| Study Period | 2019 - 2030 |
| Market Volume (2025) | 2.50 Million tons |
| Market Volume (2030) | 2.76 Million tons |
| CAGR | 1.98 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
Toluene Diisocyanates (TDI) Market Analysis
The Toluene Diisocyanate Market size is estimated at 2.50 million tons in 2025, and is expected to reach 2.76 million tons by 2030, at a CAGR of 1.98% during the forecast period (2025-2030).
Toluene Diisocyanate is a synthetic mixture of the 2,4- and 2,6-isomers, a volatile, colorless pale yellow liquid soluble in many organic solvents. They mainly make polyurethane products, such as rigid and flexible foams, coatings, adhesives, sealants, and elastomers. The growing demand for flexible foam is driving the market growth.
- However, the outbreak of coronavirus across the globe hindered the growth of the studied market.
- The growing application of toluene diisocyanate in the coating industry will likely provide opportunities for the toluene diisocyanate market over the next five years.
- Asia-Pacific dominated the global market, with the largest consumption from countries such as China and India.
Toluene Diisocyanates (TDI) Market Trends
Furniture and Interior to Dominate
- Toluene Diisocyanate is a vital raw material for flexible polyurethane foam for use in cushions, bedding, and furniture, mattresses. It is one of the primary raw materials used in the furniture and interior industry.
- IKEA, a well-known international retailer of home furnishings, reported in its annual report that its yearly revenue climbed by almost 6% between 2021 and 2022, when its sales were EUR 41.9 billion (~USD 45 billion) and EUR 44.6 billion (~USD 61.2 billion), respectively.
- Moreover, as per IKEA's 2022 consolidated revenue, about 75% of IKEA's global retail sales were generated in the company's existing retail stores. Online sales accounted for about 22%, and the rest was sold as services to consumers.
- The Bureau of Economic Analysis also estimated that the value added by the furniture and related products industry in the United States in the fourth quarter of 2022 was approximately USD 34.9 billion at a seasonally adjusted rate, or approximately 5.5% more than the value added in the same period the previous year. Over the four quarters of 2022, the value addition was nearly USD 136.6 billion.
- China is predicted to include a huge fraction of the furniture business of the world, owing to the need for furniture in residential areas, offices, and other locations. According to the National Bureau of Statistics of China, retail sales of furniture in China in December 2022 were roughly CNY 17.4 billion (~USD 2.5 billion). It amounted to a 5.8% decline in revenue compared to the prior year's time. Nonetheless, a 3% rise in sales was noted compared to the revenue generated in November 2022.
- Owing to the factors mentioned above, the application of TDI in the furniture industry is expected to dominate during the forecast period.
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Asia-Pacific Region to Dominate the Market
- Toluene diisocyanate is primarily used to make rigid polyurethane foams with great temperature stability. It also produces elastomers, paints and coatings, varnishes, wire enamels, adhesives and sealants, and binders.
- The Asia-Pacific region's highly developed paints and coatings, packaging, furniture, and automotive industries are expected to enhance TDI demand, making the region more dominant than others.
- According to the World Paint & Coating Industry Association, in 2022, the Asia-Pacific paints and coatings industry was expected to be worth USD 63 billion. China now dominates the region's market, which is growing at a CAGR of 5.8%. In 2022, the Chinese market was estimated to grow by 5.7%. According to current trends, China's total paints and coatings sales exceeded USD 45 billion in 2022. In East Asia, the country had the largest market share of 78%.
- TDI is used in polyurethane coatings for automotive refinishing and high-performance anti-corrosion coatings. According to the Chinese Association of Automotive Manufacturers, China's automotive production increased by roughly 3.4% in 2022 compared to the previous year. In 2022, approximately 27 million automobiles were produced, compared to 26.08 million units produced in 2021.
- As of November 2022, the total production value of the Japanese electronics industry was expected to reach over JPY 10.1 trillion (~84.5 USD billion), which is roughly 100.7% of the amount from the previous year, according to the Japan Electronics and Information Technology Industries Association (JEITA).
- Moreover, according to the Statistics Bureau of Japan and a survey conducted by the Ministry of Economy, Trade and Industry of Japan, the furniture and home furnishing sales in Japan's wholesale sector reached around JPY 4.5 trillion (~USD 41.06 billion) in 2021, reaching a decade high.
