Toluene Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Report covers Global Toluene Market Growth and is segmented by derivative (benzene and xylene, gasoline additives, toluene diisocyanates, and other derivatives (benzoic acid, trinitrotoluene, and benzaldehyde)), application (paints and coatings, adhesives and inks, explosives, chemical industry, and other applications (pharmaceuticals, solvents, dyes, etc.)), and geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for the abovementioned segments in revenue (USD million).

Toluene Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Toluene Market Size

Toluene Market Summary
Study Period 2019 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
CAGR 5.50 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Low

Major Players

Toluene Market Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of Toluene Market with other markets in Chemicals & Materials Industry

Plastics, Polymers, and Elastomers

Adhesives and Sealants

Commodity Chemicals

Water and Wastewater Treatment

Advanced Materials

Construction Chemicals and Materials

Toluene Market Analysis

The Toluene Market is expected to register a CAGR of greater than 5.5% during the forecast period.

The COVID-19 pandemic hindered the market badly. The impact can be seen in almost all the major sectors, including automotive, chemicals, paint and coatings, and other end-user industries. However, the market is anticipated to retain its growth trajectory in 2022.

  • One of the major factors driving the market study is the growing usage of toluene as a solvent. Stringent governmental regulations are expected to hinder the growth of the market studied.
  • Compared to gasoline, increasing demand for diesel is a restraint for the market's growth.
  • The benzene and xylene segment dominated the market and is expected to record the highest CAGR during the forecast period.
  • Growing usage in toluene diisocyanate (TDI) production is likely an opportunity.
  • Asia-Pacific dominated the global market, with the largest consumption from countries such as China and India.

Toluene Industry Overview

The toluene market is fragmented, with no major player holding more than 10% of the market share. Some major players include Exxon Mobil Corporation, INEOS, Lyondellbasell Industries NV, SABIC, and BASF SE.

Toluene Market Leaders

  1. Exxon Mobil Corporation

  2. LyondellBasell Industries NV

  3. BASF SE

  4. SABIC

  5. INEOS

  6. *Disclaimer: Major Players sorted in no particular order
Toluene Market-Market Concentration.png
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Toluene Market News

  • In September 2022, Covestro has introduced polyether polyols using biobased feedstock. Company is now offering renewable1 toluene diisocyanate (TDI) and methylene diphenyl diisocyanate (MDI) for the production of polyurethane foams. 
  • In March 2022, Covestro has expanded the range of renewable toluene diisocyanate (TDI) and provides it to customers from different regions. This TDI can be used as a raw material for flexible polyurethane foam. 

Toluene Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

  • 4.1 Drivers
    • 4.1.1 Growing Use of Toluene as a Solvent
    • 4.1.2 Escalating Demand from the Paints & Coatings Sector
  • 4.2 Restraints
    • 4.2.1 Increasing Demand for Diesel as compared to Gasoline
  • 4.3 Industry Value Chain Analysis
  • 4.4 Porter's Five Forces Analysis
    • 4.4.1 Bargaining Power of Suppliers
    • 4.4.2 Bargaining Power of Consumers
    • 4.4.3 Threat of New Entrants
    • 4.4.4 Threat of Substitute Products and Services
    • 4.4.5 Degree of Competition
  • 4.5 Feedstock Analysis
  • 4.6 Technological Snapshot
  • 4.7 Trade Analysis
  • 4.8 Price Index
  • 4.9 Regulatory Policy Analysis

