LONDON–(BUSINESS WIRE)–The new Toluene Diisocyanate Market Research from Technavio indicates Neutral & At par growth in the short term as the business impact of COVID-19 spreads.
“One of the primary growth drivers for this market is the demand for polyurethane from the automotive industry,” says a senior analyst for the Materials industry at Technavio. Numerous polyurethane products are used in the automotive sector for manufacturing flexible foam, rigid foam, adhesives, sealants, and coatings. This results in an increased demand for TDI as it is used as an intermediate raw material to produce polyurethane products. Polyurethanes are also used in making suspension components, tire covers, door coverings, roof linings, bumpers, seats, bed liners, and instrument panels. With the growing sales volume of passenger and light commercial vehicles, the demand for polyurethane adhesives to bond materials such as carbon fiber, aluminum, composites, and steel is also increasing. As the markets recover Technavio expects the toluene diisocyanate market size to grow by 620.01 thousand MT during the period 2020-2024.
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Toluene Diisocyanate Segment Highlights for 2020
- The toluene diisocyanate market is expected to post a year-over-year growth rate of 4.40%.
- Wood and furniture dominated the market in 2019.
- TDI is extensively used in furniture, bedding, and mattresses and as an intermediate raw material in the production of flexible polyurethane foam, which is used in various applications, including carpet and underlay.
- The demand for flexible polyurethane foam is anticipated to grow the fastest led by its increasing use as a cushioning material in furniture.
- TDI is also used in wood finishes as it is highly corrosion-resistant. TDI is the most important and largely used isocyanate in the manufacture of flexible polyurethane foam.
- 58% of the growth will originate from the APAC region.
- The expansion of the construction and automotive industries will significantly drive TDI market growth in this region over the forecast period.
- China and Japan are the key markets for toluene diisocyanate in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The toluene diisocyanate market size is expected to accelerate at a CAGR of almost 5% during the forecast period.
- The toluene diisocyanate market is segmented by end-user (wood and furniture, CASE, automotive, and diverse industries) and geography (APAC, Europe, MEA, North America, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including BASF SE, Covestro AG, Dow Inc., Gujarat Narmada Valley Fertilizers & Chemicals Ltd., Hanwha Group, Huntsman Corp., Kumho Mitsui Chemicals, Tosoh Corp., Vencorex, and Wanhua Chemical Group Co. Ltd.
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COVID-19, Toluene Diisocyanate, Wood and Furniture, CASE, Automotive, and Diverse Industries