Toluene Market Size – US$31,917 Mn by 2028


Global Toluene Market size is estimated to grow at a CAGR above 6.1% over the forecast timeframe and reach a market value of around US $31,917 Mn by 2028.

LONDON, Dec. 29, 2021 (GLOBE NEWSWIRE) — Toluene is a petroleum-based aromatic hydrocarbon created by humans. It’s a paint and glue solvent, and is also used to make benzene, nitrotoluene, and other chemicals. Toluene is also utilized as a solvent in paints and coatings, inks, adhesives, and pharmaceuticals, as well as a raw ingredient in the synthesis of other chemicals (e.g., toluene diisocyanate and benzoic acid). Surface coating, printing, and the leather sector all use toluene as a cleaning solvent.

Download Sample Pages Of this report –https://www.acumenresearchandconsulting.com/request-sample/2852

Covid-19 Impact on the Toluene Industry

Due to logistical, economic interruptions, and a broken supply chain, demand for toluene and its derivatives has decreased as a result of the COVID-19 pandemic. The government’s transportation and production constraints, as well as the potential infected workforces, would add a new dimension to the disaster. The market, on the other hand, is likely to revive in the future years as several end-use sectors that rely on toluene as a raw material have ramped up production.

Global Toluene Market Dynamics

Increasing utilization of toluene in various end-use industries is the primary factor driving the growth of the global toluene market. Toluene, for example, is a solvent found in paints, lacquers, thinners, glues, and correction fluid, as well as in the printing and tanning of leather. The use of toluene in the production of gasoline is also a major factor driving the growth of the market. Toluene can raise the octane rating of fuel in internal combustion engines. This is due to the fact that toluene is quite dense and contains a significant quantity of energy. A growing application of toluene in the paints and construction industry fuels its market demand globally. Toluene is found in both interior and exterior paint. This is because toluene aids in the drying of the paint and preserves a thin, easy-to-apply covering.

View Table Of Content of this report: https://www.acumenresearchandconsulting.com/toluene-market

However, the increasing demand for diesel against gasoline has limited the growth of the industry. Then again, continuous exposure to toluene may negatively affect liver, kidney, heart, brain, and nervous system functions, which also restricts the demand for the toluene industry. Furthermore, rising toluene use in medication manufacturing and increasing toluene use as a feedstock in the production of benzene and xylene are expected to offer significant growth prospects for the market in the coming years.

Growing application of toluene as a feedstock in the production of xylene and benzene drives the segmental growth

The derivative type segment is categorized into benzene & xylene, toluene diisocyanates, solvents, gasoline additives, others (benzaldehyde and benzoic acid). In 2020, benzene and xylene generated the highest revenues among derivative types. The segment’s rapid expansion can be due to rising demand for its derivatives, such as polystyrene and polyethylene terephthalate, in a variety of applications. Besides, the solvent segment is anticipated to w itness a significant growth rate throughout the forecast period. This is considered because, toluene is a functional solvent in organic chemistry because it can dissolve a wide spectrum of organic compounds and, because of its lower toxicity, it is a safer alternative to benzene.

To receive personalized service, please share your research needs here@ https://www.acumenresearchandconsulting.com/request-customization/2852

Budding demand of toluene in drugs industry boost the economic growth of the segment

Based on the application segment, the market is split into drugs, dyes, blending, cosmetic nail products, and others (TNT, pesticides, and fertilizers). Among them, drugs application is expected to occupy a considerable amount of market share in 2020. However, the dyes segment is likely to grow with a significant growth rate throughout the review period.

Toluene Market Regional Stance

The global classification of the toluene market includes North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa (MEA). Among geography, Asia-Pacific gathered the largest share in the regional segmentation. The expanding petrochemical industry in countries such as India, Thailand, Taiwan, etc. has accumulated the biggest market share of the APAC toluene market. The ever-growing industrialization and urbanization have also driven toluene’s demand in the major markets of APAC. China dominated the Asia-Pacific region with the highest shares because the country is the major producer of toluene and the growth is encouraged by the growing demand for chemicals, paints and coatings, and adhesives.

North America and Europe have a comparatively low share, while the regions are also expected to witness moderate growth during the forecast period 2021 – 2028

Click Here For Related Reports: https://www.acumenresearchandconsulting.com/industry-categories/chemicals-and-materials

Major Players

The toluene market is merged with a large number of key companies. The prominent players presented in the report include BASF SE, bp p.l.c., 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 instance, on November 10, 2021, – ExxonMobil announced that it will invest in the Dayawan Petrochemical Industrial Park in Huizhou, Guangdong Province, China, to build a multibillion-dollar chemical complex. The plant will aid in meeting China’s predicted surge in demand for performance chemical goods.

Moreover, On June 29, 2020 – BP said that it has agreed to sell its global petrochemicals business to INEOS for $5 billion, subject to customary adjustments.

View Complete Table of Content

ACCESS THIS PREMIUM RESEARCH REPORT – https://www.acumenresearchandconsulting.com/buy-now/0/2852

Would like to place an order or any question, please feel free to contact at sales@acumenresearchandconsulting.com | +1 407 915 4157

About Acumen:

Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.

For Latest Update Follow Us:

https://twitter.com/AcumenRC

https://www.facebook.com/acumenresearchandconsulting

https://www.linkedin.com/company/acumen-research-and-consulting

Website- https://amecoresearch.com

Our Blogs –

http://globepredict.com

http://www.timestechpharma.com

 

Acumen Research and Consulting





Source link

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy