Toluene Market is Projected to Grow at a CAGR of 4.80% by 2035 - ChemAnalyst

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.

Read Full Report Here @ https://www.chemanalyst.com/industry-report/toluene-market-665

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.

Read Free Sample Report Online @ https://www.chemanalyst.com/ChemAnalyst/RequestForm

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.  

Browse Related Reports

Nitrotoluene Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030

https://www.chemanalyst.com/industry-report/nitrotoluene-market-617

Petrochemicals Market Analysis: By Type (C1 Derivatives, C2 Derivatives, C3 Derivatives, C4 Derivatives, Aromatics, Others), By End Use (Packaging and Construction, Fuel and Fuel Additives, Automotive and Consumer Durables, Pharmaceutical and Agrochemicals and Others), By Region, By Company Competition, Forecast & Opportunities, 2015-2030

https://www.chemanalyst.com/industry-report/global-petrochemical-market-308

About Us

ChemAnalyst is a leading provider of chemical commodity prices in more than 12 countries since from last 4 Years. The company has emerged as a preferred pricing supplier amongst Procurement Managers and Strategy Professionals globally who wants to track near real time prices of chemicals on its interactive dashboard. Unlike most of its competitors such as ICIS, IHS & S&P Platts the company doesn’t believe in delivering prices in PDF reports. The company has developed proprietary algorithm based online subscription platform in which users can track years of historical prices of more than 250 chemical commodities. In addition, since it’s all online, the users cannot just compare prices across multiple countries but also with other commodities and play with the data by generating multiple graphs to find out amazing insights. The users get access to grade wise CIF, CFR & Ex Works prices at multiple ports in each country.

ChemAnalyst also provides market analysis for more than 1000+ chemical commodities such as Production, Demand, Supply, Plant Operating Rate, Imports, Exports, Suppliers, Customers and much more. The company has created online interactive dashboard in which customers can access all this data instantly with a click of a button. The users will not only be able to analyse historical data for past years but will also get to analyse short term and long-term forecasts for coming years. With the access to local field teams, the company can provide high quality reliable market analysis data for more than 20 countries.

ChemAnalyst is a one stop solution for all the data related needs. We at ChemAnalyst are committed to assist customers worldwide with their data and insights needs using our comprehensive online platform.

For more information, please visit us at www.chemanalyst.com

Contact Us:

Nilesh Vishwakarma

B-44 Sector-57 Noida,

National Capital Region

Tel: 0120-4523948

Mob: +91-8882336899

Email: info@chemanalyst.com