The Global Toluene Diisocyanate market is forecast to reach USD 39.85 Billion by 2027, according to a new report by Reports and Data. Toluene Diisocyanate is also known as toluol, is a colorless, aromatic hydrocarbon. It is a water-insoluble liquid with a smell similar to paint thinners. This organic compound is a mono-substituted benzene derivative comprising of a CH3 group attached to the phenyl group. This colorless organic compound’s IUPAC systematic name is methylbenzene. The compound occurs as a byproduct in the production of gasoline by an ethylene cracker or catalytic reformer and naturally at low levels in crude oil. Toluol is also a byproduct of the production of coke from coal. The compound witnesses extensive application as a solvent and as an industrial feedstock. One major use is as a precursor to benzene and xylene. It is used as a solvent in contact cement, permanent markers, and paint thinner. It is also used as a recreational inhalant, which carries the risk of causing neurological damage. The nitration of the compound provides with mono-, di-, and trinitroToluene Diisocyanate, which are also extensively used. Thus, factors like the rising demand for Toluene Diisocyanate among end-users, a large number of derivatives, and expansion of the dyes industry in the Asia Pacific region are some of the factors propelling the market growth.
In regards to region, North America can be seen to occupy a significant share of the market. The market share occupied by the region is resultant of expanding automotive sector, associated elevating demand for consumer goods, and the rising number of construction activities which are supporting the growth of the market in this region.
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Further key findings from the report suggest
- The Toluene Diisocyanate market held a market share of USD 27.10 Billion in the year 2018 that is forecasted to grow at a rate of 4.3% during the forecast period.
- In context to Derivatives, the Toluene Diisocyanate Diisocynate [TDI] segment is projected to witness the fastest growth rate of 5.2% during the forecast period, which is expected to hold, 16.2% of the market by 2027. The growth rate witnessed by the Toluene Diisocyanate Diisocynate [TDI] segment is attributed to the rising demand for PU foam for insulating applications in construction, automotive sectors, wherein TDI forms an integral aspect in manufacturing these foams.
- In context to End-user, the Oil gas segment held the largest market share of more than 30.0% in 2018, with a growth rate of 4.4% during the forecast period. The market dominance of the Oil gas segment is attributed to the fact that this organic compound is a natural substance of crude oil gasoline, which results in its elevated use in this industry. Furthermore, its use in enhancing the quality of petrol also contributes to the segment’s occupied market share.
- In regards to Application, the Foams segment is projected to witness the fastest CAGR of 5.5% during the forecast period, which is expected to occupy 14.5% of the market by 2027. The rising demand for PU foam for insulating applications in oil gas, construction, and automotive sectors results in the increasing demand for the compound in this segment, which requires TDI for the product of these foams.
- In regards to the region, Europe held 24.0% of the market in 2018, with a CAGR of 4.0% during the forecast period. The market share held by the region is resultant of well-established automotive sector and expanding construction industry.
- Key participants include Covestro AG, Exxon Mobil Corporation, SK Innovation Co., Ltd, BP PLC, BASF SE, SK Innovation Co., Ltd, China National Petroleum Corporation, Royal Dutch Shell PLC, CPC Corporation and Formosa Chemicals Fibre Corporation.
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For the purpose of this report, Reports and Data have segmented the global Toluene Diisocyanate market according to Derivatives, End-user, Application, and Region:
Derivatives Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
- Benzene and Xylene
- Toluene Diisocyanate Diisocynate [TDI]
End-User Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
- Oil gas
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
- Fuel additives
- Paints coatings
- Heating oil
- Cleaning Agent
- Polymer production
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The report on the global Toluene Diisocyanate market provides a comprehensive analysis of the market opportunities, market share, market size, global landscape, market dynamics, industrial chain analysis, market growth, revenue growth, and current and emerging market trends. It also covers a comprehensive analysis of the market drivers and restraining factors, opportunities, growth prospects, and technological advancements in the market.
The regional analysis offers a better understanding of the market’s scope in key geographical regions of the world. It presents valuable and actionable insights about the production and consumption pattern, supply and demand ratio, sales, market share and size, and the presence of the key players in each region. The report covers key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East Africa. It also sheds light on the regions expected to show lucrative growth in the projected timeframe.
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