May 22, 2025
IndexBox has just published a new report: United Kingdom – Toluene – Market Analysis, Forecast, Size, Trends And Insights.
Driven by rising demand, the toluene market in the UK is set to experience steady growth over the next decade. With an anticipated CAGR of +0.1% in volume and +1.6% in value from 2024 to 2035, the market is projected to reach 352K tons and $389M by the end of 2035, respectively.
Market Forecast
Driven by increasing demand for toluene in the UK, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +0.1% for the period from 2024 to 2035, which is projected to bring the market volume to 352K tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +1.6% for the period from 2024 to 2035, which is projected to bring the market value to $389M (in nominal wholesale prices) by the end of 2035.
ConsumptionUnited Kingdom’s Consumption of Toluene
Toluene consumption in the UK shrank slightly to 348K tons in 2024, which is down by -4.7% against 2023. In general, consumption, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the consumption volume increased by 3.9%. Toluene consumption peaked at 365K tons in 2023, and then contracted in the following year.
The size of the toluene market in the UK declined to $326M in 2024, reducing by -11.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). Over the period under review, consumption showed a relatively flat trend pattern. Over the period under review, the market attained the peak level at $369M in 2023, and then dropped in the following year.
ProductionUnited Kingdom’s Production of Toluene
Toluene production in the UK reduced to 342K tons in 2024, falling by -3.2% compared with 2023. In general, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 12%. As a result, production reached the peak volume of 375K tons. From 2015 to 2024, production growth remained at a somewhat lower figure.
In value terms, toluene production fell to $328M in 2024 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 32%. Toluene production peaked at $372M in 2023, and then declined in the following year.
ImportsUnited Kingdom’s Imports of Toluene
After two years of growth, purchases abroad of toluene decreased by -49.3% to 6.2K tons in 2024. Overall, imports saw a abrupt downturn. The growth pace was the most rapid in 2022 when imports increased by 77%. Imports peaked at 15K tons in 2019; however, from 2020 to 2024, imports remained at a lower figure.
In value terms, toluene imports fell sharply to $6.4M in 2024. In general, imports recorded a abrupt decline. The growth pace was the most rapid in 2022 with an increase of 163% against the previous year. Imports peaked at $16M in 2013; however, from 2014 to 2024, imports remained at a lower figure.
Imports By Country
Spain (3.6K tons), Germany (2.5K tons) and France (48 tons) were the main suppliers of toluene imports to the UK, together accounting for 99% of total imports.
From 2013 to 2024, the biggest increases were recorded for Germany (with a CAGR of +42.2%), while purchases for the other leaders experienced a decline.
In value terms, Spain ($3.6M), Germany ($2.5M) and France ($164K) were the largest toluene suppliers to the UK, with a combined 98% share of total imports.
In terms of the main suppliers, Germany, with a CAGR of +24.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.
Import Prices By Country
In 2024, the average toluene import price amounted to $1,032 per ton, waning by -15.2% against the previous year. Overall, the import price showed a slight reduction. The growth pace was the most rapid in 2021 when the average import price increased by 49% against the previous year. The import price peaked at $1,217 per ton in 2023, and then contracted sharply in the following year.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($3,396 per ton), while the price for Spain ($992 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Ireland (+19.1%), while the prices for the other major suppliers experienced more modest paces of growth.
ExportsUnited Kingdom’s Exports of Toluene
In 2024, the amount of toluene exported from the UK fell sharply to 214 tons, with a decrease of -60.9% on the year before. In general, exports continue to indicate a significant decline. The pace of growth was the most pronounced in 2014 with an increase of 439%. As a result, the exports reached the peak of 34K tons. From 2015 to 2024, the growth of the exports failed to regain momentum.
In value terms, toluene exports declined to $4.8M in 2024. Overall, exports continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2014 with an increase of 318%. As a result, the exports attained the peak of $36M. From 2015 to 2024, the growth of the exports remained at a somewhat lower figure.
Exports By Country
Ireland (197 tons) was the main destination for toluene exports from the UK, with a 92% share of total exports. It was followed by the Netherlands (3.9 tons), with a 1.8% share of total exports. India (3.3 tons) ranked third in terms of total exports with a 1.5% share.
From 2013 to 2024, the average annual rate of growth in terms of volume to Ireland amounted to -21.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-8.5% per year) and India (0.0% per year).
In value terms, Ireland ($4.1M) remains the key foreign market for toluene exports from the UK, comprising 85% of total exports. The second position in the ranking was held by the Netherlands ($199K), with a 4.2% share of total exports. It was followed by India, with a 3.3% share.
From 2013 to 2024, the average annual growth rate of value to Ireland was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+29.9% per year) and India (0.0% per year).
Export Prices By Country
In 2024, the average toluene export price amounted to $22,224 per ton, rising by 118% against the previous year. In general, the export price showed significant growth. The pace of growth appeared the most rapid in 2023 an increase of 452% against the previous year. The export price peaked in 2024 and is expected to retain growth in years to come.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Belgium ($59,681 per ton), while the average price for exports to Ireland ($20,581 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+64.9%), while the prices for the other major destinations experienced more modest paces of growth.
Source: IndexBox Market Intelligence Platform