The North America toluene market reached a volume of 8.4 Million Tons in 2018. Toluene (C7H8), also known as methylbenzene, is an organic chemical compound which is obtained as a byproduct during the production of crude oil. It is a colorless, water-insoluble liquid with the typical odour of paint thinner. Due to the presence of benzene, toluene is considered an aromatic compound. Additionally, toluene exhibits beta-oxidant, depressant, hepatoprotective, anesthetic, and neurotransmitter properties. Owing to this, it finds wide applications in several downstream industries, such as textiles, food processing and other industrial chemical processes.
The North America toluene market is being currently driven by several factors. The increasing utilization of toluene as a solvent for various commercial products, including paints and glues, has spurred its demand in the chemical-based industries. Furthermore, toluene is utilized in the production of hair dyes and in the explosives industry to manufacture flammable compounds, thereby stimulating the market growth in the region. Apart from this, there is an escalated demand for toluene in the pharmaceutical industry to produce various drugs. These include penicillin G potassium, penicillin G sodium, acetanilide, norfloxacin, ciprofloxacin, acetyl salicylic acid, prednisone and caffeine. Thus, rapid technological advancements in the pharmaceutical industry have positively influenced the growth of toluene market in the region. Looking forward, IMARC Group expects the market to reach a volume of 9.4 Million Tons by 2024, registering a CAGR of around 2% during 2019-2024.
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