According to ChemAnalyst report, “Global Toluene Market Analysis: Plant Capacity, Production, Process, Technology, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Company Share, Foreign Trade, 2015-2035”, The Toluene market will likely experience a significant rise in the historic period of 2015-22 and is expected to grow at a CAGR of 5.90% during the forecast period by 2035. The rising demand from Xylene, Toluene Diisocyanate (TDI), Benzene, Paints, Coatings & Solvent, and end-use industries, is expected to swell up the demand for the Toluene market in the forecast period.
Toluene is an aromatic compound with the chemical formula C₆H₅CH₃. Industrially, Toluene can be produced via two methods. In the first method, it is extracted from the pyrolysis of gasoline, which in turn is produced from Naphtha cracking. In the second method, it is extracted from reformate, which is also produced from heavy Naphtha cracking. Typically, toluene is combined with other solvents, chemicals, and substances like paint pigments. Many sectors and workplaces utilize products that may include toluene, such as paint, metal cleaners, and adhesives. Toluene is a typical aromatic that is utilized in the chemical industry as a solvent, chemical feedstock, and fuel additive. Toluene is frequently used to assist dry, dissolving, and thinning other substances in the creation of paint, rubber-based products, lacquers, glues, and adhesives. It is also utilized in the manufacturing of other chemicals, such as trinitrotoluene, benzoic acid, benzoyl chloride, and toluene diisocyanate, as well as benzene, nylon, polymers, and polyurethane.
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The toluene market is primarily driven by its usage for the synthesis of various chemical derivatives like Toluene Diisocyanate (TDI), Benzoic Acid, and others. It also serves as a solvent in various industries and as an industrial feedstock. Toluene can be directly used in disinfectants, thinners, paints, foams, cleaning agents, adhesives, fuel additives, etc. It also finds its applications in the transportation sector as an octane booster for gasoline. The increasing demand for aromatics in the petrochemical industry is driving the market owing to the presence of a benzene ring in its chemical structure. Other applications of toluene such as to produce elastomers, agrochemicals, and dyes, also significantly contribute to the market. As a common chemical intermediate, toluene diisocyanate is used to make polyurethane foams, elastomers, and coatings as well as paints, varnishes, wire enamels, sealants, adhesives, and binders. In the production of nylon polymers, it also functions as a cross-linking agent.
The global Toluene market is segmented based on end-use, sales channel, and region. Based on the end-user industry, the global Toluene market is segregated into Xylene, Toluene Diisocyanate (TDI), Benzene, Paints, Coatings & Solvent, and Others. Among these, Paints, Coatings & Solvent is the leading industry with a market share of approximately 28% in 2022 and is likely to maintain its dominance in the forecast period.
Based on demand by region the Asia Pacific region is dominating the Toluene market. In 2022, Asia Pacific held a market share of approximately 48 percent. However, Europe stays the second largest consumer of the Toluene market followed by North America. The demand for toluene is majorly driven by rising downstream derivatives’ uses in the construction, building, oil & gas, and automotive industries for insulation purposes in developing nations like China, Taiwan, India, Thailand, Japan, and South Korea. Additionally, China leads as being the key producer of Toluene all across the globe.
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“Global Toluene Market Analysis: Plant Capacity, Production, Process, Technology, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Company Share, Foreign Trade, 2015-2035” Major players in the production of Global Toluene are Sinopec Group (China National Petroleum & Chemical Corporation), Hengli Petrochemical (Dalian) Refinery Co., Ltd., China National Offshore Oil Corporation (CNOOC Group Limited), Lotte Chemical Corp., GS Caltex, SK Global Corp. Ltd., PetroChina Company Limited, Jilin Petrochemical Company, Sinochem Corporation, Shandong Jingbo Petrochemicals Co., Ltd., Haishunde Petrochemical’s, Zhuhai Changlian Petrochemical Limited Company, Reliance Industries Ltd., Bharat Petroleum Corp. Ltd., and Others.
“Being linked to the Xylene, Toluene Diisocyanate (TDI), Benzene, Paints, Coatings & Solvent industry, the global Toluene industry has shown a robust growth alongside growing population across the globe. Due to its wide range applications in these industries such as due to its usage as a solvent, it is likely that the Toluene market will foresee an expansion in the forecast period. Asia Pacific serves as the leading consumer of Toluene and owing to rapid progress in population, the demand for personal care products and consumption of paints & coatings by the construction sector is anticipated to propel the Toluene market in the forecast period till 2035. “Said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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