Dibenzyl Toluene Market size is estimated to surpass USD 82.2 Million by the end of 2035, growing at a CAGR of 3% during the forecast period, i.e., 2023-2035. In the year 2022, industry size of dibenzyl toluene was over USD 56 Million. The growth of the market can be attributed to the rising demands from numerous end-use sectors. The industry experienced beneficial development during the period owing to the increased need for temperature control solutions to supply and manage the temperature of multiple goods and compounds. Furthermore, with R&D investments and the use of dependable marketing methods to expand customer portfolios, the market anticipates enormous potential prospects.
Rising growth in chemical industry is also anticipated to propel the market growth over the forecast period. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~3% |
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Base Year Market Size (2022) |
~ USD 56 Million |
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Forecast Year Market Size (2035) |
~ USD 82.2 Million |
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Regional Scope |
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End-user (Chemicals, Petrochemicals, Plastics & Rubber, Oil & Gas, Pharmaceuticals)
The global dibenzyl toluene market is segmented and analyzed for demand and supply by end users into chemicals, petrochemicals, plastics & rubber, oil & gas, pharmaceuticals, and others. Out of these, the oil & gas segment is estimated to gain the largest market share of about ~30% in the year 2035. The oil and gas segment is expected to have the greatest market share throughout the forecast period as a result of the substantial quantity of dibenzyl toluene produced while producing petrol and other fuels from crude oil. The continuing need for efficient heat transfer equipment for oil storage is projected to drive segment growth. Between 2012 and 2025, the oil and gas industry is expected to generate $1.6 trillion in government and state tax income in the United States, sustaining the maintenance of educational institutions, medical facilities, and public infrastructure across the entire nation.
Application (Dielectric Fluid, Heat Transfer Fluid)
The global dibenzyl toluene market is also segmented and analyzed for demand and supply by application into dielectric fluid, heat transfer fluid, and others. Amongst these three segments, the heat transfer fluid segment is expected to garner a significant share of around ~51% in the year 2035. For over three decades, dibenzyl toluene has been employed as a heat transfer fluid. The preferred purity for this kind of application is 98%. Businesses such as petrochemicals, chemicals, plastic and rubber, and many others rely on heat transfer fluids, particularly DBT, as a result of its high ignition point, heat transfer coefficient, nonflammability, and elevated boiling point characteristics, which has prompted the DBT marketplace as a heat transfer fluid. Heat transfer fluid is the target market for competitors such as Arkema and Eastman. As a result of the volume of DBT used as a heat transfer fluid, it takes up the majority of the market.
Our in-depth analysis of the global market includes the following segments:
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By Grade |
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By Application |
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By End User |
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APAC Market Statistics
The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the rising number of activities in the oil industry, growing investments of prominent market players, and increasing manufacturing output in the region. According to the International Energy Agency, the oil demand in Asia is estimated to grow by 77 percent from 2021 to 2025. Whereas, the region’s dependence on oil imports is calculated to reach 81 percent in 2025. Moreover, Prominent users such as Evonik, Sinopec, ArcelorMittal, Nippon Steel, Showa Denko, and many other enterprises that make a variety of products are present in the region. These businesses require fluids with high heat transfer coefficients. China is at the leading edge of consumption; the nation is the region's leading consumer of DBT. Therefore, Asia Pacific is expected to dominate the market owing to these factors over the forecast period.
Europe Market Forecast
Moreover, the market in Europe is anticipated to acquire the second largest share during the forecast period, which can be credited to the rise in the number of research and development activities related to the chemicals sector, and the strong presence of major market players in the region. Among the LOHCs on the marketplace, such as Methylcyclohexane (MCH), DBT, and others, DBT offers several potentials for stakeholders to broaden their presence in the European hydrogen supply chain. Furthermore, with R&D investments and the implementation of dependable marketing methods to expand customer portfolios, the market anticipates enormous development prospects in this area.
North American Market Forecast
North America is also assessed to acquire a significant share in the market by the end of 2035 owing to the rapid growth of the oil and gas industry and increasing demand for DBT from the petrochemicals industry in the United States. North America, accounted for about a quarter of the market share in 2022 due to increased demand in the quickly developing oil and gas industry. In addition to its high flame-resistant qualities, heat generation in specific units of oil and gas extraction attracts DBT popularity in the region.
The existence of LyndollBassel, INEOS, Chevron Phillips, Shell, and a slew of other companies that conduct business in North America necessitates a high demand for dielectric fluids and heat transfer fluids in their factories.
Author Credits: Smruti Ranjan, Rajrani Baghel
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