Global Toluene Diisocyanate Market: Snapshot
Toluene diisocyanate is a key raw material in polyurethane products. The global toluene diisocyanate market has thus gained a steady revenue generation channel due to the widespread use of polyurethane in various manufacturing industries. The physical properties of polyurethane have made it the perfect material in various consumer goods, which has become the key driver for the global toluene diisocyanate market. Development of the consumer goods industry in developing regions is likely to present the toluene diisocyanate market with favorable growth prospects in the coming years.
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According to Transparency Market Research (TMR), the global toluene diisocyanate market is likely to exhibit a steady 4.8% CAGR between 2015 and 2023. The market is likely to be valued at close to US$10.3 bn by 2023.
Rising Residential Construction Leads to Rising Demand from Toluene Diisocyanate Market
One of the key factors driving the global toluene diisocyanate market is the booming construction industry in developing regions and, particularly the rising demand for residential construction. This has led to rising demand for various household items, many of which are made from polyurethane, and thus necessitate demand from the toluene diisocyanate market. The steady demand for mattresses and bedding materials is the prime driver for the global toluene diisocyanate market, as an increasing number of modern bedding products contain polyurethane components due to the advantages it provides in terms of structural integrity and thermal insulation.
The rapid growth of the automotive industry is also a major driver for the global toluene diisocyanate market. Like residential construction, automotive design includes several items designed for comfort, such as automotive cushions. These are usually made from polyurethane and have thus become a steady demand avenue for the global toluene diisocyanate market. The automotive industry’s rising focus on consumer comfort is thus likely to contribute significantly to the global toluene diisocyanate market, as providing sufficient comfort at economic prices has emerged as a dominant revenue channel for automotive industry players due to the rising demand for cheap, low-end automobiles.
Flexible Foam Likely to Dominate Global Toluene Diisocyanate Market
The global toluene diisocyanate market is segmented by application into flexible foam, rigid foam, elastomers, adhesives and sealants, and coatings. Of these, flexible foam is likely to dominate demand from the global toluene diisocyanate market in the coming years due to its widespread utility in the consumer goods sector. Most automotive fittings made from polyurethane use flexible foam, leading to consistent demand from the global toluene diisocyanate market. Flexible foam products are expected to account for more than 86% of the global toluene diisocyanate market by 2023.
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Geographically, Europe and Asia Pacific are likely to account for dominant shares in the global toluene diisocyanate market in the coming years. The toluene diisocyanate market in Asia Pacific has been driven by the steady growth of the construction industry in the developing region, while the automotive industry’s firm presence has been at the heart of the toluene diisocyanate market’s growth in Europe. The automotive industry’s growth in Asia Pacific in the recent past is likely to boost the toluene diisocyanate market in the region.
Key players in the global toluene diisocyanate market include Mitsui Chemicals Inc., The Dow Chemical Company, BASF SE, Huntsman Corporation, and Bayer MaterialScience LLC.