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Toluene Market growth is propelled by increasing demand in building & construction sector

Author : Ronak Bora | Published Date : 2019-03-18 

Toluene Market demand is mainly driven by growth in applications across industries petrochemical, building & construction, oil & gas, paints, resins, printing, leather, pharmaceuticals and rubber industry.

Rising demand for industrial feedstock and solvents will further boost the market for the product. Formula one cars use toluene as an anti-knock fuel since it does not burn at low temperatures and provide high octane rating. Other application segments include, manufacturing of explosives, dyes and cosmetic nail products.

Growing use of toluene (toluol) in end use industries such as, automotive, oil & gas and building & construction owning to its properties as a solvent, is projected to fuel toluene market. The product is a common solvent for paint thinners, paints, rubber, printing ink.

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Toluene market is highly dependent on benzene and xylene market as it is being used in their synthesis process, rising demand of benzene and xylene and its derivatives like Polyethylene Terephthalate (PET), cumene and Polystyrene (PS) will boost toluene market growth both in terms of revenue and volume.

Toluol is an inflammable, volatile, colorless liquid with odor which resembles that of a paint thinner and known by different trade names which includes methylbenzene, methacide, phenyl methane, antisal and toluol. The product is found naturally in crude oils and tolu trees. The product is mainly used in manufacturing of industrial and commercial products. It is produced while manufacturing coke from coal, gasoline and other fuels from crude oils.

The major restraints for the toluene market are the rising demand for diesel against gasoline and the limitation in toluol sourcing. Further the product is not preferred by many industries due to its intoxicating effects. There are no health benefits of the product and often used by the youngsters for recreational purpose because of its easy availability. Inhalation of the product from low to moderate levels causes memory loss, weakness, tiredness, nausea, confusion, drunken-type actions, loss of appetite, color vision loss and hearing loss. Prolong exposure to the vapors can cause effects on lungs, kidneys, liver and central nervous system.The product causes water and soil contamination when released in excess. High concentration is dangerous to the aquatic life.

Asia-Pacific, led by China, is the world’s major toluol consumer. The increasing investments and number of manufacturing establishments in the region will be the key driver for growth of toluene market. The growing petrochemical industry in the region is further expected to drive the product market.

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Key players for the toluene market include BASF SE, Borsodchem, Petroquimica Rio Tercero, Reliance industries, Mitsui Chemicals, Inc, Braskem SA Royal Dutch Shell, Vencorex, SK Innovations, China Petroleum and Chemical Corporation, China National Petroleum Corporation, Indian Oil Corporation Limited, Formosa Chemical & Fiber Corporation, Exxon Mobil Corporation, Covestro AG, GS Caltex and CPC Corporation.

Companies have adopted several strategies to capture the emerging toluene market which include expansion, investments, merger and acquisitions. In April 2015, Mitsui Chemicals signed a 50:50 joint venture agreement with South Korea’s SKC to manufacture toluol diisocyanate and to consolidate the market of polyurethane. The joint venture will help the company to meet the rising demand, increase its product offerings and expand in new geographies. The company provides chemical products and materials which are used in electronic, automobile, food, housing, healthcare, energy and general commodity segments.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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