Toluene Diisocyanate Market Analysis, Segment, Trends and Forecasts To 2020: Grand View Research, Inc
Global toluene di-isocynate (TDI) market is expected to witness strong growth on account of high demand in various end-use industries including furniture, transportation, coatings, elastomers and sealants & coatings. TDI is mostly used to manufacture flexible polyurethane foams for cushioning material in transportation and furniture applications on account of excellent physical properties. TDI is an organic and reactive compound and can be used as a skin and respiratory sensitizer, increasing demand for which is expected to propel the market growth. However, it is listed as a potential carcinogen based on studies by National Toxicology Program, which is expected to act as a market restraint over the forecast period.
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TDI has vast market opportunity on account of rising production of luxurious automobiles coupled with increasing competition in the automotive industry. Rising demand for rigid foams in packaging industry and its subsequent growth is further anticipated to fuel market growth over the forecast period. Growing demand for luxurious furniture coupled with increasing purchasing parity of consumers is likely to boost the TDI market growth over the projected period.
Major players dominating the TDI market include KPX Fine, BASF SE, Bayer AG, The Dow Chemical Company, BorsodChem, Nan Ya Plastics, ChemChina Petrochemicals Co., Mitsui Chemicals Inc, OCI Company and China National Blue Star Corp. BASF a niche player in the TDI market is involved in manufacture and supply of wide range of TDI materials which include construction adhesives, pipe insulation, automotive seating, dashboard and steering wheel, cushions, mattresses, wood coating and cushions for sofa and chairs.
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BASF has also entered into an agreement with Ciech to acquire a part of the company’s global TDI business. Both companies will work jointly to ensure effective transition of supply agreements and support services for TDI consumers. Asia Pacific dominates the TDI market, driven by robust economies of India and China. China is the market leader in production and consumption of TDI on account of cheap labor, land and raw material coupled with a moderately stringent regulatory framework.
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