5. MARKET SEGMENTATION (Market Size in Value)

  • 5.1 Derivative
    • 5.1.1 Benzene and Xylene
    • 5.1.2 Gasoline Additives
    • 5.1.3 Toluene Diisocyanates
    • 5.1.4 Other Derivatives (Benzoic Acid, Trinitrotoluene, and Benzaldehyde)
  • 5.2 Application
    • 5.2.1 Paints and Coatings
    • 5.2.2 Adhesives and Inks
    • 5.2.3 Explosives
    • 5.2.4 Chemical Industry
    • 5.2.5 Other Applications (Pharmaceuticals, Solvents, Dyes, etc.)
  • 5.3 Geography
    • 5.3.1 Asia-Pacific
    • 5.3.1.1 China
    • 5.3.1.2 India
    • 5.3.1.3 Japan
    • 5.3.1.4 South Korea
    • 5.3.1.5 Rest of Asia-Pacific
    • 5.3.2 North America
    • 5.3.2.1 United States
    • 5.3.2.2 Canada
    • 5.3.2.3 Mexico
    • 5.3.3 Europe
    • 5.3.3.1 Germany
    • 5.3.3.2 United Kingdom
    • 5.3.3.3 Italy
    • 5.3.3.4 France
    • 5.3.3.5 Rest of Europe
    • 5.3.4 South America
    • 5.3.4.1 Brazil
    • 5.3.4.2 Argentina
    • 5.3.4.3 Rest of South America
    • 5.3.5 Middle-East and Africa
    • 5.3.5.1 Saudi Arabia
    • 5.3.5.2 South Africa
    • 5.3.5.3 Rest of Middle-East and Africa

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Market Share(%)**/Ranking Analysis
  • 6.3 Strategies Adopted by Leading Players
  • 6.4 Company Profiles
    • 6.4.1 BASF SE
    • 6.4.2 Braskem SA
    • 6.4.3 Chevron Phillips Chemical Company LLC
    • 6.4.4 China Petroleum & Chemical Corporation (Sinopec)
    • 6.4.5 China National Petroleum Corporation
    • 6.4.6 Covestro AG
    • 6.4.7 CPC Corporation
    • 6.4.8 Exxon Mobil Corporation
    • 6.4.9 Formosa Chemicals & Fibre Corporation
    • 6.4.10 INEOS
    • 6.4.11 Lyondellbasell Industries NV
    • 6.4.12 Mitsui Chemicals Inc.
    • 6.4.13 Mitsubishi Chemical Corporation
    • 6.4.14 Royal Dutch Shell PLC
    • 6.4.15 SABIC
    • 6.4.16 SK Innovation Co. Ltd
    • 6.4.17 Total SA
    • 6.4.18 Valero
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
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Toluene Industry Segmentation

Toluene, known as methylbenzene, is a colorless, flammable liquid with a sweet, pungent odor. It is produced from petroleum as an aromatic mixture with benzene and xylene primarily by catalytic reforming and pyrolytic cracking. Toluene is also produced while making gasoline and other fuels from crude oil, coke from coal, and as a by-product in styrene manufacturing. The toluene market is segmented by derivative, application, and geography. By derivative, the market is segmented into benzene and xylene, gasoline additives, toluene diisocyanates, and other derivatives (benzoic acid, trinitrotoluene, and benzaldehyde). By application, the market is segmented into paints and coatings, adhesives and inks, explosives, the chemical industry, and other applications (pharmaceuticals, solvents, dyes). The report also covers the size and forecasts for the toluene market in 15 countries across major regions. For each segment, the market sizing and forecast have been done based on revenue (USD million).

Derivative Benzene and Xylene
Gasoline Additives
Toluene Diisocyanates
Other Derivatives (Benzoic Acid, Trinitrotoluene, and Benzaldehyde)
Application Paints and Coatings
Adhesives and Inks
Explosives
Chemical Industry
Other Applications (Pharmaceuticals, Solvents, Dyes, etc.)
Geography Asia-Pacific China
India
Japan
South Korea
Rest of Asia-Pacific
North America United States
Canada
Mexico
Europe Germany
United Kingdom
Italy
France
Rest of Europe
South America Brazil
Argentina
Rest of South America
Middle-East and Africa Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Toluene Market Research FAQs

What is the current Toluene Market size?

The Toluene Market is projected to register a CAGR of greater than 5.5% during the forecast period (2025-2030)

Who are the key players in Toluene Market?

Exxon Mobil Corporation, LyondellBasell Industries NV, BASF SE, SABIC and INEOS are the major companies operating in the Toluene Market.

Which is the fastest growing region in Toluene Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).

Which region has the biggest share in Toluene Market?

In 2025, the Asia-Pacific accounts for the largest market share in Toluene Market.

What years does this Toluene Market cover?

The report covers the Toluene Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Toluene Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Toluene Industry Report

Statistics for the 2025 Toluene market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Toluene analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.