additives, Toluene Diisocyanates, and Other Derivatives {Benzoic Acid, Trinitrotoluene, and Benzaldehyde), by Application (Paints and Coatings, Adhesives and Inks, Explosives, Chemical Industry, and Other Applications {Pharmaceuticals, Solvents, Dyes}), and Regional Forecasts 2022-2028’, available with MarketStudyReport, global toluene market was worth USD 23.41 billion in 2021 and is expected to grow at 5.5% CAGR through the forecast period and amass a valuation of USD 34.1 billion by the end of 2028.

Soaring demand from the paints & coating sector, combined with rising use of the product as a solvent are factors responsible for global toluene market development.

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For the unversed, toluene is an aromatic hydrocarbon that is used as a solvent and as a feedstock. It is also referred to as toluol and methylbenzene, and is classified as an aromatic substance owing to the influence of a benzene ring in its chemical composition.

Besides, innovative product launches, in consort with cognizance of product properties like anasthetic, anti-neurotransmitter, anti-depressant, anti-hepatoprotective, and antioxidant are likely to create remunerative opportunities for businesses in this line
of work during the review timeline.  

Despite the optimistic outlook, surging demand for diesel in comparison to gasoline is estimated to hinder the progress of the market in the forthcoming years.  

Based on derivatives, global toluene industry is split into toluene diisocyanates, gasoline additives, benzene & xylene, and others (benzaldehyde, benzoic acid, trinitrotoluene). With respect to application spectrum, the industry is classified into chemical sector, paints & coatings, explosives, adhesives & inks, and others (dyes, pharmaceuticals, solvents)

For better comprehension of the geographical reach of the market, the report analyses key regions like North America, Asia Pacific, Europe, and Latin America. Of these, Asia Pacific market is poised to record substantial growth during the assessment timeframe, on account of extensive product usage in commercial & industrial bases as well as expanding powder coating technology.

Whereas North America industry is anticipated to rise significantly during the projected timeline, due to the widespread adoption of toluene across the region.

The notable players augmenting the competitive scope of worldwide toluene market are Covestro AG, China National Petroleum Corporation, CPC Corporation, BASF SE, Formosa Chemicals & Fibre Corporation, Exxon Mobil Corporation, Braskem S.A., Lyondellbasell Industries N.V., Chevron Phillips Chemical Company LLC, and China Petroleum & Chemical Corporation among others.