https://www.maximizemarketresearch.com/market-report/toluene-market/13903/

Toluene Market was valued US$ 23.32 Bn in 2019 and is estimated to reach US$ XX Bn by 2026 at a CAGR of about XX % during a forecast.

The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.

Rapid use of toluene as solvent in paints & coatings, rising demand for efficient gasoline, increasing demand for chemical intermediates made from toluene such as benzene and xylene, increasing automobile production and sales along with rising consumption of lubricants are driving the growth of the market.

Implementation of strict regulations by various government bodies has restricted the use of toxic organic chemicals used in the production of toluene solvent, which is predicted to restrain the growth of the market. Fluctuating crude oil prices, demand for other aromatic products and long term exposure to toluene has detrimental effect on central nervous system and can also harm the human brain these factor are restraining the market growth.

Benzene & xylene, toluene diisocynates, benzaldehyde and other are major derivative of toluene. Among these benzene and xylene occupies XX% share followed by toluene diisocynates. Toluene diisocynates are projected to be fastest growing segment. Xylenes are used as solvents and antiknock agents in gasoline and as an intermediate in synthetic reactions.

Benzene is used to make plastics, resins, synthetic fibers, rubber lubricants, dyes, detergents, drugs and pesticides. Toluene diisocyanate is a chemical used in the production of polyurethanes and for manufacture of coatings, sealants, adhesives and elastomers. Gasoline additives increase gasolines octane rating or act as corrosion inhibitors or lubricants.

Toluene is used as drug, solvent, blending agents and colorant. Toluene is used in paints, thinners, lacquers, glues, correction fluid, and nail polish remover. For that reason, Toluene as a solvent dominates the market followed by blending agent segment. In leather industry toluene is used for tanning processes and printing processes.

In biochemistry sector toluene is used to extract hemoglobin by breaking or disrupting red blood cells. Toluene used in explosives industry in the manufacture of flammable & explosive compounds, such as Trinitrotoluene. Types of additives include metal deactivators, corrosion inhibitors, oxygenates and antioxidants.

North America, Europe, Asia Pacific, Middle East & Africa and Latin America are regional segments of toluene market. Asia pacific is predicted to grow at XX% CAGR owing to increased demand from gasoline additive industry. Asia Pacific market is followed by North America and Europe. China, U.S. and South Korea are major producer of toluene.