Toluene Diisocyanate Industry Insights, Outlook and Forecast up to 2023
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Toluene diisocyanate is one of the primary raw materials used in the production of polyurethane products across the globe. The toluene diisocyanate market is segmented based on product types such as flexible foam, rigid foam, coatings, adhesives & sealants, and elastomers. Flexible foam was the largest application segment in the global toluene diisocyanate market, accounting for about 80% share in 2014.
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In terms of volume, demand for flexible foam stood at 1,909.3 kilo tons in 2014 and is expected to reach 2,815.0 kilo tons in 2023, increasing at a CAGR of approximately 4.4% between 2015 and 2023. Demand for flexible foam is due to rising demand for bedding and mattress across the globe. Furthermore, demand for toluene diisocyanate, used in the production of automotive seats, is projected to witness strong growth in the next few years. Similarly, the market for rigid foam was valued at US$ 315.4 Mn and is anticipated to reach US$ 465.6 Mn in 2023, expanding at a CAGR of about 4.4% between 2015 and 2023. In terms of both volume and revenue, Asia Pacific was the largest market for toluene diisocyanate.
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The region accounted for about 40% share of the global toluene diisocyanate market in 2014. In terms of volume, the market for toluene diisocyanate in Asia Pacific stood at 897.5 kilo tons in 2014 and is likely to reach 1,380.3 kilo tons in 2023, expanding at a CAGR of 4.9% from 2015 to 2023. Asia Pacific is estimated to dominate the market due to growth in the bedding and mattress industry coupled with increasing demand for automotives in the region.Major players in the toluene diisocyanate market include The Dow Chemical Company, Mitsui Chemicals, Inc., and Huntsman Corporation.
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