PUBLISHER: The Business Research Company | PRODUCT CODE: 1532093
PUBLISHER: The Business Research Company | PRODUCT CODE: 1532093
Toluene derivatives are chemical compounds derived from toluene, a clear, water-insoluble liquid with a distinctive aromatic odor. These derivatives are created by replacing one or more hydrogen atoms in the toluene molecule with other atoms or functional groups, resulting in a variety of compounds used in industries such as pharmaceuticals, dyes, and resins.
The primary types of toluene derivatives include benzene, xylene, toluene diisocyanate (TDI), solvents, surfactants, polymers, and others. Benzene, a common toluene derivative, is widely used in the production of various chemicals and industrial products, including plastics and synthetic fibers. The production processes for toluene derivatives include selective toluene disproportionation, transalkylation, hydrodealkylation, among others, and their applications encompass drugs, dyes, and blending cosmetic nail products.
The toluene derivatives market research report is one of a series of new reports from The Business Research Company that provides toluene derivatives market statistics, including toluene derivatives industry global market size, regional shares, competitors with a toluene derivatives market share, detailed toluene derivatives market segments, market trends and opportunities, and any further data you may need to thrive in the toluene derivatives industry. This toluene derivatives market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The toluene derivatives market size has grown strongly in recent years. It will grow from $5.54 billion in 2023 to $5.98 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth observed in the historic period can be attributed to the expansion of industries such as chemicals, paints, and coatings that utilize toluene derivatives as raw materials. Additionally, there was an increased demand for toluene derivatives in automotive applications, particularly in paints and coatings, growth in pharmaceutical manufacturing requiring toluene derivatives for drug synthesis, rising agricultural activities driving the demand for agrochemicals derived from toluene, and an increasing focus on sustainable and green chemistry practices in the production of toluene derivatives.
The toluene derivatives market size is expected to see strong growth in the next few years. It will grow to $8.18 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to stringent regulations promoting the use of eco-friendly derivatives and processes, rapid industrialization and urbanization in emerging economies increasing demand for toluene derivatives, growth in renewable energy technologies requiring specific chemical derivatives, rising demand for consumer goods and packaging materials utilizing toluene derivatives, and continued innovation in production techniques enhancing the efficiency and sustainability of toluene derivative manufacturing. Major trends in the forecast period include the development and use of bio-based toluene derivatives as alternatives to petrochemical-based products, mergers and acquisitions among key players to enhance market presence and streamline operations, adoption of advanced technologies such as AI and IoT for process optimization and quality control in manufacturing, and the expansion of production facilities and advancements in production technologies leading to more efficient and cost-effective manufacturing of toluene derivatives.
The anticipated increase in pharmaceutical production is set to drive growth in the toluene derivatives market. Pharmaceuticals refer to medicinal substances used for treating or alleviating illness, and their demand is rising globally due to advancements in medical research and technology. Toluene derivatives play a crucial role in pharmaceuticals by facilitating the creation of complex molecular structures necessary for various drugs. They are also utilized as solvents or carriers in pharmaceutical formulations. According to the European Federation of Pharmaceutical Industries and Associations (EFPIA), the total bio-pharmaceutical production in Europe reached $384,200 million (€340,000 million) in 2022, marking a 4.95% increase from the previous year's $366,267 million (€323,950 million). Consequently, the expansion of pharmaceutical manufacturing is fueling growth in the toluene derivatives sector.
Leading companies in the toluene derivatives market are concentrating on developing innovative products such as paraxylene (p-xylene) compounds to enhance their competitive edge. p-Xylene, a type of aromatic hydrocarbon, is widely used in solvents, plastics, and synthetic fibers production. A collaborative effort involving Chiyoda Corporation, University of Toyama, HighChem Company Limited, Nippon Steel Engineering Co. Ltd., Nippon Steel Corporation, and Mitsubishi Corporation aims to pioneer a technology for producing p-Xylene from carbon dioxide. This groundbreaking approach not only reduces greenhouse gas emissions but also supports carbon recycling by transforming CO2 into a valuable chemical resource. Successful commercialization of this technology promises significant advancements in sustainability within the market.
In August 2021, Lanxess AG, a German specialty chemical company, acquired Emerald Kalama Chemical for $1.04 billion. This acquisition bolsters LANXESS' presence in the consumer care sector and enriches its portfolio of specialty chemicals tailored for industrial applications. Emerald Kalama Chemical LLC, based in the United States, specializes in providing toluene derivatives.
Major companies operating in the toluene derivatives market are China Petroleum & Chemical Corporation (Sinopec), Exxon Mobil Corporation, Royal Dutch Shell PLC, Reliance Industries Limited, Indian Oil Corporation Limited, BASF SE, SK Innovation Co. Ltd, Saudi Basic Industries Corporation, Lyondellbasell Industries NV, Honeywell International Inc., Mitsubishi Chemical Corporation, CPC Corporation, Covestro AG, Braskem SA, INEOS, Formosa Chemicals & Fibre Corporation, Mitsui Chemicals, Eastman Chemical Company, Lanxess, Borealis AG, Chevron Phillips Chemical Company LLC, Taj Pharmaceuticals Limited
North America was the largest region in the toluene derivatives market in 2023. The regions covered in the toluene derivatives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the toluene derivatives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The toluene derivatives market consists of sales of various products such as agrochemicals, nitrotoluene, and toluene sulfonic acid. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Toluene Derivatives Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on toluene derivatives market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for toluene derivatives ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The toluene derivatives market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.