India: Toluene Market 2024

Toluene Market Size in India

The Indian toluene market was finally on the rise to reach $X in 2021, after two years of decline. Overall, consumption recorded a relatively flat trend pattern. Toluene consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Toluene Production in India

In value terms, toluene production surged to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a slight setback. The growth pace was the most rapid in 2015 with an increase of 20%. As a result, production reached the peak level of $X. From 2016 to 2021, production growth failed to regain momentum.

Toluene Exports

Exports from India

In 2021, overseas shipments of toluene increased by 54% to X tons for the first time since 2018, thus ending a two-year declining trend. In general, exports continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 183% against the previous year. The exports peaked in 2021 and are expected to retain growth in the near future.

In value terms, toluene exports skyrocketed to $X in 2021. Overall, exports continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2013 with an increase of 201%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

Exports by Country

China (X tons) was the main destination for toluene exports from India, with a 31% share of total exports. Moreover, toluene exports to China exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), twofold. The third position in this ranking was taken by Kenya (X tons), with a 9.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China amounted to +61.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+5.0% per year) and Kenya (+30.8% per year).

In value terms, China ($X) remains the key foreign market for toluene exports from India, comprising 47% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with an 11% share of total exports. It was followed by Kenya, with a 6.7% share.

From 2012 to 2021, the average annual growth rate of value to China amounted to +52.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+3.2% per year) and Kenya (+25.9% per year).

Export Prices by Country

In 2021, the average toluene export price amounted to $X per ton, growing by 15% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the average export price increased by 22%. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Qatar (+3.7%), while the prices for the other major destinations experienced a decline.

Toluene Imports

Imports into India

Toluene imports into India expanded markedly to X tons in 2021, with an increase of 6.9% on the previous year. Over the period under review, imports posted a resilient increase. The most prominent rate of growth was recorded in 2020 with an increase of 25% against the previous year. Imports peaked in 2021 and are likely to continue growth in the near future.

In value terms, toluene imports surged to $X in 2021. In general, total imports indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Thailand (X tons), South Korea (X tons) and Singapore (X tons) were the main suppliers of toluene imports to India, together accounting for 69% of total imports. These countries were followed by Taiwan (Chinese), Malaysia, Iran, Oman, the Philippines and the Netherlands, which together accounted for a further 27%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Taiwan (Chinese) (with a CAGR of +74.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest toluene suppliers to India were Thailand ($X), South Korea ($X) and Singapore ($X), with a combined 71% share of total imports. Taiwan (Chinese), Malaysia, Oman, Iran, the Philippines and the Netherlands lagged somewhat behind, together accounting for a further 26%.

Taiwan (Chinese), with a CAGR of +67.1%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average toluene import price amounted to $X per ton, jumping by 41% against the previous year. Overall, the import price, however, recorded a pronounced curtailment. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for Iran ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+7.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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