Global Toluene Market size is estimated to grow at a CAGR above 6.1% over the forecast timeframe and reach a market value of around US $31,917 Mn by 2028.
LONDON, Dec. 29, 2021 (GLOBE NEWSWIRE) -- Toluene is a petroleum-based aromatic hydrocarbon created by humans. It's a paint and glue solvent, and is also used to make benzene, nitrotoluene, and other chemicals. Toluene is also utilized as a solvent in paints and coatings, inks, adhesives, and pharmaceuticals, as well as a raw ingredient in the synthesis of other chemicals (e.g., toluene diisocyanate and benzoic acid). Surface coating, printing, and the leather sector all use toluene as a cleaning solvent.
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Covid-19 Impact on the Toluene Industry
Due to logistical, economic interruptions, and a broken supply chain, demand for toluene and its derivatives has decreased as a result of the COVID-19 pandemic. The government's transportation and production constraints, as well as the potential infected workforces, would add a new dimension to the disaster. The market, on the other hand, is likely to revive in the future years as several end-use sectors that rely on toluene as a raw material have ramped up production.
Global Toluene Market Dynamics
Increasing utilization of toluene in various end-use industries is the primary factor driving the growth of the global toluene market. Toluene, for example, is a solvent found in paints, lacquers, thinners, glues, and correction fluid, as well as in the printing and tanning of leather. The use of toluene in the production of gasoline is also a major factor driving the growth of the market. Toluene can raise the octane rating of fuel in internal combustion engines. This is due to the fact that toluene is quite dense and contains a significant quantity of energy. A growing application of toluene in the paints and construction industry fuels its market demand globally. Toluene is found in both interior and exterior paint. This is because toluene aids in the drying of the paint and preserves a thin, easy-to-apply covering.
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However, the increasing demand for diesel against gasoline has limited the growth of the industry. Then again, continuous exposure to toluene may negatively affect liver, kidney, heart, brain, and nervous system functions, which also restricts the demand for the toluene industry. Furthermore, rising toluene use in medication manufacturing and increasing toluene use as a feedstock in the production of benzene and xylene are expected to offer significant growth prospects for the market in the coming years.
Growing application of toluene as a feedstock in the production of xylene and benzene drives the segmental growth
The derivative type segment is categorized into benzene & xylene, toluene diisocyanates, solvents, gasoline additives, others (benzaldehyde and benzoic acid). In 2020, benzene and xylene generated the highest revenues among derivative types. The segment's rapid expansion can be due to rising demand for its derivatives, such as polystyrene and polyethylene terephthalate, in a variety of applications. Besides, the solvent segment is anticipated to witness a significant growth rate throughout the forecast period. This is considered because, toluene is a functional solvent in organic chemistry because it can dissolve a wide spectrum of organic compounds and, because of its lower toxicity, it is a safer alternative to benzene.
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Budding demand of toluene in drugs industry boost the economic growth of the segment
Based on the application segment, the market is split into drugs, dyes, blending, cosmetic nail products, and others (TNT, pesticides, and fertilizers). Among them, drugs application is expected to occupy a considerable amount of market share in 2020. However, the dyes segment is likely to grow with a significant growth rate throughout the review period.
Toluene Market Regional Stance
The global classification of the toluene market includes North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa (MEA). Among geography, Asia-Pacific gathered the largest share in the regional segmentation. The expanding petrochemical industry in countries such as India, Thailand, Taiwan, etc. has accumulated the biggest market share of the APAC toluene market. The ever-growing industrialization and urbanization have also driven toluene’s demand in the major markets of APAC. China dominated the Asia-Pacific region with the highest shares because the country is the major producer of toluene and the growth is encouraged by the growing demand for chemicals, paints and coatings, and adhesives.
North America and Europe have a comparatively low share, while the regions are also expected to witness moderate growth during the forecast period 2021 – 2028
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Major Players
The toluene market is merged with a large number of key companies. The prominent players presented in the report include BASF SE, bp p.l.c., China Petroleum & Chemical Corporation, Chevron Phillips, Covestro AG, Exxon Mobil Corporation, Formosa Chemical & Fiber Corporation, GS Caltex, JX Nippon Oil and Energy, Lyondell basell Industries NV, Shell, Sherwin-Williams, Sinopec, Valero Energy, and others.
For instance, on November 10, 2021, – ExxonMobil announced that it will invest in the Dayawan Petrochemical Industrial Park in Huizhou, Guangdong Province, China, to build a multibillion-dollar chemical complex. The plant will aid in meeting China's predicted surge in demand for performance chemical goods.
Moreover, On June 29, 2020 – BP said that it has agreed to sell its global petrochemicals business to INEOS for $5 billion, subject to customary adjustments.
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