Global Toluene Diisocyanate Market 2019-2023 | Expansion in the Production Capacity to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Nov 8, 2019--
The global toluene diisocyanate market is expected to post a CAGR almost 4% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global toluene diisocyanate market 2019-2023. (Graphic: Business Wire)
Manufactures of polyurethane, extensively use toluene diisocyanate (TDI) as it is used as an intermediate raw material in the production process of polyurethane. Polyurethane is used in the automotive industry to produce sealants and adhesives, coatings, rigid foam, and flexible foam products. The growing sales of passenger and light commercial vehicles and the use of polyurethane for manufacturing automobile seating is driving the demand for TDI. Thus, the growing demand for polyurethane from the automotive industry will boost the toluene diisocyanate market during the forecast period.
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As per Technavio, expansion in the production capacity, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Toluene Diisocyanate Market: Expansion in the Production Capacity
There is an increase in the demand for TDI from several end-user industries including consumer goods, textiles, footwear, construction, food, and automotive for applications in adhesives and sealants, elastomers, and coatings. This has led leading manufacturers to expand their production capacities. For instance, BorsodChem has announced plans to double the capacity of its TDI crystallization unit at Kazincbarcika plant in Hungary. Such developments showcase a positive outlook for the market during the forecast period.
“The production of phosgene-free toluene diisocyanate and the rise in construction activities in developing nations are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Toluene Diisocyanate Market: Segmentation Analysis
This market research report segments the global toluene diisocyanate market by end-user (wood/furniture, CASE, automotive, and diverse industries) and geographical regions (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by Europe, North America, MEA, and South America respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to the expansion of the construction and automotive industries in the region.
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Some of the key topics covered in the report include:
Five Forces Analysis
Geographical L andscape
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SOURCE: Technavio Research
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PUB: 11/08/2019 01:00 PM/DISC: 11/08/2019 01:00 PM