Toluene market in Hungary

Earlier Report Observations

From 2018 to 2020, the toluene market in Hungary contracted significantly, with volume dropping from 155 thousand tonnes to 102.3 thousand tonnes. The sharp decline in 2020 was primarily driven by the COVID-19 pandemic, which disrupted global supply chains and reduced industrial demand, leading to a production fall to 71 thousand tonnes and a market value decrease to 53.4 million US dollars.

Recovery emerged in 2021 as production jumped by 43% to 101.5 thousand tonnes, aligning with broader European production growth. However, the Russia-Ukraine conflict in 2022 triggered supply chain disruptions and surged upstream crude oil and benzene prices, elevating toluene prices. Consequently, market value rose to 105.3 million US dollars despite a volume drop to 94.8 thousand tonnes. The market then stabilized, with volume reaching 113.3 thousand tonnes and value 125.9 million US dollars by 2024, amid ongoing global price volatility.

Throughout the period, Hungary remained a high per-capita consumer of toluene in Europe. In 2022, Covestro's launch of bio-based polyether polyols indicated innovation in derivative markets, potentially influencing future toluene demand dynamics.

Production toluene in Hungary

In value, 2018-2021, K $ US

Hungary's toluene production increased in 2021 after two consecutive years of decline. The output was valued at 50 935 thousand US dollars, representing a significant gain of 47.1% compared to the previous year. Over the 2018-2021 period, production decreased by 7.4%, with a compound annual growth rate of 2.5%. The lowest value was recorded in 2020 at 34 617 thousand US dollars, which also saw the largest decline of 33.5%.

Annual dynamics of production in Hungary in value, 2018-2021, K $ US

In kind, 2018-2021, K t

In 2021, Hungary produced 101.5 thousand tonnes of toluene, marking a year-on-year increase of 43.0%. The minimum production level was recorded in 2020 at 71.0 thousand tonnes, which experienced the largest decline of 29.5%.

Annual dynamics of production in Hungary in kind, 2018-2021, K t

Exports toluene from Hungary

Exports in kind, t

The market displayed an unstable trend throughout the observed period. Exports reached their lowest point in 2019 at 24 tonnes, then surged to a maximum of 10 221 tonnes in 2020—a staggering 430-fold difference between these years. In 2021, Hungary's toluene exports amounted to 6 267 tonnes, representing a decline of 38.7% compared to 2020. The largest decline occurred in 2019 at 90.3%, while the most substantial increase was recorded in 2020 at 42,868.2%.

Annual dynamics of product's exports from Hungary in kind, 2018-2021, t

From 2018 to 2021, the Netherlands (45.0% of exports in kind), Slovakia (23.8%), and Poland (14.0%) were the primary buyers of Hungarian toluene, collectively accounting for 82.9% of total exports in kind.

Structure of product's exports in kind by countries, 2018-2021

World map of product's exports from Hungary in kind, 2018-2021

Exports in value, K $ US

The market demonstrated volatility during the observed timeframe. Export values dropped to their minimum in 2019 at 19 thousand US dollars, then climbed to a peak of 4 893 thousand US dollars in 2021—a 261-fold increase between these years. This 2021 figure represents a substantial 51.5% increase compared to 2020. The largest decline occurred in 2019 at 90.6%, while the most significant increase was recorded in 2020 at 17,120.1%.

Annual dynamics of product's exports from Hungary in value, 2018-2021, K $ US

Between 2018 and 2021, Slovakia (37.1% of exports in value terms), the Netherlands (28.0%), and Poland (20.3%) led as the top buyers of Hungarian toluene, together comprising 85.4% of total export value.

Structure of product's exports in value by countries, 2018-2021

World map of product's exports from Hungary in value, 2018-2021

Imports toluene to Hungary

Imports in kind, t

Hungary's toluene imports increased in 2021 following two years of decline. The import volume reached 46 222 tonnes, showing a strong rise of 11.1% from 2020. Over the 2018-2021 period, imports decreased by 16.9%, with a compound annual growth rate of 6.0%. The minimum value was recorded in 2020 at 41 607 tonnes, which also saw the largest decline of 21.6%.

Annual dynamics of product's imports to Hungary in kind, 2018-2021, t

From 2018 to 2021, Germany (25.4% of imports in kind), Poland (16.5%), and France (13.6%) served as the primary suppliers of toluene to Hungary, jointly accounting for 55.5% of total imports in kind.

Structure of product's imports in kind by countries, 2018-2021

World map of product's imports to Hungary in kind, 2018-2021

Imports in value, K $ US

Hungary's imported toluene volumes increased in 2021 after two consecutive years of decrease. Imports totaled 35 310 thousand US dollars, up by 60.2% compared to the previous year. Over the 2018-2021 period, imports decreased by 19.6%, with a compound annual growth rate of 7.0%. The minimum value was recorded in 2020 at 22 043 thousand US dollars, which experienced the largest decline of 42.2%.

Annual dynamics of product's imports to Hungary in value, 2018-2021, K $ US

During 2018-2021, Germany (26.2% of imports in value terms), Poland (14.6%), and France (14.6%) remained the main suppliers of toluene to Hungary, collectively forming 55.4% of total import value.

Structure of product's imports in value by countries, 2018-2021

World map of product's imports to Hungary in value, 2018-2021