Market Research Future (MRFR) asserts that the global toluene market is likely to demonstrate a stellar CAGR during the forecast period (2019-2023). The increased construction activities have resulted in the extensive use of toluene solvent-based paints & coatings which is highly favored the market growth globally. Toluene can be defined as a colorless and a water-insoluble liquid. Also termed as phenylmethane, methylbenzene, and toluol, toluene is generally produced by reforming naphtha during gasoline production. The compound is largely used as an industrial raw material and as a solvent in the manufacturing of commercial products.
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Market Potential and Pitfalls:
The global toluene market has witnessed a spike in its growth during the appraisal period due to the increased construction activities worldwide which highly require toluene solvent-based paints and coatings. With the surging demand for efficient gasoline coupled with the growing demand for chemical intermediates which are made from toluene like xylene and benzene, the market is estimated to gain impetus. The demand for toluene is presumed to experience a significant growth curve owing to the evolving oil and gas industry. With the surging crude oil refining globally, the raw material demand gap is likely to reduce, thereby fueling the toluene market growth during the appraisal period. The increased production and sales of automobiles coupled with the growing consumption of lubricants have amplified the demand for toluene across the globe. The rising production of xylene and benzene from toluene due to the high demand form the plastics manufacturing is further enabling the market to reach out to a wider range of audiences. Additionally, the shifting focus of the manufacturers towards effective gasoline and constant expansion of the automotive sector has offered the market an upward growth trajectory.
On the contrary, the implementation of strict mandates by several government bodies has limited the use of toxic organic chemicals which are used to produce toluene solvent. This is likely to impair the market growth during the appraisal period.
March 31, 2019: A two-member team from the Indian Institute of Technology, Madras has converted petroleum-waste product toluene into benzoic acid by using platinum nanocatalyst, which was a huge success. Toluene has been converted into benzoic acid by controlled and selective oxidation in the presence of binaphthyl-stabilized platinum nanoparticles, a catalyst.
The prominent players operating in the toluene market comprises:
Global Toluene Market: Segmental Analysis:
The global toluene market has been segmented on the basis of grade and application.
By mode of grade, the global toluene market has been segmented into nitration, commercial, and toluene diisocyantes (TDI). Among these, the TDI segment is likely to gain prominence in the coming years. The extensive demand for TDI in the manufacturing of polyurethanes (PU) is likely to contribute to the segment’s growth. The surging use of PU foams in the automotive sector owing to its lightweight in order to reduce the emission of fuel is considered to influence the segment.
By mode of application, the global toluene market has been segmented into fuel additives, intermediates, polymer production, foam, solvents, and others.
Geographically, the toluene market span across regions namely Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa.
The Asia Pacific region is considered to expand at the highest CAGR during the review period. The region is likely to retain its pole position owing to the expansion of the oil and gas industry. The demand for toluene is high in several countries of the Asia Pacific region like India, China, Thailand, Indonesia, and Japan owing to the high adoption of toluene by the crude oil producers. The presence of oil & gas reserves is also estimated to reduce the raw material demand gap, thereby propelling the market growth. China is the largest consumer of toluene owing to the booming construction sector coupled with the automotive manufacturing facilities.
North America is likely to experience tremendous growth due to the surging production capacities, increased consumption potential, and growing economic growth rate. The U.S. is the major contributor and is likely to witness significant demand in the coming years.
The European region is likely to experience a significant growth rate in several economies like Germany, Italy, France, Spain, the U.K., and Russia, due to the surging expenditure in innovation coupled with the increased purchasing power of the consumers. The presence of prominent automobile manufacturers in Germany is presumed to provide the toluene market a boost in this region.