Toluene Market is Projected to Grow at a CAGR of 4.80% by 2035
According to ChemAnalyst report, “Toluene Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2035”, Toluene market has shown significant growth as its demand reached 27.5 million tonnes in 2021 and is anticipated to grow at a healthy CAGR of 4.80% in the forecast period until 2035. The growing demand for Toluene and its derivatives for solvent applications, along with the rising demand from various end-use industries, including building and construction, automotive, and others, is expected to boost the Toluene market in the upcoming years. The industrial production of Toluene is highly associated with the safety concerns on marine life and human health before it can be further manufactured and introduced in the market around the world.
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Toluene also referred to as methylbenzene, is a seven-carbon aromatic hydrocarbon that is widely used in industrial settings as a solvent. It is basically a clear and colorless liquid with a distinctive sweet smell. Toluene also is an ingredient in various consumer products such as paints, glues, nail polish removers, resins, and plasticizers, etc. Toluene is exclusively used in the production of various chemical derivatives such as Toluene Diisocyanate (TDI), Benzoic Acid, and others. Since Toluene is regarded as a universal solvent, it can be directly used in disinfectants, foams, cleaning agents, adhesives, fuel additives, and others. In the automotive industry, Toluene is used as an octane booster for Gasoline with high RON. Toluene as a gasoline additive is used to improve octane ratings for fuel used in race cars and other automobiles. The higher the octane number, the greater the fuel’s resistance to knocking or pinging during combustion. The consistently rising demand for aromatics in the petrochemical industry to produce elastomers, agrochemicals, dyes, etc., is driving the Toluene market across the world as it is regarded as an aromatic compound due to the presence of benzene ring in its chemical structure.
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Industrially, Toluene is manufactured with the help of two methods. In the first method, it is extracted from the pyrolysis of Gasoline, which is produced from Naphtha cracking. In the second method, it is extracted from reformate, which is also derived from heavy Naphtha cracking. The demand for Toluene is likely to witness a decrement in some of the segments in the near term due to restrictions on its consumption as it has a significant level of toxicity. However, the toxicity of Toluene is way less than Benzene; that’s why it serves as a viable replacement for the latter in some applications. Exposure to Toluene in consumer products can be reduced by using the products in well-ventilated areas and closely following all label instructions and warnings.
Toluene Market is segmented on the basis of end-use, derivative type, sales channel, and region. On the basis of derivative type, the Toluene market is segmented into Benzene and Xylene, Solvents, Gasoline Additives, Toluene Diisocyanate, and others (TNT, Benzoic acid, Benzaldehyde). The Benzene and Xylene segment held the largest market share of 56.45% in 2021, followed by the increased usage of Benzene in textile industries and Xylene in chemical industries. After Benzene and Xylene, the Gasoline Additives segment accounted for the second-largest share of 17.62% in the toluene market owing to the increased demand from the automotive sector.
Based on various end-uses, the market is segregated into building and construction, automotive, oil and gas, pharmaceuticals, paints and coatings, and others. The paints and coatings segment dominated the Toluene market with a share of 24.78% and is likely to maintain its dominance in the next ten years as well. The oil and gas segment held the second-largest share of 23.45% in 2020.
In 2020, due to the unprecedented outbreak of COVID-19, the toluene market showcased a downward trend around the globe. Several businesses, end-use industries, and other facilities were negatively affected in the first half of 2020 due to the nationwide lockdowns and strict restrictions imposed by the government authorities. The disruption in the supply chain of the product resulted in reduced demand around the world. The market growth post-pandemic observed an upward trajectory due to an increment in demand for Toluene from downstream industries, including paint and coatings, oil and gas, and others.
Among different regions, the Asia Pacific region accounted for the largest share of 48.53% in the Toluene market in 2021 and is anticipated to maintain its dominance in the forecast period as well. The rising Toluene production rate in China due to its high demand in automotive, paints and coatings, and other downstream industries is driving the Toluene market across the Asia Pacific region. Followed by the APAC region, North America holds the second-largest share of Toluene in terms of demand.
Toluene Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2035”, some of the major players operating in Toluene market include Exxon Mobil, SK Global Corporation Limited., Zhenhai Refining and Chemical, Marathon Petroleum US, Flint Hills Resources, Fermosa Chemical & Fibre Corporation, Sinopec Shanghai Petrochemical, Cepsa, Petrochina Qinzhou, Jinling Petrochemical, and others. A leading player Exxon Mobil held the largest share of 6.90% in the Toluene market in 2021.
“Continuously increasing demand for Toluene from several end-use industries including building and construction, automotive, oil and gas, paints and coatings, and others is projected to boost the Toluene market in the span of the next ten years. The rising demand for gasoline additives in the automotive industry is driving the demand for Toluene further augmenting its market growth around the world.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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