What is the global market size of Toluene Market?

Toluene Market size was valued at USD 23.29 billion in 2021 and is poised to grow from USD 24.53 billion in 2022 to USD 37.39 billion by 2030, growing at a CAGR of 5.4% in the forecast period (2023-2030).

Top Toluene Companies

Skyquest Technology's expert advisors have carried out comprehensive research and identified these companies as industry leaders in the Toluene Market. This Analysis is based on comprehensive primary and secondary research on the corporate strategies, financial and operational performance, product portfolio, market share and brand analysis of all the leading Toluene industry players.

Toluene Market Competitive Landscape

Toluene Market Top Players Company Profiles

BASF SE
ExxonMobil Chemical
Royal Dutch Shell Plc
China Petroleum & Chemical Corporation (Sinopec Corp.)
BP plc
Covestro AG
LyondellBasell Industries Holdings B.V.
Chevron Phillips Chemical Company
Mitsui Chemicals Inc.
Braskem S.A.
Eastman Chemical Company
China National Chemical Corporation (ChemChina)
INEOS Group AG
Huntsman Corporation
Dow Inc.
PTT Global Chemical Public Company Limited
Reliance Industries Limited
Formosa Chemicals & Fibre Corp.
TotalEnergies SE
Toray Industries, Inc.

Toluene Market Recent Development

In November 2021, ExxonMobil declared that it would contribute to the construction of a multibillion-dollar chemical complex in the Dayawan Petrochemical Industrial Park in Huizhou, Guangdong Province, China. The plant will help fulfill China's anticipated increase in demand for products containing performance chemicals.
In May 2021, the paint and coatings plant in Jiading, China, where PPG has completed a US$ 13 million investment, now boasts eight new powder coating production lines and an expanded powder coatings technology center, both of which are intended to strengthen PPG's R&D capabilities. The plant's capacity will probably grow by more than 8,000 tonnes annually as a result of the expansion.

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Toluene Market size was valued at USD 26.69 Billion in 2024 and is poised to grow from USD 28.16 Billion in 2025 to USD 43.21 Billion by 2033, growing at a CAGR of 5.5% during the forecast period (2026–2033).

The primary organic growth tactics chosen by market participants in the toluene industry include product development, capacity expansion, and innovation. Key toluene players are gaining a competitive edge thanks to these initiatives, which are assisting them in growing their regional presence and capturing market share. For instance, INEOS finalized the purchase of BP's global Aromatics & Acetyls division in January 2021. The transaction included ten top joint ventures and 15 locations worldwide (five in the Americas, two in Europe, and eight in Asia). 'ExxonMobil (US)', 'Shell plc (UK/Netherlands) ', 'BP plc (UK) ', 'Chevron Corporation (US) ', 'TotalEnergies SE (France) ', 'Saudi Aramco (Saudi Arabia) ', 'Reliance Industries Limited (India) ', 'China Petroleum & Chemical Corporation (Sinopec) (China) ', 'China National Petroleum Corporation (CNPC) (China) ', 'GS Caltex (South Korea) ', 'SK Innovation Co., Ltd. (South Korea) ', 'Idemitsu Kosan Co., Ltd. (Japan) ', 'JXTG Nippon Oil & Energy Corporation (Japan) ', 'Valero Energy Corporation (US) ', 'Marathon Petroleum Corporation (US) ', 'Phillips 66 (US) ', 'Repsol (Spain) ', 'PTT Public Company Limited (Thailand) ', 'Formosa Petrochemical Corporation (Taiwan) ', 'LG Chem (South Korea)'

The main driver fueling the expansion of the global toluene market is the rising use of toluene in various end-use industries. For instance, toluene is a solvent used in paints, lacquers, thinners, glues, correction fluid, printing, and leather tanning. Another significant element fueling the market's expansion is the usage of toluene in the manufacture of gasoline.

Toluene is a solvent used in several industrial settings. In the chemical industry, these solvents are employed in the production of paints, glues, printing, leather tanning procedures, and other products. Most chemical businesses use toluene as a solvent to create other kinds of compounds like phenol, benzoic acid, nitrobenzene, and benzyl chloride. For usage in internal combustion engines, the toluene chemical can also be added to gasoline as an octane enhancer. For both two-stroke and four-stroke engines, i.e., as fuel, absolute toluene is employed. The chemical industry's demand for toluene is anticipated to increase significantly throughout the projected period as a result of these factors.

With a share of 48.53 % in the global toluene market in 2021, the Asia Pacific region dominated the market and is expected to continue to do so during the forecast period. The largest market share of the APAC toluene market has been gathered by the developing petrochemical sector in nations like India, Thailand, Taiwan, and others. The demand for toluene in the key APAC regions has also been fueled by the region's ongoing industrialization and urbanization. Since China is the world's largest producer of toluene and the demand for chemicals, paints, coatings, and adhesives is on the rise, the country topped the Asia-Pacific area with the highest shares.

Top Toluene Companies

Toluene Market Competitive Landscape

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