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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Global Toluene Market"
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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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