Global Toluene Market to Reach Around USD 31.8 Billion by 2021
Deerfield Beach, FL -- (SBWIRE) -- 09/18/2017 -- Zion Market Research has published a new report titled "Toluene Market by Type (Benzyl Chloride, Trinitrotoluene (TNT), Benzaldehyde, Toluene Diisocyanate (TDI), Benzoic Acid and Other) for Industrial Solvent, Production of Explosives, Production of Benzene, Gasoline Additive and Other application: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021." According to the report, global demand for toluene market was valued at over USD 25.1 billion in 2015, is expected to reach above USD 31.8 billion in 2021 and is anticipated to grow at a CAGR of slightly above 4.0% between 2016 and 2021.
Toluene is an aromatic hydrocarbon, colorless liquid, volatile in nature and inflammable. Its odor replicates the paint and thinner odor. Toluene is benzene derivative, in which CH3 is attached to phenol. Methylbenzene is the IUPAC name of toluene. Toluene is highly reactive to electrophiles as compared to benzene. Toluene endures chlorination in presence of FeCl3, by Cl2 and sulfonation to give para and ortho isomers of chlorotoluene and p-toluenesulfonic acid respectively. Toluene is utilized as a raw material in the production of xylene, dyes, cosmetics like nail paints and remover, benzene, pharmaceuticals, and TNT. Toluene is usually combined with gasoline to enhance octane number.
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Toluene has limited applications, but it is widely used in the production of benzene and xylene. Benzene and xylene has widespread demand and is increasing at 5.0% CAGR. Over 60% of toluene is used in the manufacturing of benzene and xylem which drives the global market for toluene. Toluene market is directly proportional to xylene and benzene market. However, toluene market growth is restricted owing to the variable price of crude oils, the introduction of new aromatic products and ill effects on the body. Nevertheless, untapped opportunities and rise in end-user applications is expected to open growth opportunities for the market in the near future.
Benzyl chloride, trinitrotoluene (TNT), benzaldehyde, toluene diisocyanate (TDI), benzoic acid and other are the types of toluene. Benzoic acid followed with benzyl chloride continues to gain traction owing to a wide range of applications and huge demand. The key applications for toluene include an industrial solvent, production of explosives, and production of benzene, a gasoline additive and other. Industrial solvent and production of benzene emerged as a potential segment. Production of explosives and gasoline additives is projected to have moderate growth during the estimated period.
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Asia-Pacific accounted for the largest share in 2015. China has emerged as a major country in Asia-Pacific followed by India owing to growing industrialization and increased demand. China and U.S together hold 50% of the total market. North America is likely to grow at the fastest pace in the next few years. Latin America and the Middle East may show modest growth in the toluene market within the forecast period.
Shanghai Dinghan Chemical Co Ltd, Shell Chemicals, BASF, Exxon Mobil, BP, Reliance Industries, Dongjin Semichem co Ltd and China National Petroleum Corporation among other are some of the leading key players in the toluene market.
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