This invention relates to toluate ester compositions and their use as solvent, plasticizers, extender and/or diluents in binder formulations, a method of producing such ester compositions, as well as polymer compositions containing such liquid ester compositions. The method of making toluate based esters by reacting methyl-p-toluate with ethylene glycol, diethylene or triethylene glycol, butanediol, etc. More particularly, this invention relates to the mono- or di-ester of methyl toluic acid with a diol containing 2 to 6 carbon atoms that are low viscosity liquids at 25.degree. C. The most common polymer that employs plasticizer is polyvinyl chloride (PVC). Typical amounts of plasticizer in PVC are from about 3 wt. % to about 50 wt. %. Phenolic resins generally require solvents, diluents and/or extenders that reduce the volatility and viscosity of the resin, especially when it is used in building and automotive products. Typical amounts of solvent are from about 5 wt. % to about 65 wt. %.