- Hence, all such market trends are expected to drive the demand for toluene diisocyanate market in the region during the forecast period.
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Toluene Diisocyanates (TDI) Industry Overview
The global toluene diisocyanate market is fragmented due to numerous players with no significant market share. Some major companies are Tosoh Corporation, Simel Chemical Industry Co., Ltd., BASF SE, Covestro AG, and TSE Industries, Inc.
Toluene Diisocyanates (TDI) Market Leaders
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Tosoh Corporation
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BASF SE
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TSE Industries, Inc.
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Covestro AG
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Simel Chemical Industry Co., Ltd.
- *Disclaimer: Major Players sorted in no particular order
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Toluene Diisocyanates (TDI) Market News
- April 2023: Wanhua Chemical announced that the company received approval from the State Administration of Market Supervision and Administration to acquire shares in Yantai Juli Fine Chemical Co., Ltd. It is one of the major suppliers of toluene diisocyanate in China. Through this acquisition, the proportion of Wanhua Chemical TDI capacity in China will further increase from 35-40% to 45-50%.
- March 2023: Covestro AG announced receiving ISCC (International Sustainability and Carbon Certification) PLUS certification for its production site in Baytown, Texas, which includes various products like toluene diisocyanate getting ISCC PLUS certified. It will help expand its product portfolio's reach for the circular economy.
Toluene Diisocyanates (TDI) Industry Segmentation
Toluene Diisocyanate is an organic compound that is produced in a pure state. However, it is often marketed as 80/20 and 65/35 mixtures of the 2,4 and 2,6 isomers. They are majorly used to make polyurethane products, such as rigid and flexible foams, coatings, adhesives, sealants, and elastomers. The toluene diisocyanate market is segmented by application, end-user industry, and geography. The market is segmented by application into foam, coatings, adhesives and sealants, elastomers, and other applications. The market is segmented into furniture and interiors, building and construction, electronics, automotive, packaging, and other end-user industries by end-user industry. The report also covers the market size and forecasts for the toluene diisocyanate market in 15 countries across major regions. Market sizing and forecasts are done for each segment based on volume (kilotons).
| Application | Foams | ||
| Coatings | |||
| Adhesives and Sealants | |||
| Elastomers | |||
| Others | |||
| End-user Industry | Furniture and Interiors | ||
| Building and Construction | |||
| Electronics | |||
| Automotive | |||
| Packaging | |||
| Others | |||
| Geography | Asia-Pacific | China | |
| India | |||
| Japan | |||
| South Korea | |||
| Rest of Asia-Pacific | |||
| North America | United States | ||
| Canada | |||
| Mexico | |||
| Europe | Germany | ||
| United Kingdom | |||
| France | |||
| Italy | |||
| Rest of Europe | |||
| South America | Brazil | ||
| Argentina | |||
| Rest of South America | |||
| Middle-East and Africa | Saudi Arabia | ||
| South Africa | |||
| Rest of Middle-East and Africa | |||
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Toluene Diisocyanates (TDI) Market Research FAQs
How big is the Toluene Diisocyanate Market?
The Toluene Diisocyanate Market size is expected to reach 2.50 million tons in 2025 and grow at a CAGR of 1.98% to reach 2.76 million tons by 2030.
What is the current Toluene Diisocyanate Market size?
In 2025, the Toluene Diisocyanate Market size is expected to reach 2.50 million tons.
Who are the key players in Toluene Diisocyanate Market?
Tosoh Corporation, BASF SE, TSE Industries, Inc., Covestro AG and Simel Chemical Industry Co., Ltd. are the major companies operating in the Toluene Diisocyanate Market.
Which is the fastest growing region in Toluene Diisocyanate Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Toluene Diisocyanate Market?
In 2025, the Asia Pacific accounts for the largest market share in Toluene Diisocyanate Market.
What years does this Toluene Diisocyanate Market cover, and what was the market size in 2024?
In 2024, the Toluene Diisocyanate Market size was estimated at 2.45 million tons. The report covers the Toluene Diisocyanate Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Toluene Diisocyanate Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Toluene Diisocyanates (TDI) Industry Report
Statistics for the 2025 Toluene Diisocyanate market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Toluene Diisocyanate analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
