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The emerging demand for aromatics in the petrochemical industry are expected to drive innovation in toluene manufacturing, thus driving the market during the forecast period.

The global toluene market is expected to grow from $29.24 billion in 2022 to $29.89 billion in 2023 at a compound annual growth rate (CAGR) of 2.2%. The global toluene market size is expected to grow from $32.81 billion in 2027 at a CAGR of 2.4%.

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Global Toluene Market Segments Include:

• By Type: Benzene and Xylene, Solvents, Gasoline Additives, TDI (Toluene diisocyanate), Trinitrotoluene, Benzoic acid, Benzaldehyde
• By Production Process: Reformation Process, Pigs Process, Coke/Coal Process, Styrene Process
• By Application: Drugs, Dyes, Blending, Cosmetic Nail Products, Other Applications (TNT, Pesticides, and Fertilizers)
• By End User Industry: Building and Construction, Automotive, Oil and Gas, Consumer Appliances
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global toluene market in 2021.

Major Market Players in the toluene market include Exxon Mobil Corporation, Sinopec, Royal Dutch Shell PLC., Reliance Industries, BASF SE, Valero Energy, BP Chemicals.

Toluene di-isocyanate is increasingly being used as a raw material in the manufacturing of flexible foam applications. Toluene di-isocyanate (TDI) is a chemical used in polyurethane production, especially in flexible foam applications such as furniture and bedding, and also in packaging applications. According to ‘The Furnishing Report’ in the UK, toluene di-isocyanate is one of the main ingredients used in the manufacturing of flexible polyurethane foams, one of the key components used in the UK furniture manufacturing industry. Increasing the use of toluene di-isocyanate will contribute to the growth of the market.

The Toluene Global Market Report 2023 provides a toluene market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The toluene market forecast analyzes toluene market size, toluene market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Toluene is a colorless flammable liquid obtained from coal tar or petroleum. It is used in aviation fuel and other high-octane fuels, dyestuffs, and explosives. Toluene is also used as a solvent for gums and lacquers.

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