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Report Overview

2024

Base Year

2018-2024

Historical Year

2025-2034

Forecast Year

Toluene Market

Toluene is a clear, colourless liquid that readily evaporates into vapour when exposed to air at room temperature. It is known for its distinct sharp and sweet odour, which is an indicator of its presence in the environment. Toluene is also produced industrially during the refining of gasoline and other fuels from crude oil, as well as in the manufacture of coke from coal.

This chemical is commonly used in conjunction with other solvents and chemicals, particularly in products like paint pigments. Toluene is a component of various widely used products, including paints, metal cleaners, adhesives, varnishes, shellac, nail polish, glues, rust preventives, and printing inks. Additionally, toluene is a constituent of gasoline and other fuels.

Global Supply/Demand Outlook

The global toluene market stood at a volume of around 32,900 KT in 2023. The market is estimated to grow at a CAGR of 5.70% between 2025 and 2034 to reach a volume of about 54,800 KT by 2032. The production of benzene represents the leading application of toluene, accounting for nearly 30% market share, followed by xylene with 28% share.

Toluene is a key chemical used across various industries, which supports its consistent demand from downstream markets. It serves as a fundamental material in the production of flexible polyurethane foams and is also crucial in manufacturing coatings and elastomers.

The market is driven by the increasing consumption by end use industries for the production of benzene and xylene. More than half of the globally produced toluene is utilized in manufacturing benzene, xylene, and their derivatives. These derivatives are integral to a variety of sectors including paints and coatings, chemical manufacturing, pharmaceuticals, mining, construction, and military applications.

The global capacity of toluene was about 42,550 KT in the year 2023. It is estimated to reach 66,500 KT by 2032. The plant capacity utilization of toluene stood at 80% in 2023.

Regional Market Analysis

In terms of consumption, the Asia Pacific region leads the toluene market, accounting for nearly 65% market share, followed by North America. The growth of the chemical sector in APAC, supported by rapid industrialisation and urbanisation, along with the growing demand for paints and coatings, is expected to boost the region’s consumption of toluene over the coming years.

Key Market Players

The key players operating in the toluene market are ExxonMobil, Chevron Phillips, Sinopec Group (China National Petroleum & Chemical Corporation), Hengli Petrochemical (Dalian) Refinery Co. Ltd., CNOOC Group Limited, Lotte Chemical Corporation, GS Caltex, SK Group Crop., PetroChina Company Limited, Jilin Petrochemical Company, Sinochem Corporation, Reliance Industries Ltd., and Bharat Petroleum Corp Ltd.

ExxonMobil, one of the key market players, offers PxMaxâ„  process, which is the industry benchmark STDP (Selective Toluene Disproportionation) process. The STDP process facilitates rearrangement of aromatics which helps boost xylenes and benzene production from toluene. The company’s technology, which is based on the ex-situ selectivated EM-2300 catalyst, claims to provide excellent paraxylene selectivity and improved product yields, along with elongated and stable cycles.

Key Questions Answered in the Report:

  • What are the high-growth opportunities and markets for toluene by application and region?
  • Which segments and regions are projected to grow at a faster pace and why in the toluene market?
  • What is the nameplate capacity of toluene by region from 2018 to 2032?
  • How does the plant capacity utilisation of toluene vary by region between 2018 and 2034?
  • Who are the major players in the toluene market by capacity and region?
  • What major plant shutdowns and expansions have occurred in the toluene market in the last year and the last quarter?
  • What major plant shutdowns and expansions are planned in the toluene market over the next year and quarters?
  • How did export and import dynamics of toluene vary by region in terms of value between 2018 and 2023?
  • How did export and import dynamics of toluene vary by region in terms of volume between 2018 and 2023?
  • What impacts have shutdowns, force majeure events, and plant closures had on demand and pricing of toluene?
  • What are the environmental considerations and regulatory impacts affecting the toluene market?
  • What technological innovations are having an impact on the production and application of toluene?
  • What are the key trends and innovations in the toluene market?
  • What are the challenges and opportunities faced by toluene manufacturers?
  • What are the potential risks and barriers to entry for new players in the toluene market?
  • What strategic investments and expansions have major players made in the toluene market?
  • How are geopolitical factors and international trade policies affecting the global toluene market?
  • What are the price trends for toluene, and how are they expected to change?
  • How does the supply chain of toluene operate, and what are its key components?

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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