The global market size for toluene is expected to grow at a CAGR of over 6.1% over the forecast period and reach a market value of around 31,917 million US dollars by 2028.
LONDON, December 29, 2021 (GLOBE NEWSWIRE) – Toluene is a man-made aromatic hydrocarbon based on petroleum. It is a solvent for paints and adhesives, and is also used to make benzene, nitrotoluene, and other chemicals. toluene is also used as a solvent in paints and varnishes, inks, adhesives and pharmaceuticals and as a raw material in the synthesis of other chemicals (e.g. toluene diisocyanate and benzoic acid). Toluene is used as a cleaning solvent in surface coating, printing and leather applications.
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Effects of Covid-19 on the toluene industry
Due to logistical, economic disruptions and an interrupted supply chain, the demand for toluene and its derivatives has declined as a result of the COVID-19 pandemic. The government’s transport and production restrictions, as well as the potentially infected workforce, would add a new dimension to the disaster. On the other hand, the market is likely to pick up in the coming years as several end-user sectors that rely on toluene as a raw material have ramped up production.
Global Toluene Market Dynamics
The increasing use of toluene in various end-use industries is the main factor behind the growth of the global toluene market. Toluene, for example, is a solvent found in paints, varnishes, thinners, glues and correction fluids, as well as in printing and tanning leather. The use of toluene in gasoline production is also a major factor in the growth of the market. Toluene can increase the octane number of fuels in internal combustion engines. This is because toluene is quite dense and contains a significant amount of energy. Growing use of toluene in the paint and construction industries is driving global market demand. Toluene is found in both interior and exterior paints. Because toluene supports the drying of the paint and is given a thin, easy-to-apply coating.
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However, the increasing demand for diesel over gasoline has limited the growth of the industry. On the other hand, continuous exposure to toluene can impair liver, kidney, heart, brain and nervous system functions, which also limits the demand for the toluene industry. In addition, the increasing use of toluene in drug production and the increasing use of toluene as a raw material in the production of benzene and xylene are expected to offer significant growth prospects for the market in the coming years.
The increasing use of toluene as a raw material in the production of xylene and benzene is driving the growth of the segment
The derivative-type segment is categorized into benzene and xylene, toluene diisocyanates, solvents, gasoline additives, and others (benzaldehyde and benzoic acid). In 2020, benzene and xylene generated the highest sales among the derivative types. The segment’s rapid expansion may be due to the increasing demand for its derivatives such as polystyrene and polyethylene terephthalate in a wide variety of applications. In addition, a significant growth rate is expected for the solvent segment over the entire forecast period. This is considered because toluene is a functional solvent in organic chemistry because it can dissolve a wide range of organic compounds and because of its lower toxicity it is a safer alternative to benzene.
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Increasing demand for toluene in the pharmaceutical industry is fueling the segment’s economic growth
Based on the application segment, the market is divided into Drugs, Dyes, Mixtures, Cosmetic Nail Products, and others (TNT, Pesticides, and Fertilizers). Among them, drug use is expected to take a significant market share in 2020. However, the colorants segment is likely to grow at a significant rate throughout the reporting period.
Regional attitude of the toluene market
The global classification of the Toluene market includes North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa (MEA). Under geography, Asia Pacific has the largest share of regional segmentation. The expanding petrochemical industry in countries like India, Thailand, Taiwan etc. has acquired the largest share of the APAC toluene market. Constantly growing industrialization and urbanization have also driven the demand for toluene in the major markets of the APAC region. China dominated the Asia-Pacific region with the highest proportions as the country is the largest producer of toluene and growth is fueled by growing demand for chemicals, paints and varnishes, and adhesives.
North America and Europe have a comparatively small share, while moderate growth is also expected for the regions in the forecast period 2021-2028
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The toluene market has merged with a variety of key companies. Prominent players featured in the report include BASF SE, bp plc, 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 example, on November 10, 2021, ExxonMobil announced that it would invest in the Dayawan Petrochemical Industrial Park in Huizhou, Guangdong Province, China, to build a multi-billion dollar chemical complex. The facility will help meet the projected increase in demand for high performance chemicals in China.
Additionally, on June 29, 2020, BP announced that it had agreed to sell its global petrochemicals business to INEOS for $ 5 billion, subject to customary adjustments.
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