Global Toluene Market Size to reach USD 35.23 Bn by 2030 | CAGR 5.98 %.

The Global Toluene Market Size was valued at USD 22.09 billion in 2021. The market is projected to grow USD 35.23 billion in 2030, at a CAGR of 5.98 %. as per the latest research report by Spherical Insights & Consulting.

In 2020, the benzene & xylene segment was the biggest revenue generator and is predicted to grow at a CAGR of 5.4% during the forecast period. this can be attributed to benzene & xylene being the foremost used industrial chemicals in various end-use sectors like plastics, resins, synthetic fibers, rubber, lubricants, dyes, detergents, drugs, pesticides, and others. Furthermore, factors like increasing demand for polyester, low cost of feedstock, and economical commodity products where benzene & xylene are widely used for manufacturing various trade goods may escalate the expansion of this segment within the global market.

Browse key industry insights spread across 200 pages with 117 market data tables and figures & charts from the report “Global Toluene Market Size By Derivative Type (Benzene & Xylene, Toluene Diisocynates, Gasoline Additives, And Others), Application (Drugs, Dyes, Blending, Cosmetic Nail Products, And Others), And Production Process (Reformate Processes, Pygas Processes, Coke/Coal Processes, And Styrene Processes): Global Opportunity Analysis And Industry Forecast, 2021 – 2030” in detail along with the table of contents https://www.sphericalinsights.com/reports/toluene-market

The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and therefore the economy round the globe.

The toluene market has been negatively affected thanks to the wake of the COVID-19 pandemic because of its dependence on chemical manufacturing, oil & gas, paints & coatings, building & construction, automotive, and other sectors. consistent with a report published by the National Bureau of Statistics of China, the chemical manufacturing industry witnessed a 20% decline in production in March 2020 as compared to March 2019, while profits declined by 66%.

Also, several companies have either close up or shrank their operations thanks to the chance of infections among the workforce where toluene is employed as a solvent for manufacturing various trade goods. This has temporarily hampered the expansion of the toluene market amid the COVID-19 period.

In addition, the falling income of shoppers and travel restrictions imposed by both local and government bodies have halted the expansion of the transportation sector, which successively has negatively impacted the oil & gas sector where toluene is widely used as a solvent in oil refining applications. For example, in step with a report published by Energy and economic process Survey, the oil & gas sector is among the toughest hit sector with a median contraction of -2.8% in 2020. This has shrunk the demand for toluene within the oil and gas sector.

In 2020, toluene prices were expected to be higher in Asia. the worth rise was because of continued regional demand trends and tight product availability. Firm downstream demand for toluene and stronger upstream costs are expected to sustain the worth gain.

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