Dibenzyl Toluene Market Trends

Growth Drivers

• Increasing Need for Effective Storage and Transportation of Hydrogen - The majority of the hydrogen generated is employed in the chemical industry. As hydrogen is extremely hazardous and combustible in nature, transporting it in the form of liquid or ammonia creates a significant risk to both the carrier and the surroundings. LOHC is one of the lucrative hydrogen transportation systems for addressing the aforementioned issues. Amongst the LOHCs on the marketplace, including Methylcyclohexane (MCH), DBT, and others, DBT offers several potentials for key players to broaden their presence in the European and North American hydrogen distribution networks. The requirement for DBT as LOHC from the logistics industry stakeholders and hydrogen distributors is expected to drive market expansion. More than 30,000 metric tons of liquid hydrogen was utilized in the United States in 2018, with that figure expected to rise to more than 40,000 metric tons by the end of 2024.
• Growing Usage of Dibenzyl Toluene as Industrial Solvent - Dibenzyl toluene is a colorless transparent liquid that is widely used as an industrial solvent in the production of paints, rubbers, glues, lacquers, and sealants due to its effectiveness in drying and dissolving other thin materials. This is viewed as a critical component that is anticipated to drive market expansion in the coming years. Over the forecast duration, the industrial solvents market is expected to grow at a CAGR of 3.7%.
• Rising Growth in Petrochemical Sectors - The increasing demand in the petrochemical and chemical fields provides enormous potential opportunities for the industry. Furthermore, dibenzyl toluene has the potential to cool high-voltage wires and is available in a variety of grades. In the USA, there are 130 refineries and 311 petrochemical firms that produce refined petroleum items including petrol, diesel, and jet fuel.
• Expanding Demand in Pharmaceuticals - In 2018, total global pharmaceutical sales were anticipated to be around USD 900 billion, rising to roughly USD 1500 billion by 2021.
• Significant Applications in Rubber Industry - In 2021, the worldwide synthetic rubber industry was anticipated to be worth 19.1 billion US dollars. 

Challenges

• Health Issues Associated with Improper Usage of DBT
• Cost and Demand Fluctuation- BTX (Benzene Toluene Xylene) is the primary petrochemical produced in the refinery from crude oils. Crude oil price fluctuations are expected to affect market toluene pricing, which in turn is expected to affect the cost of dibenzyl toluene. Dibenzyl toluene is an oil that is made with Toluene as the primary raw ingredient. Higher costs lead to lower demand throughout the areas, reducing market demand. Furthermore, shifting market demand and high product costs do not attract new participants, interrupting the DBT supply chain.
• Heat Transfer Oil Alternatives Accessible in the Market