Market Size of Toluene Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Toluene Market Analysis
The toluene market is expected to register a CAGR of over 5.5% during the forecast period.
The COVID-19 pandemic hindered the market badly. The impact can be seen in almost all the major sectors, including automotive, chemicals, paint and coatings, and other end-user industries. However, the market is anticipated to retain its growth trajectory in 2022.
- One of the major factors driving the market study is the growing usage of toluene as a solvent. Stringent governmental regulations are expected to hinder the growth of the market studied.
- Compared to gasoline, increasing demand for diesel is a restraint for the market's growth.
- The benzene and xylene segment dominated the market and is expected to record the highest CAGR during the forecast period.
- Growing usage in toluene diisocyanate (TDI) production is likely an opportunity.
- Asia-Pacific dominated the global market, with the largest consumption from countries such as China and India.
