As per the newly published report by Value Market Research, the Global Toluene Diisocyanate Market was valued USD 7.74 billion in 2017 and is estimated to reach USD 10.71 BN by 2024 (by revenue) with a CAGR of 4.8%.Toluene Diisocyanate (TDI) with chemical formula CH3C6H3 (NCO) 2 is a synthetic mixture of the 2, 4- and 2, 6-isomers, colorless to pale yellow liquid with a pungent smell. It is volatile in nature and soluble in many organic solvents. Technically, it is a primary element in the production of polyurethanes, mainly for flexible foam, which has numerous application across different industries such as furniture, bedding and carpet underlay, automotive, as well as packaging. TDI is also used for the production of benzoic acid, phenol, and nitrobenzene.
The report identifies that with the growing polyurethane foam industry, the demand for TDI will rise drastically across various end-use industries such as furniture, automotive, construction, packaging, and electronics. Growing demand for luxurious furniture along with the rising purchasing power of the consumer is also projected to fuel the market growth. Also, development of infrastructure and expansion of the chemical industry in a developed nation is further pushing the growth uphill.
The report "Global Toluene Diisocyanate (TDI) Market Report By Applications (Flexible Foam, Rigid Foam, Coatings, Adhesive & Sealants, and Elastomers) And By Regions - Industry Trends, Size, Share, Growth, Estimation, and Forecast, 2017-2024" covers the latest market dynamics along with profiling of leading players in the TDI market.
The TDI market is segmented by application into flexible foam, rigid foam, coatings, adhesives & sealants, and elastomers. Among which flexible foam is leading the market owing to increasing application in furniture industry where it is used as high resiliency foams in bedding for wadding and padding and upholstery in the furniture industry. It is also used in the automotive seats fitting that will further boost the demand for the product. Regionally, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. From the geographical perspective, Asia-Pacific region is accounted for the largest share in the TDI market owing to the growing demand for automobiles products in the region. Additionally, increasing demand for luxurious furniture around the world coupled with the rising purchasing power of the consumer is expected to boost the TDI market growth. Followed by Europe TDI market is witnessing robust growth due to growing application in end-user industry. The major driver of the market is increasing application of TDI in the construction industry along with the increasing usage of polyurethane in an automobile and thermal insulation industries in the region.
The Report Segments Global Toluene Diisocyanate Market -
Major Competitors Profiled In The Report Are:
The Dow Chemical Company, Tosoh Corporation, BASF SE, Yantai Juli Fine Chemical Co., Ltd., Bayer Material Science LLC, BorsodChem Zrt, Cangzhou Dahua Group Co. Ltd., Mitsui Chemicals, Inc., and Vencorex Holding SAS.
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