Global Toluene Diisocyanate Market size is growing at a higher CAGR 5.8 % during the forecast period. The need for pressure mattresses rises in response to an increase in pressure injury cases, which in turn fuels market expansion.
Toluene Diisocyanate (TDI) is a liquid with a pungent odor and pale yellow colorless in color. It is principally used in the manufacturing of polyurethanes. Toluene Diisocyanate (TDI) has a chemical formula of CH3C6H3 (NCO)2 and is organic and is produced from the synthesis of chlorobenzene, toluene, and phosgene, among others. Polyurethane is used in various applications such as paints, coatings, adhesives, and flexible foams. Flexible foams find wide application in beddings, furniture, medical mattresses, among others. The growing demand for polyurethane from end-user industries such as construction, electronics, automotive, packaging, among others, is anticipated to create an upswing for Toluene Diisocyanate (TDI) market.
|Fastest Growing Market||Asia Pacific|
|Largest Market||Asia Pacific|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
Pressure injuries such as bedsores are commonly occurring ailment that occurs in the U.S. As per the Agency for Healthcare Research and Quality, around 2.51 million people in the U.S. are suffering from back ailments each year. This indicates a growing potential for pressure relief mattresses made from special flexible foams used in the mattresses, which is important in preventing and treating pressure injuries.
Furthermore, according to the data released by the Collaborative Healthcare Patient Safety Organization (CHPSO), around 14,000 pressure injuries were reported. Of these, 47% of cases were from ages 18-64, while 53% were from 65 and above. The number of vulnerable populations’ older, mature, and aged adults is upward as per CHPSO.
Additionally, there has been found a high prevalence of backpressure injuries as compared to the United States. Furthermore, the cost of medical treatment is higher as compared to the U.S in Canada, which is why most people prefer home treatments. This factor is likely to increase the sale of pressure mattresses that involve special foam use and is likely to influence the Toluene Diisocyanate market's market growth during the assessment period.
Asia-Pacific region is experiencing a high growth rate and is the largest in geographical expanse and population. The region has abundant natural resources, and there is the easy availability of low-cost labor, which makes the region a favorable destination for foreign investments (FDI). Numerous governments in the region are legislating various laws that make investments from foreign players more attractive to their countries and increase the FDI by automatic route in various sectors that don't need permission to invest in a particular sector.
Additionally, the setting up of various Special Economic Zones with various tax benefits and compensations is also attracting foreign companies to set foot in the various economies in transition. The construction sector in the Asia Pacific region is poised to be one of the most dynamic sectors in the coming decades. It plays a crucial role in the prosperity of the region. As per the data released by oxford economics, the world construction sector is anticipated to grow by USD 8.2 Trillion. This is expected to be driven by countries like China, India, and the U.S.
The construction industry is one of the most promising sectors in the region. The growing population, increased spending by the various governments are creating upswings for the construction market. According to the World Bank, countries such as Indonesia are one of the economies expected to show a positive economic outlook despite the slow growth of the world economy. The sector has been the engine of propelling the country's growth at a yearly growth rate of around 5%.
The construction sector uses various types of foams, coatings, adhesives, among other things, in the construction activity that are derived from Toluene Diisocyanate. The flourishing construction industry is expected to trigger the Toluene Diisocyanate market's growth during the assessment period.
Out of all the packaging materials used in the market, a plastic derived from polyurethane has emerged as the most preferred choice of packaging material globally in various end-use industries such as chemicals, pharmaceutical, food, and beverage electronics. Polyurethane packaging is used extensively owing to its ability to protect fragile and lightweight products from getting damaged. This is because of its ability to resist scratches and the softness property of polyurethane.
Polypropylene's contribution is substantial, which is notably driven by its low cost, good barrier properties, high strength, excellent durability, and structural integrity. Additionally, polyurethane is a greener option compared to other plastics in the segment due to its low emission rate and low weight ratio compared to other materials.
Additionally, the plastic manufacturer from polyurethane is used in many applications such as consumer goods can be further recycled. This helps bring down the raw material costs down the raw material cost, and consequently, result in low-cost packaging. All these factors are forecasted to improve the demand for polyurethane and, in turn, create upswings for the Toluene Diisocyanate market.
The automobile sector is one of the fastest-growing industries globally and is a sector that garners a considerable share in the GDP of various countries. This demand for the automobile industry is further compounded due to the launch of various electric cars and bikes. The growing consciousness among people to reduce vehicular pollution and mitigate carbon dioxide emissions will further increase electric cars' demand for bikes.
The automobile industry is one of the largest employers around the world. According to the data released by the European Commission (EU), the automobile sector employs more than 14.5 million Europeans alone and has a turnover of around 7 percent of the European Union's GDP. With the availability of lost cost loans for vehicles and no cost is, the demand for new automobiles is snowballing. The increase in the purchasing power parity (PPP) and improving disposable income will also translate into growth for the sector.
Furthermore, as per the International Organization of Motor Vehicle Manufacturers, the total number of cars sold in the year 2018 was around 95 million. This underscores the growth potential of the automobile industry in the coming decade. The automobile industry used various types of foams used in the seating. It used various coatings and paints used in the body panels, doors, and suspensions, among other parts derived from Toluene Diisocyanate. Growth in the automobile sector is anticipated to create upswings for the Toluene Diisocyanate market in the coming years.