Toluene Diisocyanate Market-Global Industry Analysis and Forecast 2023 | Research Report

Toluene diisocyanate is the key raw material used in the production of polyurethane products. These products are used in a broad range of applications across the globe. Commercially available toluene diisocyanate products include flexible foam, rigid foam, coatings, adhesives & sealants, and elastomers. In terms of volume, flexible foam accounted for the largest share of over 80% of the toluene diisocyanate market in 2014. Coatings was the second-largest product segment of the toluene diisocyanate market, followed by rigid foams, in 2014. The toluene diisocyanate market exhibits a high degree of forward integration, as major producers are engaged in downstream activities. This forward integration provides market players with a distinct competitive advantage in terms of better customer retention and market dominance.

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Demand for toluene diisocyanate is primarily fueled by growth in the bedding and mattress and automobile industries globally. Rise in demand for automobiles, especially in Asia Pacific, has boosted the demand for toluene diisocyanate in the region. Growth in disposable income in Asia Pacific has increased the expenditure on luxurious goods such as mattresses. Furthermore, growth in automotive sales in Asia Pacific is likely to increase the demand for toluene diisocyanate in the next few years.

Bedding and mattress is the largest end-user industry for toluene diisocyanate. Flexible foam is extensively used in bedding and mattresses globally. The bedding and mattress industry has transformed into a dynamic and lucrative market in the last few years. Polyurethane flexible foam is primarily used in the manufacture of automotive cushions. Flexible foams offer varying degrees of comfort, support, durability, etc. Additionally, seating is a crucial component in any automobile.

The automobile seating market is closely related with the global automotive market. Automobile manufacturers are increasingly employing materials for vehicle weight reduction due to growing preference for producing environment-friendly and fuel-efficient vehicles. Flexible foam is used to make car seats that are lower in weight, thereby increasing the fuel efficiency of automobiles.

Asia Pacific and Europe were the major markets for toluene diisocyanate in 2014. Asia Pacific was the largest regional market for toluene diisocyanate in 2014, with over 40% share of total consumption. Leading manufacturers of toluene diisocyanate focus on capacity expansion in Asia Pacific in order to cater to the growing demand for toluene diisocyanate across the globe. Recent growth in the automotive industry is a major factor that is anticipated to drive the demand for toluene diisocyanate in the region. Thus, growth in the global automotive industry in emerging as well as developed economies is likely to boost the demand for toluene diisocyanate in the next few years. Furthermore, furniture and interiors is estimated to be the major end-user industry segment for the toluene diisocyanate market.

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Recently, there has been a growing impetus towards customer retention and providing quality products. New market opportunities are available for toluene diisocyanate products, particularly in Asia Pacific. Thus, companies are keen to establish themselves in the market. Key players operating in the toluene diisocyanate market include BASF SE, Bayer MaterialScience LLC, Mitsui Chemicals, Inc., Huntsman Corporation, and The Dow Chemical Company.

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