(MENAFN – EIN Presswire)
The global toluene market is expected to reach $33.23 billion by 2030, growing at a 5.2% annual rate, according to Allied Market Research.
Toluene, an aromatic hydrocarbon (C6H5CH3), consists of a benzene ring with a methyl group. – David Correa
PORTLAND, OR, UNITED STATES, October 22, 2024 /EINPresswire /
Allied Market Research’s report titled “Toluene Market by Derivative Type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030” notes that the industry generated $20.09 billion in 2020 and is projected to grow to $33.23 billion by 2030.
Key Growth Factors
The rise in toluene applications, especially in the paints and coatings sector, drives market growth, although government regulations pose challenges. The production of shale gas-based toluene also presents new opportunities.
Market Segments
The reformate processes segment dominated the market in 2020 and is expected to maintain its lead, projected to grow at a CAGR of 5.5%.
In end-use applications, the drugs segment accounted for the largest share in 2020, but the blending segment is expected to grow the fastest at 5.7% CAGR from 2021 to 2030, fueled by demand from the paints sector.
Regional Insights
Asia-Pacific and North America were the leading regions in 2020, with Asia-Pacific expected to grow at the fastest rate of 5.8% during the forecast period.
Key Players
Leading companies include BASF SE, Chevron Phillips, ExxonMobil, and Mitsubishi Chemicals, among others.
For more information on acquiring the report, visit here: /purchase-options
About Allied Market Research
Allied Market Research provides comprehensive market research and consulting, helping clients make informed business decisions.
Contact: David Correa, Allied Market Research, +1 800-792-5285, email us here
Follow us on social media: Facebook, X
Legal Disclaimer:
EIN Presswire provides this content without warranty and is not responsible for accuracy or reliability. For complaints, contact the author.
`
