Global Toluene Diisocyanate (TDI) Market to Reach USD 10.27 Bn in 2023: TMR
Transparency Market Research has released a new market report titled “Toluene Diisocyanate Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 -2023.” According to the report, the global toluene diisocyanate market was valued at US$ 6.72 Bn in 2014 and is likely to reach US$ 10.27 Bn in 2023, expanding at a CAGR of 4.8% from 2015 to 2023. In terms of volume, demand for toluene diisocyanate stood at 2,231.5 kilo tons in 2014.
Toluene diisocyanate is the primary raw material used in the production of polyurethane products. Polyurethane products derived from toluene diisocyanate are used for numerous applications in various industries. Global demand for toluene diisocyanate is primarily driven by growth in the bedding and mattress industry across the globe.
Furthermore, the toluene diisocyanate market is expected to be boosted by increasing demand for automotive seats globally. These factors are anticipated to remain the major driving forces for the toluene diisocyanate market in the near future. Limitations pertaining to supply and volatility in prices of raw materials are anticipated to offer key challenges for market players.Flexible foam was the dominant segment of the toluene diisocyanate market, accounting for over 85% of global demand in 2014. Demand for flexible foam products is estimated to rise significantly in the next few years owing to increasing usage in several automobile, furniture, and bedding applications across the globe. The usage of flexible foam in automotive applications is expected to drive the global toluene diisocyanate market during the forecast period.
Asia Pacific constituted about 40% share of the global toluene diisocyanate market in 2014, followed by Europe and North America. It is likely to be the fastest growing region in terms of production and consumption of toluene diisocyanate products. This can be ascribed to an increase in industrial and automotive activities in the region. Asia Pacific has emerged as a key destination for toluene diisocyanate producers due to economic development coupled with increasing disposable income in the region. This has encouraged various manufacturers to establish new capacities in Asia Pacific. The Middle East & Africa is another key region where demand for toluene diisocyanate products was high in 2014. In terms of volume, the market for toluene diisocyanate in the Middle East & Africa is likely to expand at a healthy CAGR between 2015 and 2023.
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