Global Toluene Market size was valued at $16,597 million in 2016 and is expected to reach $23,393 million by 2023, registering a CAGR of 5.0% from 2017 to 2023. Toluene, formerly known as toluol and methylbenzene, is an aromatic hydrocarbon that is used as an industrial feedstock and as a solvent. Toluene is regarded as an aromatic compound because of the presence of a benzene ring in its chemical structure. Toluene exhibits beta-oxidant, depressant, hepatoprotective, anesthetic, and neurotransmitter functions. Toluene is used in industries as a solvent in paint thinners, nail polish removers, glues, and correction fluids.