Toluene Market (CAGR of 5.15%) 2035 – Toluene Industry Trends, Revenue, and Outlook | ChemAnayst

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According to ChemAnalyst report, “Toluene Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2035”. Toluene market witnessed a demand of around 24.79 million tons globally in 2021 and it is anticipated to grow with a healthy CAGR of 5.15% until 2035 owing to its surging demand for the production of aromatics like Benzene & Paraxylene, Polyurethanes such as Toluene Diisocyanate (TDI), Solvents, Gasoline additives & Other Derivatives such as TNT, Benzoic acid & benzaldehyde.

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Toluene or Methylbenzene is an aromatic hydrocarbon which is used as an industrial Feedstock and Solvent. It is colorless and clear liquid in room temperature with a sharp sweet smell. Toluene show signs of depressant, beta-oxidant, anesthetic, hepatoprotective, and neurotransmitter functions. Commercially, most of the Toluene is produced by the catalytic reforming of Naphtha i.e., catalytic dehydrogenation in presence of petroleum fractions rich in naphthene’s which yield a mixture of hydrocarbons, toluene, benzene and xylene. The final process is to separate BTX (Benzene, toluene, Xylene) into its constituents through fractional distillation, extraction, or solvent extraction unit operations. Other methods of its production are using a cracking facility of ethylene or, in the process of making coke from coal.

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Toluene is primarily used in the paints & coatings industry and gasoline additives. Paint thinners, nail polish removers, glues, and correction fluids utilize toluene as a major solvent. Toluene has the property to act as an octane booster in gasoline additive and can maintain their energy content. Additionally, toluene also used in blending of petrol. The growing Building and Construction sector along with Automotive sector uses toluene derivatives (polyurethanes) product namely TDI which find its application in a wide range of everyday products, including furniture, bedding, carpet underlay and packaging. Explosives industry utilizes toluene in the manufacture of flammable & explosive compounds, such as Trinitrotoluene (TNT). Other uses are in the manufacture of pharmaceuticals, hair dyes and cosmetic nail products.

Based on its derivatives, the market is segmented into aromatics such as Benzene & Xylene, TDI, explosives such as TNT & Benzoic acid and Benzaldehyde. Benzene and Xylene are used in Textiles, Paints, Solvents, Dyes, Pesticides etc.; TDI which are used to make foams which has wide applications in construction & automotive industry. Benzaldehyde and benzoic acid are used in pharmaceuticals, food industry as well as in cosmetics industry. TNT is used in defense industry to make explosives. The percentage share is more than 60% in Oils, energy and paints industry. And the rest share is shared among automotive, buildings & constructions and pharmaceuticals industry.

Region wise, Asia Pacific holds the maximum demand share of the Toluene feedstock market and is expected that market would grow at a promising pace through 2035 owing to rapid industrialization, urbanization, and a huge manufacturing as well as consumer base in the region. The ongoing construction projects and growing buildings & construction, automobile & pharma & daily use sector in the developing south Asian region is likely to fuel the market for Toluene in the forecast period. In India, Reliance industries ltd, IOCL & BPCL are the major manufacturers of this feedstock.

According to ChemAnalyst report, “Toluene Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2035”, Major players for Toluene globally SK Global Corporation, Exxon Mobil Corporation, Zhenhai Refining and Petroleum Co., Marathon Petroleum Corp., Flint hill Resources), Sinopec Shanghai, Formosa Plastics & Fiber Corporation, Cepsa, CNOOC, Hengli group of industries & Others.

“Toluene is identified as a highly used feedstock chemical, that is employed in most of the petrochemical industries. Hence, its wide range industrial applications are anticipated to propel the Toluene market growth in the forecast period. TDI, Benzoic acid & Benzaldehyde are the major derivatives of Toluene and finds applications in various end use industries. TDI is used in the production of Foams for automobiles and growing construction sector. The solvent application of toluene co-products benzene and xylene are used in textiles, paints, solvents, dyes, pesticides etc. Owing to all these applications of toluene and its derivatives, a surge in its demand is anticipated to drive its market growth through the forecast period and offer several opportunities for manufacturers to expand their capacities to fill demand and supply gap in future.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.

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