(MENAFN- GlobeNewsWire - Nasdaq) Rising demand for paints, coatings, and automotive fuels, coupled with toluene's key role in chemical production and eco-friendly fuel additives, drives toluene market growth.

Austin, Feb. 10, 2025 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that, “ The Toluene Market Size was valued at USD 28.6 Billion in 2023. It is expected to grow to USD 40.9 Billion by 2032 and grow at a CAGR of 5.4% over the forecast period of 2024-2032. ”

Toluene Market Growth Driven by Versatile Applications in Coatings, Automotive, and Chemicals Amid Rising Demand for Eco-Friendly Solutions

The toluene market is driven by its versatile applications in industries like paints and coatings, where it enhances fluidity and drying times, as well as in gasoline production, where it boosts octane ratings and fuel efficiency. Growing urbanization, infrastructure development, and automotive production globally are increasing demand for high-quality coatings and fuels, contributing to market growth. In 2022, the European paints and coatings market grew by 4%, while India's paint industry rose by 12.7%. Toluene's role in gasoline refining is crucial, especially in developing economies like India and China, where rising vehicle usage and stringent fuel quality standards drive the need for high-octane gasoline. The International Energy Agency reported a 10% rise in gasoline consumption in India in 2022, highlighting the growing reliance on toluene. Additionally, toluene is essential in producing benzene and xylene, key components for plastics, fibers, and other industrial products. While environmental concerns are fostering a shift toward eco-friendly alternatives, toluene remains vital in biofuel production and other sectors. The market's growth is further supported by increasing regulatory pressure, advancements in engine technology, and the demand for cleaner fuels, ensuring continued demand across multiple industries.

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Key Companies:

• ExxonMobil Corporation (Toluene Solvent, ExxonMobil Aromatic 100)
• Royal Dutch Shell Plc (Shell Toluene, ShellSol A)
• BASF SE (Toluene Pure, Basosolv Toluene)
• China National Petroleum Corporation (CNPC) (CNPC Toluene, Toluene Solvent Grade)
• Reliance Industries Limited (Reliance Toluene, Petrochemical Toluene)
• Saudi Basic Industries Corporation (SABIC) (SABIC Toluene, Aromatics Toluene)
• Chevron Phillips Chemical Company LLC (CPChem Toluene, Soltrol 220)
• LyondellBasell Industries N.V. (Lyondell Toluene, Puretol)
• Mitsui Chemicals, Inc. (Mitsui Toluene, Aromatics Toluene)
• Indian Oil Corporation Ltd. (IOC Toluene, Industrial Grade Toluene)
• BP Plc (BP Toluene, BP Aromatics)
• TotalEnergies SE (Total Toluene, Toluene Industrial)
• China Petroleum & Chemical Corporation (Sinopec) (Sinopec Toluene, Aromatics Toluene)
• SK Global Chemical Co., Ltd. (SK Toluene, Chemical Toluene)
• Formosa Chemicals & Fibre Corporation (Formosa Toluene, Aromatics Solvent Toluene)
• Toray Industries, Inc. (Toray Toluene, High-Purity Toluene)
• Tosoh Corporation (Tosoh Toluene, Pure Toluene Solvent)
• JXTG Nippon Oil & Energy Corporation (JXTG Toluene, Solvent Toluene)
• Idemitsu Kosan Co., Ltd. (Idemitsu Toluene, Industrial Toluene)
• Haldia Petrochemicals Limited (HPL Toluene, HPL Aromatics Toluene)

Toluene Market Report Scope:

Report Attributes	Details
Market Size in 2023	USD 28.6 Billion
Market Size by 2032	USD 40.9 Billion
CAGR	CAGR of 5.4% From 2024 to 2032
Base Year	2023
Forecast Period	2024-2032
Historical Data	2020-2022
Report Scope & Coverage	Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments	. By Application (Benzene & Xylene, Gasoline, Solvents, TDI, Others)
Key Drivers	.Increasing use in adhesives and sealants drives the market growth.

