Growth in applications across sectors, including building & construction, petrochemicals, oil & gas, paints & coatings, resins, printing, leather, rubber, and pharmaceuticals, is driving the toluene derivatives market landscape.
Wilmington, Delaware, United States, Transparency Market Research Inc. -, Aug. 28, 2024 (GLOBE NEWSWIRE) — The global toluene derivatives market (톨루엔 유도체 시장) was projected to attain US$ 26.0 billion in 2023. It is likely to garner a 6.0% CAGR from 2024 to 2034, and by 2034, the market is expected to attain US$ 49.3 billion.
The liquid toluene is colorless and has a distinct, pleasant smell. In aviation fuel, it serves as a solvent. Methyl benzene, benzene, and methyl are other names for toluene. Chemicals, fragrances, medications, dyes, explosives, and detergents are all made with it.
By means of distillation, olefin and di-olefin extraction, and redistillation, toluene is extracted from gasoline by pyrolysis. There are several uses for toluene sulfonic acids as surfactants.
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Depending on the circumstances of the reaction, toluene nitration produces derivatives that are mono-, di-, or trinitrotoluene. Toluene derivatives are used in the chemical industry as solvents and industrial feedstock.
Key Findings of Market Report
- Benzene and xylene are synthesized using derivatives of toluene. They are also used in the manufacturing of cumene, polystyrene, and polyethylene terephthalate (PET). The printing, rubber, and leather industries are among the industries that use benzene and xylene as solvents.
- In the near future, expansion in these industries is anticipated to fuel the toluene derivatives market. The biggest rubber exporters in 2022 were Thailand ($5.47 billion), Indonesia ($4.17 billion), Cote d’Ivoire ($2.11 billion), Malaysia ($1.29 billion), and Vietnam ($1.23 billion), according to The Observatory of Economic Complexity (OEC).
- Over the next years, the market for toluene derivatives is anticipated to see considerable growth in revenue due to the surge in demand for industrial feedstock and solvents.
Market Trends for Toluene Derivatives
- One typical solvent for paints and coatings is toluene. It smells like paint thinners, is colorless, and is insoluble in water. An increase in paint and coatings production and use is fostering the growth of the global market.
- The PCI magazine reports that, in comparison to 2020, coatings firms’ sales numbers in the United States and abroad grew in 2021. There will be 41.8 million tons of paints and coatings produced in 2020, and the industry is predicted to expand by 2.3% year until 2030.
- Due to its numerous health risks, including skin irritation, headaches, dizziness, hallucinations, disorientation, and even organ damage, toluene poses a serious risk to human health.
- For this reason, less toluene compounds are used in the production of ink. To ensure safe food packaging, leading ink manufacturers are introducing toluene-free inks. It is expected that over the forecast period, this will restrict the market statistics.
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Global Market for Toluene Derivatives: Regional Outlook
- As per the most recent market trends for toluene derivatives, Asia Pacific accounted for the highest share in 2023. The region’s market dynamics are being driven by the paints and coatings sector’s expansion.
- An analysis released in the Polymers Paint Color Journal (PPCJ) states that the paint and coatings industry in India was estimated to be worth US$ 8.0 billion by the conclusion of the 2022–2023 fiscal year.
- Over the next years, India, Southeast Asia, and Northeast Asia are expected to see a steady increase in the amount of toluene consumed for the manufacturing of benzene and xylenes.
- The Asia Pacific market share of toluene derivatives is also being driven by growth in the building industry. The industry is experiencing a boom in demand for paints and coatings due to the development of more homes. It is thus anticipated that this will increase demand.
Global Toluene Derivatives Market (سوق مشتقات التولوين): Key Players
Product costs are rising due to the actions of major competitors in the worldwide market for toluene derivatives. The cost of producing toluene and its derivatives is predicted to increase due to the increase in demand for oil. The following companies are well-known participants in the global toluene derivatives market:
- ExxonMobil
- Covestro AG
- GS Caltex
Key Developments
- In December 2023, Covestro AG announced a mega multi-million euro investment project to modernize its production plant in Dormagen. This is expected to be completed by 2025. This initiative will provide the company a further edge in the sustainability and competitiveness of toluene diisocyanate production.
- The aforementioned investment project is expected to reduce carbon emissions by 22,000 tons annually. In addition, it will also consume 80% less energy compared to the conventional toluene diisocyanate production technique.
Global Toluene Derivatives Market Segmentation
By Type
- Benzene and Xylene
- Gasoline Additives
- Toluene Diisocyanate
- Benzoic Acid
- Trinitrotoluene
- Others
By End Use
- Paints & Coatings
- Adhesives
- Inks & Dyes
- Defense
- Chemicals
- Pharmaceuticals
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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