Toluene Market Size, Share, Growth Analysis, By Derivative type(Benzene, Xylene, Solvents, Gasoline Additives), By Application(Drugs, Dyes, Blending, Cosmetic Nail Products), By Region - Industry Forecast 2024-2031

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).

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.