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By Application: Solvents and Catalysts Drive Toluene Market Growth with Strong Demand Across Various Industries

In 2023, solvents and catalysts dominated the toluene market, capturing approximately 38% share due to their extensive use across multiple sectors. Benzene, a crucial petrochemical, is essential for producing chemicals like styrene (for PVC), phenol (for adhesives), and cyclohexane (for nylon). Xylene serves primarily as a solvent and in producing raw materials for terephthalic acid, a precursor to polyesters. The strong demand for benzene and xylene from industries such as automotive, construction, and textiles, coupled with a shift toward high-performance materials and chemical manufacturing growth in developing regions, further drives their consumption and market dominance.

Regional Analysis

Asia Pacific Drives Toluene Market Growth with Rapid Industrialization and Economic Expansion

In 2023, the Asia Pacific region held a dominant market share for toluene, fueled by rapid industrialization and economic growth in China, India, and South Korea. The region's strong manufacturing sector, especially in automotive, construction, and electronics, has driven significant demand for these chemicals, with the production of TDI playing a key role in toluene consumption for polyurethane foams. Additionally, the expanding petroleum refining and petrochemical industries rely on toluene as a feedstock and solvent. The rising middle class and government incentives, like India's production-linked incentive scheme, further bolster market growth, while China's leadership in paints and coatings manufacturing contributes to regional dominance.

Recent Developments

• In 2023, BASF introduced a new range of high-performance benzene derivatives designed to enhance applications in the automotive and electronics industries, focusing on improving material properties while minimizing environmental impact.
• In 2023, Shell revealed plans to invest in upgrading its chemical manufacturing facilities in Asia, specifically to boost xylene production capacity to meet the rising demand in the polyester industry.
• In 2023, ExxonMobil finalized the integration of advanced technologies in its petrochemical plants to improve benzene production efficiency, significantly reducing operational costs and enhancing sustainability performance.

The toluene market is growing due to its wide applications in the automotive, construction, and chemical industries. It is essential as a solvent in paints, coatings, and adhesives and as an octane booster in gasoline, improving fuel efficiency. The demand for high-performance materials and the rise in automotive production contribute to market growth. Toluene is also critical in producing benzene and xylene, key components for plastics, synthetic fibers, and other industrial products. Despite environmental concerns, the market remains strong, supported by toluene's role in fuel additives, chemical production, and industrial uses. Leading regions like Asia-Pacific and Europe continue to drive consumption, with emerging economies further fueling demand.

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Table of Contents – Major Key Points

1. Introduction

1.1 Market Definition

1.2 Scope (Inclusion and Exclusions)

1.3 Research Assumptions

2. Executive Summary

2.1 Market Overview

2.2 Regional Synopsis

2.3 Competitive Summary

3. Research Methodology

3.1 Top-Down Approach

3.2 Bottom-up Approach

3.3. Data Validation

3.4 Primary Interviews

4. Market Dynamics Impact Analysis

4.1 Market Driving Factors Analysis

4.2 PESTLE Analysis

4.3 Porter's Five Forces Model

5. Statistical Insights and Trends Reporting

5.1 Production Capacity and Utilization, by Country, by Type, 2023

5.2 Feedstock Prices, by Country, by Type, 2023

5.3 Regulatory Impact, by Country, by Type, 2023.

5.4 Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region

5.5 Innovation and R&D, by Type, 2023

6. Competitive Landscape

6.1 List of Major Companies, By Region

6.2 Market Share Analysis, By Region

6.3 Product Benchmarking

6.4 Strategic Initiatives

6.5 Technological Advancements

6.6 Market Positioning and Branding

7. Toluene Market Segmentation, By Application

7.1 Chapter Overview

7.2 Benzene & Xylene

7.3 Gasoline

7.4 Solvents

7.5 TDI

7.6 Others

8. Regional Analysis

9. Company Profiles

10. Use Cases and Best Practices

11. Conclusion

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