Transparency Market Research has released a new market report titled “Toluene Diisocyanate Market for Flexible Foam, Rigid Foam, Coatings, Adhesives & Sealants, and Elastomers – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023.” According to the report, the 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.
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Toluene diisocyanate is one of the important diisocyanates used in the production of commercial polyurethanes. Polyurethanes are employed in various applications in a wide range of industries. Toluene diisocyanate is primarily used in the production of flexible polyurethane foam. Flexible foam is also used in applications such as bedding, cushions, and automotive seats.
In terms of demand, Asia Pacific dominated the market for toluene diisocyanate in 2014. The region accounted for about 40% share of the global toluene diisocyanate market in 2014 and is expected to remain dominant up to 2023. The market for toluene diisocyanate in Asia Pacific is estimated to be primarily driven by the burgeoning automotive and furniture and interiors industries. Flexible foam is extensively employed in the bedding and mattress industry. Growth in disposable income in Asia Pacific has propelled the demand for mattresses in the recent past. Major producers are expanding their capacities in Asia Pacific due to significant growth in the downstream markets of toluene diisocyanate of late.
Browse the full Press Release of Toluene Diisocyanate Market: http://www.transparencymarketresearch.com/toluene-diisocyanate-market.html
In terms of demand, Asia Pacific was followed by Europe and North America in 2014. The bedding and mattress industry is an established industry in Europe and North America with high sales figures. Furthermore, demand for flexible foam from automotive manufacturers is on the rise. Toluene diisocyanate is used in the production of automotive seats, headliners, etc. Additionally, increase in the cost of crude oil and strict environmental regulations regarding carbon emissions are likely to drive the usage of low weight components in the automobile industry. This is further anticipated to drive the demand for flexible foams in automotive applications. Major manufacturers of toluene diisocyanate such as BASF SE and Bayer MaterialScience LLC are located in Europe.
Key players operating in the toluene diisocyanate market include BASF SE, Bayer MaterialScience LLC, Mitsui Chemicals, Inc., Huntsman Corporation, and The Dow Chemical Company.
Global Toluene Diisocyanate Market – Application Analysis
• Flexible Foam
• Rigid Foam
• Adhesive & Sealants
Global Toluene Diisocyanate Market – Regional Analysis
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o Rest of Asia Pacific
• Latin America
o Rest of Latin America
• Middle East & Africa (MEA)
o GCC Countries
o South Africa
o Rest of MEA
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