The global isocyanates market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Isocyanates are organic compounds with a highly reactive isocyanate functional group. They are largely used in manufacturing a number of end-use products, such as polyurethane foams, paints and adhesives. Isocyanates are manufactured by reacting amines with phosgene. Based on the chemical R group, isocyanates are of following types,
- methylene diphenyl diisocyanate
- toluene diisocyanate
- aliphatic isocyanate
On the basis of application, isocyanates can be categorized into five major segments including rigid foam, flexible foam, insulation, paints & coating, adhesives and others.
Rising demand of polyurethanes from various industries such as construction, automotive, aerospace and other industries is likely to drive the isocyanates market. As polyurethanes are a major raw material for these industries, demand for construction, automotive, aerospace and others is expected to fuel the growth of this market. Demand from construction, automotive, aerospace and other industries are actually increasing because of growing population and extra income in developing countries. Additionally, demand for paints & coating, adhesives, elastomers, binders and others is likely to increase at a greater rate because of an upsurge in demand due to growing end-use markets like construction, automotive, aerospace and other industries. This demand is growing at a higher rate, which in turn will boost consumption of isocyanates.
Drivers and Restraints of Isocyanates Market
Growing investments in downstream industries in regions like the Asia and Americas are likely to offer tremendous possibilities for isocyanates market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Isocyanates are exposed to the probability of volatility in supply and price of crude oil. Isocyanates are hazardous in nature and are harmful to the environment. Existing and future regulations concerning the use of isocyanates in end products are likely to challenge the market growth.
Isocyanates Market by Region
Asia was the largest consumer of isocyanates and this pattern is anticipated to continue to be identical over the following few years. Consumption in Asia is showing upward trend because of increase in economic activity in China. China, India and Japan were the largest consumers of isocyanates in this region. Growing demand for construction, automotive, aerospace and other industries will drive isocyanates market in Asia. Consumption of isocyanates in North America was second highest and is likely to grow at a reasonable rate next to Asia. Europe is likely to grow at a significant rate due to demand from construction, engineering polymers and other industries. Demand from the Middle East and South America was low relatively and is likely to stay same in the next few years.
Top players in this market include Bayer MaterialScience, The Dow Chemical Company, Yantai Sanjiang Chemical Industry Material Co., Ltd., Anderson Development Co. and Huntsman Corporation among others.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Supply & Demand
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
Regional analysis includes:
- Middle-East and Africa
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Strategies of key players and products available
- Potential and niche segments, regions showing promising growth