The competition among the players operating in the global toluene diisocyanate market is extremely high as they strive to establish themselves firmly in the market, says Transparency Market Research (TMR) in a research report. At present, there has been rising impetus towards providing better quality products and customer retention. Manufacturers of toluene diisocyanate are likely to gain new market opportunities over the coming years. Vendors can also expect opportunities from the use of bio-based raw materials. The leading players in the global toluene diisocyanate market are The Dow Chemical Company, Huntsman Corporation, Mitsui Chemicals Inc., Bayer MaterialScience LLC, and BASF SE among others.
According to a TMR analyst, “The global toluene diisocyanate market is likely to expand at a 4.8% CAGR between 2015 and 2023.” In 2014, the market was worth US$6.72 bn and is expected to touch a valuation of US$10.27 bn by the end of 2023. Based on volume, the demand for toluene diisocyanate was 2,231.5 kilo tons and is expected to steadily rise over the coming years.
Flexible Foam to Take Over Toluene Diisocyanate Market
Applications of toluene diisocyanate include elastomers, adhesive & sealants, coatings, rigid foam, and flexible foam. Out of these flexible foam dominated the market in 2014 with a demand for 1,909.3 kilo tons in the same year. It has been projected that it will touch 2,815.0 kilo tons by the end of 2023 rising at a 4.4% CAGR from 2015 to 2023. This growth can be attributed to the ever rising demand for flexible foam owing to the growing use of mattress and bedding across the globe. Moreover, the demand for toluene diisocyanate from the automobiles industry has also increased with the rise in demand for automotive sets. Similarly, the rigid foam market is also expected to rise at a substantial rate in terms of both volume and value.
Geographically, the global toluene diisocyanate market was led by Asia Pacific both in terms of value and volume. In 2014, it held a share of 40% in the global toluene diiscocyanate market. Based on volume it is expected to rise to a volume of 1,380.3 kilos by the end of 2023. The growth of the market in Asia Pacific is basically due to the growing demand for bedding and mattresses in the regio9n and rising demand from the automotive industry. The leading producers of toluene diisocyanate are focusing on expanding their capacity in the Asia Pacific region. Europe is also expected to emerge as one of the most lucrative regions for the growth of the market over the coming years. The recent developments in the automotive industry has amplified the demand for toluene diisocyanate in Europe along with high demand from the interiors and furniture industry as well.
Growing Consumption in Automobile Industry to Benefit Market Substantially
The growth of the toluene diisocyanate market is largely attributed to the rising consumption in the bedding and mattress and automobile industry. The global automotive industry is closely related to the automobile seating market. Automobile companies are exceedingly employing materials in order to reduce the weight of the vehicle and also to meet the growing demand for fuel-efficient and environment-friendly vehicles. Flexible foams are employed to make the car seats comfortable and lower their weight. The demand for toluene diisocyanate from the industries in the developing regions is also expected to bolster the growth of the market.
This review is based on a Transparency Market Research report titled, “Toluene Diisocyanate Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
Global Toluene Diisocyanate Market – Application Analysis
- Flexible Foam
- Rigid Foam
- Adhesive & Sealants
Global Toluene Diisocyanate Market – Regional Analysis
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA
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