Toluene Market Size, Share, Growth Analysis, By Derivative type(Benzene, Xylene, Solvents, Gasoline Additives), By Application(Drugs, Dyes, Blending, Cosmetic Nail Products), By Region - Industry Forecast 2024-2031

Toluene Market size was valued at USD 23.29 billion in 2019 and is poised to grow from USD 24.53 billion in 2023 to USD 37.39 billion by 2031, growing at a CAGR of 5.4% in the forecast period (2024-2031).

Sales of toluene and associated services make up the toluene market. It is a component of explosives, high-octane fuels, and aviation fuel. Gums and lacquers can also be dissolved in toluene as a solvent. Toluene is an odorless liquid having a scent that is similar to benzene. It is extremely flammable and irritating to the skin, eyes, lungs, and nose. It is present in crude oil, albeit in very small amounts. It is separated during the catalytic reforming process used to make gasoline, as well as during the production of ethylene or coke from coal. To separate toluene, a distillation or solvent extraction technique is utilized. It is frequently employed in the production of bulk compounds like benzene and Xylenes. Derivatives like toluene diisocyanate (TDI) are also crucial to the industry.

The use of toluene has increased across a variety of significant applications due to the compound's expanding potential applications in a number of end-use industries, including the production of pesticides and fertilizers, cosmetic nail products, medicines, and blends. During the forecast period, this can be one of the main factors boosting the toluene market's expansion. Additionally, the paints and coatings business is anticipated to increase steadily due to rising demand from the construction, automotive, and consumer durables industries, where toluene is frequently used as a solvent for diluting paints, enamels, varnishes, and alkyd resins. The toluene market is expected to develop as a result of this factor.

US Toluene Market  is poised to grow at a sustainable CAGR for the next forecast year.