Press Release

Toluene Market to Cross $ 35 Billion by 2024

Rising demand for toluene derivatives such as TDI in construction industry and as solvent in cosmetics and paints & coatings industries to boost global toluene market during forecast period

According to TechSci Research report, Global Toluene Market By Derivative, By Region, Competition, Forecast & Opportunities, 2024, global toluene market is projected to cross $ 35.9 billion by 2024. Growth in the market is led by rising demand for toluene derivatives such TDI, solvents, etc., from industries like construction, cosmetics and paints & coatings. However, decline in demand for fossil fuels in industrialized nations and rising trend towards the consumption of bio-based fuels like ethanol is anticipated to hamper the market growth. Notably, toluene is produced in the process of manufacturing antiseptics, saccharin and paint thinners. It is used in making perfumes, antifreeze dyes and medicine, besides producing the polymers that create plastic and nylon. Industries that manufacture toluene and subsequently use it in production are oil refiners, rubber manufacturers, pharmaceutical industries, chemical industries, metal degreasing, printing, manufacturers of paints and lacquers.

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“On the basis of derivatives, global toluene market is categorized into benzene & xylene, toluene diisocyanate (TDI), solvent, gasoline additives and tri-nitro toluene (TNT). Benzene & xylene segment accounts for the largest share in the market. Rising demand for toluene is anticipated to result in higher volumes of toluene being converted into mixed para-xylene & xylenes. Among regions, Asia-Pacific accounted for the largest share in global toluene market and is anticipated to continue its dominance during forecast period as well, owing to rising demand for toluene derivatives in various end-use industries such as construction, cosmetics, etc.

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“Toluene has several commercial & industrial applications and is used as a solvent in lacquers, thinners, paints, glues, correction fluids and nail polish removers. It is also used in printing and leather tanning processes. Furthermore, biological usage of toluene, including use in biochemistry experiments which includes breaking or disrupting red blood cells in order to extract haemoglobin is another factor driving its demand globally. Global toluene market is witnessing several opportunities, on account of rapid development in the petrochemical industry across different regions including Asia-Pacific, Latin America and MEA.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Global Toluene Market By Derivative, By Region, Competition, Forecast & Opportunities, 2024 has evaluated the future growth potential of global toluene market and provides statistics and information on market size, structure and future market growth. The report offers decision makers superior market intelligence, thereby enabling them conduct thorough investment appraisal. Besides, the report also analyses the evolving market trends along with drivers, challenges and opportunities in global toluene market.

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