Toluene Diisocyanate Market Size (2024 - 2029)

The Toluene Diisocyanate market is projected to experience growth over the forecast period, driven by increasing demand for flexible foam applications. Despite challenges posed by the global coronavirus outbreak, the market is expected to expand, with significant opportunities arising from its use in the coating industry. The Asia-Pacific region leads in market consumption, particularly in countries like China and India, indicating a strong regional market size.

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Market Size of Toluene Diisocyanate Industry

Toluene Diisocyanate Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR (2024 - 2029) 1.98 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Toluene Diisocyanate Market Major Players

*Disclaimer: Major Players sorted in no particular order

Toluene Diisocyanates (TDI) Market Analysis

The Toluene Diisocyanate Market size is estimated at 2.45 Million tons in 2024, and is expected to reach 2.69 Million tons by 2029, growing at a CAGR of 1.98% during the forecast period (2024-2029).

Toluene Diisocyanate is a synthetic mixture of the 2,4- and 2,6-isomers, a volatile, colorless pale yellow liquid soluble in many organic solvents. They mainly make polyurethane products, such as rigid and flexible foams, coatings, adhesives, sealants, and elastomers. The growing demand for flexible foam is driving the market growth.

  • However, the outbreak of coronavirus across the globe hindered the growth of the studied market.
  • The growing application of toluene diisocyanate in the coating industry will likely provide opportunities for the toluene diisocyanate market over the next five years.
  • Asia-Pacific dominated the global market, with the largest consumption from countries such as China and India.

Toluene Diisocyanates (TDI) Industry Segmentation

Toluene Diisocyanate is an organic compound that is produced in a pure state. However, it is often marketed as 80/20 and 65/35 mixtures of the 2,4 and 2,6 isomers. They are majorly used to make polyurethane products, such as rigid and flexible foams, coatings, adhesives, sealants, and elastomers. The toluene diisocyanate market is segmented by application, end-user industry, and geography. The market is segmented by application into foam, coatings, adhesives and sealants, elastomers, and other applications. The market is segmented into furniture and interiors, building and construction, electronics, automotive, packaging, and other end-user industries by end-user industry. The report also covers the market size and forecasts for the toluene diisocyanate market in 15 countries across major regions. Market sizing and forecasts are done for each segment based on volume (kilotons).

Application
Foams
Coatings
Adhesives and Sealants
Elastomers
Others
End-user Industry
Furniture and Interiors
Building and Construction
Electronics
Automotive
Packaging
Others
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Toluene Diisocyanate Market Size Summary

The toluene diisocyanate market is poised for steady growth, driven by its essential role in producing polyurethane products such as foams, coatings, adhesives, and sealants. This synthetic mixture, comprising 2,4- and 2,6-isomers, is particularly crucial in the furniture and interior industry, where it is used to manufacture flexible polyurethane foams for cushions, bedding, and mattresses. The demand for flexible foams is a significant factor propelling market expansion. Despite challenges posed by the global coronavirus pandemic, the market is expected to benefit from increasing applications in the coating industry, offering new opportunities for growth. The Asia-Pacific region, led by China and India, dominates the global market, with substantial consumption driven by its advanced industries in paints and coatings, packaging, furniture, and automotive sectors.

The market landscape is characterized by fragmentation, with numerous players such as Tosoh Corporation, Simel Chemical Industry Co., Ltd., BASF SE, Covestro AG, and TSE Industries, Inc. holding no significant market share. Recent developments, such as Wanhua Chemical's acquisition of shares in Yantai Juli Fine Chemical Co., Ltd., are expected to enhance the company's TDI capacity in China. Additionally, Covestro AG's ISCC PLUS certification for its Baytown, Texas production site underscores a commitment to sustainability, aligning with circular economy principles. These strategic moves, along with the robust demand from the furniture and automotive industries, are anticipated to drive the toluene diisocyanate market's growth trajectory over the forecast period.

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Toluene Diisocyanate Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Growing Foam Application due to Utilization in the Furniture, Automotive and other End Use Industries

      2. 1.1.2 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Environmental Regulations due to Presence of Toxic Compounds

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 Application

      1. 2.1.1 Foams

      2. 2.1.2 Coatings

      3. 2.1.3 Adhesives and Sealants

      4. 2.1.4 Elastomers

      5. 2.1.5 Others

    2. 2.2 End-user Industry

      1. 2.2.1 Furniture and Interiors

      2. 2.2.2 Building and Construction

      3. 2.2.3 Electronics

      4. 2.2.4 Automotive

      5. 2.2.5 Packaging

      6. 2.2.6 Others

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 France

        4. 2.3.3.4 Italy

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle-East and Africa

Toluene Diisocyanate Market Size FAQs

The Toluene Diisocyanate Market size is expected to reach 2.45 million tons in 2024 and grow at a CAGR of 1.98% to reach 2.69 million tons by 2029.

In 2024, the Toluene Diisocyanate Market size is expected to reach 2.45 million tons.

Toluene Diisocyanates (TDI) Market Report Snapshots

Toluene Diisocyanates Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)