Leading Companies in the Global Toluene Market, Driven by Expansion of End-Use Industries

The global toluene market size attained approximately USD 28.37 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 5.3% to reach USD 45.12 billion by 2032. As per the analysis by Expert Market Research, the market is expected to be driven by the increasing demand for aromatics in the petrochemical industry.

Toluene is a volatile colourless liquid with a sweet odour. It has a density of 0.87 g/mL at 68 °F. There is significant industrial applications of toluene including as a solvent in paints, lacquers, thinners, glues, correction fluid, and is used in the printing and leather tanning processes.  

In 2022, the demand for octane boosters in gasoline contributed to the strengthening of the US toluene and mixed xylenes (MX) markets. Both toluene and MX are characterised by high octane levels and low Reid vapor pressure (RVP), making them desirable blendstocks for meeting the stringent summer fuel requirements. During this period, refiners increasingly incorporated low-cost, low-octane naphtha into the gasoline pool. However, to achieve the necessary octane levels and comply with US summer fuel specifications, blenders were incentivized to purchase higher-octane, low-RVP blendstocks, such as toluene and MX, as naphtha alone could not provide the required octane enhancement.

The expansion of the paint and coating sector across the globe is supporting the toluene market growth. Toluene is commonly used in both interior and exterior paints due to its ability to facilitate effective drying and help maintain a smooth, thin coating, which enhances ease of application. According to data from Japan's Ministry of Economy, Trade, and Industry, Japan's production of antifouling paints has continued to rise, following a 118.4% year-on-year increase recorded in the 2022 calendar year. 

Table: Top Paint Exporters By Country: 2023

Additionally, toluene is being widely used in the process of removing from coca leaves in the production of Coca-Cola syrup.  Coca-Cola beverages are consumed globally, with more than 1.9 billion servings enjoyed daily across over 200 countries.  

In April 2024, Wanhua Chemical announced the Phase II Expansion Project of TDI (toluene diisocyanate), with a capacity of 360,000 tons per year. 

Top 3 Toluene Companies in the World:

Exxon Mobil Corporation

Exxon Mobil Corporation is one of the largest integrated fuels, lubricants and chemical companies in the world. By the end of 2022, ExxonMobil held over 8 thousand active patents worldwide. For technology licensed to third parties, revenues totaled approximately USD 129 million in 2022.The number of regular employees was 62 thousand, 63 thousand, and 72 thousand at years ended 2022, 2021, and 2020, respectively.  

Versalis S.p.A.

Versalis is Eni SPA’ chemical company operating both nationally and internationally in the basic chemicals and intermediates, plastic, rubber and chemistry from renewables sectors. According to 2023 data, Versalis has a workforce of 7,793 employees, and 26 production plants under its roof. The company boasts a production volume of 5,663 thousand tonnes. Under its aromatics segment, the company offers toluene. 

Chevron Phillips Chemical Company

Chevron Phillips Chemical is a leading global producer of olefins and polyolefins, as well as a prominent supplier of aromatics, alpha olefins, styrenics, specialty chemicals, plastic piping, and polymer resins. The company has a workforce of 5,000 employees and has 33 manufacturing and research facilities in seven countries. Chevron Phillips Chemical Company manufactures a range of reference fuels such as toluene to support ASTM and other testing protocols.