Toluene is a colorless, water insoluble, volatile, inflammable liquid with odor that resembles paint thinner. It is primarily obtained from petroleum and coal tar. Toluene is commonly used as industrial feedstock and as solvent. It is used in paints, inks, adhesives, disinfectants etc. It is also used as a raw material to manufacture benzene, xylene, TNT, production of pharmaceuticals, dyes and cosmetic nail products.
Toluene is often mixed with gasoline as it improves its octane number. In 2010 almost 85% of the toluene produced globally was used as solvents and in production of benzene and xylene. The global demand for toluene is expected to grow at a steady rate. The Asia-Pacific region is alone expected to dominate the market. The demand for toluene will be driven by countries like China, India, and South Korea owing to their robust GDP growth in recent times.
The Chinese demand for toluene will drive the demand for toluene from the Asia-Pacific region. Developing countries such as those in Asia-Pacific, Latin America, and Eastern Europe, and the Middle East are likely to see an increase in construction activity during the period 2012-2018. So this paint market has the potential to drive the toluene market since it is used as a solvent. Another driver for this market can be the booming adhesives industry.
There are some factors that might restrict the growth of this market. One of the most prominent factors is the ever fluctuating crude oil prices. Also, the demand for other aromatic products might also act as a restrain for toluene demand. Long term exposure to Toluene has detrimental effect on central nervous system and can also harm the human brain.
High level of exposure during pregnancy can cause damage the development of feotus, causing retarded growth, birth defects, limb abnormalities etc. People now-a-days are moving toward non-VOC paints and adhesives owing to the detrimental effects of toluene. This increasing awareness among people and availability of a safer option can prevent the toluene market from reaching its full potential.
Some of the leading global manufacturers of toluene include Shell chemicals, Shanghai Dinghan Chemical co Ltd, Dongjin Semichem co ltd. etc.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
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