Toluene Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market is segmented by Derivative (Benzene and Xylene, Gasoline Additives, Toluene Diisocyanates, and Other Derivatives), Application (Solvent, Chemical Intermediates, Gasoline, Explosive, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America and Middle East & Africa).

Market Snapshot

toluene market
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >5 %

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Market Overview

The market for toluene is expected to register a CAGR of about 5%, during the forecast period. One of the major factors driving the market studied is the growing usage of toluene as a solvent. Stringent governmental regulations are expected to hinder the growth of the market studied.

  • Benzene and xylene segment dominated the market, and is expected to grow with the highest CAGR during the forecast period.
  • Growing usage in the production of toluene diisocynate (TDI) is likely to act as an opportunity in the future.
  • Asia-Pacific dominated the market across the world, with the largest consumption from countries, such as China and India.

Scope of the Report

The toluene market report includes:

Benzene and Xylene
Gasoline Additives
Toluene Diisocyanates
Other Types
Chemical Intermediates
Other Applications
South Korea
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
South America
Rest of South America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

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Key Market Trends

Increasing Demand for Benzene & Xylene for Solvent Applications

  • Benzene and xylene accounted for the major share of the market studied, with an approximate share of almost 50% of the global market. Growing usage of xylene in paints and coatings, and industrial chemicals, along with growing usage of benzene in textiles and plastics, is expected to drive the market for benzene and xylene during the forecast period.
  • The paints and coatings industry is expected to register a growth rate of around 3.5% annually, owing to the steady growth from the automotive, construction, and consumer durables sector.
  • The textile industry, which also uses toluene as a solvent, is growing at a steady pace, majorly in the Asia-Pacific region, dominated by countries, such as China and India.
  • Hence, with growing end-user industries, the demand for toluene is expected to rapidly increase.
Toluene Market Revenue Share

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Asia-Pacific Region to Dominate the Market

  • The Asia-Pacific region dominated the global market share. China accounted for the largest market for toluene, in the region. China is the largest producer of chemicals, paints and coatings, and adhesives in the Asia-Pacific region. Growing production in the country is expected to drive the market studied in China, during the forecast period.
  • Owing to the rising demand from the industrial and infrastructural sector, the production of paints and coatings is increasing in China. Additionally, due to such positive outlook in the industry, various major coatings manufacturers are setting up newer plants in the country.
  • Recently, AkzoNobel started operating its world's largest powder coatings facility, in Changzhou, China.
  • China dominates plastic production in the global market, owing to its increasing demand from various industries and the continuous set up of new plants in the country.
  • Such positive growth is expected to drive the studied market in the region, during the forecast period.
Toluene Market Regional Trends

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Competitive Landscape

The toluene market is fragmented, with no major player having more than 10% of the market share. The major companies include Exxon Mobil Corporation, Chevron Phillips, Lyondellbasell Industries NV, Covestro AG, and BASF SE, among others.

Table of Contents


    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Growing Use of Toluene as a Solvent

      2. 4.1.2 Emerging Demand from the Petrochemical Industry

    2. 4.2 Restraints

      1. 4.2.1 Increasing Demand for Other Aromatic Products

      2. 4.2.2 Stringent Governmental Regulations

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Feedstock Analysis

    6. 4.6 Technological Snapshot

    7. 4.7 Trade Analysis

    8. 4.8 Price Index

    9. 4.9 Regulatory Policy Analysis


    1. 5.1 Derivative

      1. 5.1.1 Benzene and Xylene

      2. 5.1.2 Gasoline Additives

      3. 5.1.3 Toluene Diisocyanates

      4. 5.1.4 Other Types

    2. 5.2 Application

      1. 5.2.1 Solvent

      2. 5.2.2 Chemical Intermediates

      3. 5.2.3 Gasoline

      4. 5.2.4 Explosives

      5. 5.2.5 Other Applications

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      2. 5.3.2 North America

        1. United States

        2. Canada

        3. Mexico

      3. 5.3.3 Europe

        1. Germany

        2. United Kingdom

        3. Italy

        4. France

        5. Rest of Europe

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.3.5 Middle East & Africa

        1. Saudi Arabia

        2. South Africa

        3. Rest of Middle East & Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 BASF SE

      2. 6.4.2 Chevron Phillips

      3. 6.4.3 China Petroleum & Chemical Corporation

      4. 6.4.4 Covestro AG

      5. 6.4.5 CPC Corporation

      6. 6.4.6 Exxon Mobil Corporation

      7. 6.4.7 Formosa Plastics

      8. 6.4.8 Lyondellbasell Industries NV

      9. 6.4.9 Nova Chemicals

      10. 6.4.10 Royal Dutch Shell PLC

      11. 6.4.11 Sherwin-Williams

      12. 6.4.12 Total SA

      13. 6.4.13 SK Innovation Co. Ltd

      14. 6.4.14 Valero

      15. 6.4.15 Braskem SA

      16. 6.4.16 Mitsubishi Chemical Corporation

    5. *List Not Exhaustive

    1. 7.1 Growing Use in the Production of Toluene Diisocynate (TDI)

**Subject to Availability

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Frequently Asked Questions

The Toluene Market market is studied from 2016 - 2026.

The Toluene Market is growing at a CAGR of >5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Exxon Mobil Corporation, Chevron Phillips, LyondellBasell Industries NV, Covestro AG, BASF SE are the major companies operating in Toluene Market.

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