H1 2023: The largest consumer of TDI in H1 2023 was the Asia Pacific region. In the first three months of 2023, pricing remained stable due to constrained inventory levels and steady demand from the downstream sector. Subsequently, prices experienced a significant uptick in mid-February, driven by strong orders for polyurethane foam in manufacturing, spurred by heightened demand for furniture in the retail sector. Concurrently, the costs of feedstock Toluene increased, influenced by fluctuating upstream costs amidst volatile crude oil prices. Nevertheless, TDI prices reached a stabilization point by March 2023, attributed to a decline in orders. However, from April onwards, Toluene Diisocyanate prices exhibited a bearish trend in the Asia Pacific region. Low demand resulted from sluggish activities in the Polyurethane sector and ample supply. Simultaneously, insufficient consumption rates persisted among Polyurethane and coating producers due to the inactive construction sector of Asia. In China, trading activities heightened before the Labor Day holidays. In June 2023, TDI prices experienced a further decrease amid intensified buying activities preceding the Dragon Boat festival in the Chinese market. On the other hand, the TDI price trend remained up in the North American region; prices rose consistently until March 2023. The downstream Polyurethane industries experienced slow offtakes in Q2 2023 in North America, attributed to subdued activities in the construction sector. Concurrently, demand was low in the downstream sectors which resulted in low prices in the region.
The global Toluene DiIsocyanate market stood at approximately 710 thousand tonnes in 2022 and is anticipated to grow at a CAGR of 5.2% during the forecast period until 2032.
Toluene diisocyanate (TDI) is an organic compound. Belonging to the diisocyanate group of compounds, it finds widespread application in the manufacturing of polyurethane foams and coatings. The synthesis of TDI involves the reaction of toluene with phosgene, yielding a blend of isomers, predominantly 2,4-toluene diisocyanate and 2,6-toluene diisocyanate. Toluene diisocyanate (TDI) plays a pivotal role in the synthesis of polyurethane, a versatile polymer with diverse applications. Its main utilization lies in the production of polyurethane foams, which find use in flexible forms like mattresses and furniture cushions, as well as rigid forms for insulation in construction. TDI is integral in the formulation of polyurethane coatings and adhesives, contributing to protective layers on surfaces in automotive, industrial, and wood applications. In the automotive sector, TDI is applied in the manufacture of seating, interior panels, and insulation materials, enhancing both comfort and safety.
An important factor propelling the Toluene Diisocyanate (TDI) market within the furniture industry is the expanding need for polyurethane foams employed in furniture production. TDI plays a vital role in manufacturing polyurethane, a versatile material extensively used in crafting pliable foams for various furniture applications such as mattresses, sofas, and upholstered items. With a rising consumer preference for comfortable and long-lasting furniture, there is an associated increase in demand for polyurethane foams, thereby driving the demand for TDI. The increasing need for polyurethane foams and coatings within sectors such as construction, automotive, and furniture is a contributing factor. The construction industry, a major consumer of TDI, especially relies on it for the production of rigid polyurethane foams utilized in insulation applications. With a global surge in construction activities, the demand for TDI in insulation materials is poised for growth. The automotive sector plays a pivotal role in the TDI market as well, with extensive use of TDI in the manufacturing of automotive seating, interior components, and insulation materials. Factors such as population growth, urbanization, and rising disposable income collectively contribute to the expansion of the automotive industry, consequently boosting the demand for TDI. Moreover, TDI finds application in consumer goods manufacturing, including furniture and footwear. The expanding consumer markets amplify the demand for these products, thereby fostering an increased need for TDI. Additionally, the ongoing wave of rapid urbanization and global infrastructure development projects further fuels the demand for construction materials, with TDI being an integral component in insulation applications. As these factors synergistically contribute to the market dynamics, the TDI market is anticipated to witness continued growth and heightened demand across various industries and the market is anticipated to reach roughly 1175 thousand tonnes by 2032.
Based on region, Asia Pacific region is dominating the global Toluene DiIsocyanate market. Over the course of the forecast period, Asia Pacific is anticipated to dominate the Toluene DiIsocyanate market. The surge in furnishing companies within the Asia-Pacific region, driven by the presence of furniture manufacturers is elevating the demand for advanced ready-to-assemble furniture, thereby creating a favorable environment for the increased use of TDI. Similarly, the rising need for polyurethane across diverse manufacturing sectors is poised to propel the expansion of the toluene diisocyanate market. The escalating adoption of polyurethane in the production of furniture, beddings, and sofas stands out as another pivotal factor contributing to the growth of the toluene diisocyanate market. Furthermore, the expanding production of automobiles, coupled with rising competition in the automotive industry, is fostering the use of polyurethane foams in cars, thereby contributing to anticipated growth throughout the forecast period.
Based on the end-user industry, the global Toluene DiIsocyanate market is divided into Furniture Industry, Automotive, Building and Construction, Refrigeration, and Others. However, Furniture Industry is the major segment and held approximately 35% of the global Toluene DiIsocyanate market in 2022. TDI is employed in manufacturing polyurethane foams, indirectly contributing to refrigeration by serving as a key component in insulating foams. These foams, incorporating TDI, offer thermal insulation in refrigeration systems, aiding in temperature control and improving energy efficiency by minimizing heat transfer, ultimately enhancing the overall performance of refrigeration equipment.
Major players in the Global Toluene DiIsocyanate market are Tosoh Corporation, TSE Industries, Inc., Covestro AG, Simel Chemical Industry Co., Ltd. BASF SE, Bayer AG, Huntsman Corporation, Lyondell Chemical Company, Mitsui Chemicals, Inc., Nan Ya Plastics, Overseas Polymers Pvt. Ltd., and The Dow Chemical Company.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Toluene DiIsocyanate which covers production, demand and supply of Toluene DiIsocyanate market in the globe.
• To analyse and forecast the market size of Toluene DiIsocyanate
• To classify and forecast Global Toluene DiIsocyanate market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Toluene DiIsocyanate market in the globe.
To extract data for Global Toluene DiIsocyanate market, primary research surveys were conducted with Toluene DiIsocyanate manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Toluene DiIsocyanate market over the coming years.
ChemAnalyst calculated Toluene DiIsocyanate demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Toluene DiIsocyanate. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Toluene DiIsocyanate manufacturers and other stakeholders
• Organizations, forums and alliances related to Toluene DiIsocyanate distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Toluene DiIsocyanate manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Toluene DiIsocyanate market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
710 thousand tonnes
Market size Volume in 2032
1175 thousand tonnes
Growth Rate
CAGR of 5.20% from 2023 to 2032
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2032
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Furniture Industry, Automotive, Building and Construction, Refrigeration, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Member - Board of Directors
Osaka Gas Co. Ltd
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What was the net market size of Toluene DiIsocyanate in terms of volume in 2022?
Ans:
The global market size of Toluene DiIsocyanate had reached approximately 710 thousand tonnes in 2022.
Q2.
Which region is the major consumer of Toluene DiIsocyanate?
Ans:
Asia Pacific region is the leading consumer of Toluene DiIsocyanate globally.
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