As indicated by a recent report by Transparency Market research (TMR), the global toluene diisocyanate market is expected to appear averagely concentrated, with bunch of key players leading the market. The key players operating in toluene diisocyanate market are Huntsman Corporation, Bayer MaterialScience LLC, The Dow Chemical Company, BASF SE, and Mitsui Chemicals, Inc. The players are investing in the research and development activities alongside different business strategies. These strategies include mergers and acquisitions, tie-ups, and coordinated efforts.
The global toluene diisocyanate market is likely to expand at a steady CAGR of 4.8% within the forecast period from 2015 to 2023. In 2014, the market was valued to be of worth US$ 6.72 bn. This figure is foreseen to reach at worth of US$ 10.27 Bn by the end of 2023. Based on volume, in 2014, the demand for toluene diisocyanate was accessed to be 2,231.5 kilo tons.
The global toluene diisocyanate market is classified based on application into rigid foam, flexible foam, elastomers, coatings, and adhesives and sealants. Of these, flexible froth is most likely going to lead the demand from the global toluene diisocyanate market in the coming years due to extensive utility in the customer products segment. Geographically, Asia Pacific and Europe are estimated to account for major share in the global toluene diisocyanate market in the upcoming years. The toluene diisocyanate market in Asia Pacific is to a great extent fueled by the thriving development of the construction business in the developing nations, while the advent of automobile sector propels the development of the toluene diisocyanate market in Europe.
Increased Application of TDI in Automobile Sector to Augment Demand
Toluene Diisocyanate (TDI) is the natural chemical compound utilized as a raw material for the making of polyurethane items. The rising demand for polyurethane all over different manufacturing businesses is foreseen to fuel the development of the toluene diisocyanate market. The surged utilization of polyurethane over the production of bedding, furniture, sofas and so forth is one of the important fueling factor propelling the growth of the global toluene diisocyanate market.
Toluene Diisocyanate (TDI) is estimated to experience notable development in the upcoming years by virtue of growing demand for flexible polyurethane foams. Demand for these is relied upon to develop because of its increased application scope in transportation and furniture sector as a padding material. Growing demand for convenient seats in furniture and vehicles is likely to fuel market development for TDI in future. Crude materials utilized in the making of TDI are propylene, toluene, unrefined petroleum, and aniline. Increase in crude materials costs may hinder market development for TDI in forthcoming years.
Increased Production of Luxurious Vehicles to Boost Demand Globally
End use enterprises of toluene diisocyanate market incorporate rigid foams, transportation, coatings, furnishings, elastomers, adhesives and sealants. Furniture accounted for the one of the biggest application segment in 2013. Surging demand for sofas, luxurious beds, rich beds, and chairs as a result of increased consumption of polyurethane foams in the course of the last few years and the pattern is foreseen to grow in the forthcoming years. Surged production of luxurious automotives combined with rising challenge in automobile sector empowering utilization of polyurethane foams in vehicles is likely to fuel TDI market development within the forecast period. Surging demand regarding sealants and coatings to lessen spillages is estimated to positively affect TDI market development. Growing demand with respect to for rigid foams in packaging sector and resulting development of the packaging industry is estiamted to fuel market development in the span of coming years.