Pune, India, Aug 2023/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Toluene Diisocyanates Market
Market Research Future (MRFR) has published a cooked research report on the “Global Toluene Diisocyanates Market” that contains information from 2023 to 2032. The Global Toluene Diisocyanates Market is estimated to register a CAGR of 5% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the Global Toluene Diisocyanates Market— Tosoh Corporation, BASF SE, The Dow Chemical Company, LANXESS, Covestro, Mitsui Chemicals, Inc, Wanhua Chemical Group Co. Ltd, Cangzhou Dahua Group Co. Ltd, China National Bluestar (Group) Co Ltd, and Anderson Development.
Global Toluene Diisocyanates Market is accounted to register a CAGR of 5% during the forecast period and is estimated to reach USD 2.79 Billion by 2032.
Toluene Diisocyanates (TDIs) are a group of organic compounds belonging to the diisocyanate family. They are derived from toluene, a common aromatic hydrocarbon. TDIs are primarily used in the production of polyurethane foams, coatings, adhesives, and elastomers. These compounds are highly reactive and play a critical role in the polymerization process of polyurethane, where they react with polyols to form polymeric material. Due to their versatile applications, TDIs are essential in various industries, including construction, automotive, furniture, and packaging. However, they are known to be irritants and potential respiratory sensitizers, requiring proper handling and safety precautions during their use and production.
The Global Toluene Diisocyanates Market has been segmented based on Forms, and Application.
Based on Forms, the market is segmented into 2,4 Toluene Diisocyanate and 2,6 Toluene Diisocyanate. The 6 Toluene Diisocyanate category dominates the Toluene Diisocyanates market due to its widespread use in various industries, especially in the production of flexible polyurethane foams used in bedding, furniture, and automotive applications.
Based on Application, the market is segmented into Flexible Foam, Paints & Coatings, Elastomers, Binders, Adhesives, and Sealants. The Flexible Foam category dominates the Toluene Diisocyanates market due to its extensive use in manufacturing flexible polyurethane foams for bedding, furniture, and automotive applications, driving significant demand for Toluene Diisocyanates.
The Global Toluene Diisocyanates Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Global Toluene Diisocyanates Market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Global Toluene Diisocyanates Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World's Global Toluene Diisocyanates Market comprises of Middle East, Africa, and Latin America.
The Asia-Pacific region is a dominant consumer and producer of Toluene Diisocyanates. Countries such as China, India, Japan, and South Korea have rapidly growing industries such as construction, automotive, and furniture, which drive the demand for flexible polyurethane foams. Additionally, the expanding manufacturing sector in the region also contributes to the increased usage of TDI in adhesives and coatings.
North America has a significant market for Toluene Diisocyanates, mainly attributed to the robust construction and automotive industries. The U.S., in particular, is a major consumer of flexible polyurethane foams, driving demand for TDI. Stringent regulations and increasing environmental awareness have led to the adoption of eco-friendly polyurethane foams, which use TDI in conjunction with other diisocyanates.
Europe also represents a considerable market for Toluene Diisocyanates, with countries like Germany, Italy, and the U.K. driving demand. The region's well-established automotive and furniture industries, coupled with a focus on sustainable materials, contribute to the steady demand for TDI.
Key Findings of the Study
- The Global Toluene Diisocyanates Market is expected to reach USD 2.79 Billion by 2032, at a CAGR of 5% during the forecast period.
- The Asia-Pacific region exhibits strong demand for Toluene Diisocyanates (TDI) and is a major producer as well. With countries like China, India, Japan, and South Korea experiencing rapid growth in industries such as construction, automotive, and furniture, there is a significant need for flexible polyurethane foams. Moreover, the expanding manufacturing sector in the region further boosts the utilization of TDI in applications like adhesives and coatings.
- Based on the Forms, the Market has been segmented into 6 Toluene Diisocyanate holding the largest market in 2023.
- Tosoh Corporation, BASF SE, The Dow Chemical Company, LANXESS, Covestro, Mitsui Chemicals, Inc, Wanhua Chemical Group Co. Ltd, Cangzhou Dahua Group Co. Ltd, China National Bluestar (Group) Co Ltd, and Anderson Development.
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