Toluene Diisocyanate Market By Form (2,4 Toluene Diisocyanate, 2,6 Toluene Diisocyanate), By Application (Foams, Coatings, Elastomers, Adhesive and Sealants, Others) : Global Opportunity Analysis and Industry Forecast, 2023-2033
The global toluene diisocyanate market was valued at $4.5 billion in 2023, and is projected to reach $7.3 billion by 2033, growing at a CAGR of 5% from 2024 to 2033.
Toluene diisocyanate (TDI) is an organic compound used mainly in polyurethanes production, including flexible foams, coatings, adhesives, and elastomers. It exists mainly in two isomeric forms, 2, 4-TDI and 2, 6-TDI, which are typically used as a mixture in industrial applications. TDI is a volatile, colourless to pale yellow liquid with a pungent odor. It is highly reactive, particularly with compounds containing active hydrogen atoms such as water, alcohols, and amines, making it crucial in polymer chemistry.
The market for toluene diisocyanate is experiencing growth due to rise in demand for polyurethane foam. Toluene diisocyanate are the source of polyurethane foams, which find extensive use in the furniture, automotive, and construction sectors. Moreover, technological advancements in TDI production and processing are boosting output, reducing costs, and improving the quality of the finished product. The development of high-yield manufacturing techniques and catalysts is optimizing TDI production, while advancements in separation and purification technologies are boosting product purity. Moreover, automation and control system integration improve safety, reduce downtime, and streamline TDI manufacturing. These advancements are expected to strengthen the supply chain and increase the competitiveness of TDI producers.
However, toxicity of toluene diisocyanate (TDI) presents a significant challenge to the growth of the TDI market. TDI is known to be highly toxic if inhaled, ingested, or absorbed through the skin, posing health risks to workers involved in its production, handling, and use. Contrarily, strategies, such as mergers & acquisitions, partnerships, and collaborations, present lucrative opportunity for the growth of the toluene diisocyanate (TDI) market. For instance, in April 2023, Wanhua Chemical reported that it has got approval from the State Administration of Market Supervision and Administration to acquire shares of Yantai Juli Fine Chemical Co., Ltd. It is a major supplier of toluene diisocyanate in China. Through this transaction, Wanhua Chemical's TDI capacity in China is expected to expand from 35-40% to 45-50%.
Segmentation OverviewThe toluene diisocyanate market is segmented into form, application, and region. By form, the market is classified into 2, 4 toluene diisocyanate and 2, 6 toluene diisocyanate. Depending on the application, it is divided into foams, coatings, elastomers, adhesive & sealants, and others. Region wise the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsDepending on form, the 2, 6 toluene diisocyanate segment held the highest market share in 2023.
By application, the foams segment accounted for the maximum share in the market in 2023.
Region wise, Asia-Pacific dominated the toluene diisocyanate market in 2023.
Competitive AnalysisThe major players operating in the toluene diisocyanate market include BASF SE, Covestro AG, Dow Inc., Wanhua, Tosoh Corporation, Evonik Industries AG, Tokyo Chemical Industry Co., Cangzhou Dahua Group Co., Ltd., SABIC, and Merck KGaA. Other players in the toluene diisocyanate market include LANXESS, KH Chemicals, Hanwha Solutions Chemical Division., Mitsui Chemicals, Inc., and TSE Industries, Inc. These players have adopted several strategies to maintain their foothold in this competitive market.
Key Market SegmentsBy Form2,4 Toluene Diisocyanate
2,6 Toluene Diisocyanate
By ApplicationFoams
Coatings
Elastomers
Adhesive and Sealants
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
Rest of LAMEA
Key Market Players
BASF SE
Covestro AG.
Merck KGaA
SABIC
Dow Inc.
Wanhua
Tosoh Corporation.
Evonik Industries AG
Tokyo Chemical Industry Co
Cangzhou Dahua Group Co., Ltd.