Isocyanate Market
Market Scenario:
Isocyanates are a group of low-molecular-weight, highly reactive chemicals, which are frequently dissolved in aromatic solvents such as toluene and xylene that are toxic. These are very reactive materials which are used for manufacturing polyurethane products such as polyurethane foam, chemicals, surface coatings, insulation materials, car seats, furniture, foam mattresses, packaging materials, shoes, under-carpet padding, laminated fabrics, polyurethane rubber, and adhesives. These are categorized as polyisocyanate and diisocyanate, based on the number of the isocyanate group. The polyisocyanate contains multiple groups of isocyanates and is primarily derived from diisocyanates. Another most important type of polyisocyanate is HDI isocyanurate and HDI biuret.
Due to the increasing urbanization and industrialization, various organizations are expanding their market. Production of high-efficiency bio-based isocyanate is one of the important factor influencing the market.
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Rising awareness of energy crisis leading to the growing demand for energy-efficient structures together with government regulations and incentives to encourage energy efficient structures are the key factors driving the demand for the market. In addition to it, demand from emerging economies, high demand from current & emerging applications, and advancements in technology are the other factors driving the market. However, higher raw material cost and huge investments required in research and development (R&D) and technology are the factors hampering the growth of the market. Moreover, the major challenge in the market is its increasing prices, owing to the rising feedstock costs. The rising industrialization and urbanization in the developing regions across the globe are estimated to enhance the market during the forecast years.
Regional Analysis:
The global isocyanate market is segmented on the basis of the region covering North America, Asia Pacific, Europe, and LAMEA. The Asia Pacific is estimated as the leading region in the market and is expected to grow at a considerable rate during the forecast period. The rapid growth of the urbanization and industries is accelerating the growth of the market in the developing countries of Asia Pacific. Additionally, the favorable government regulations such as incentives and tax benefits in the region have involved several industry players to enter the market, which, in turn, is propelling the market growth. The presence of most populated economies such as Indian and China has augmented the construction and automobile sector, which is further contributing to the market growth. China, India, and Japan are the largest consumers of isocyanate in this region.
North America is also considered as another dominant region in the market, owing to the developed end-user industries such as transportation, construction, and electronics among others. Furthermore, remodeling of infrastructure and growing investment in the construction, mainly in Canada and the U.S., boosted the demand further.
The European market is also considered as a prominent market primarily driven by the developed electrical and automobile sector. The increasing use of isocyanate in additives and sealants, paints & coatings, and flexible & rigid foams has surged the demand for the electrical & electronic as well as automotive sector.
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Key Players:
• Bayer Material Science (Germany)
• Chemtura Corporation (U.S.)
• Dow Chemical Company (U.S.)
• Ashai Kasei (Japan)
• BASF SE (Germany)
• Evonik Industries (Germany)
• Kumho Mitsui Chemicals Inc (South Korea)
• Mitsui Chemicals Inc (Japan)
• Hebei Cangzhou Dahua Group Co. Ltd (China)
• Huntsman Corporation (U.S.)
• Vencorex (France)
• Yantai Wanhua Polyurethanes Co. Ltd. (China), and Others.
Business Intelligence:
Specialty chemicals company LANXESS acquired Chemtura, the U.S. company, one of the world’s leading suppliers of lubricant additives and flame retardant, in April 2017.
Isocyanate Market Segmentation:
By Product Type:
• Toluene Diisocyanate
• Methylene Diphenyl Diisocyanate
• Aliphatic Isocyanate
• Others
By Application:
• Paints & Coatings
• Elastomers & Binders
• Rigid Foams
• Flexible Foams
• Adhesives & Sealants
• Others
By End-user Industry:
• Automotive
• Electrical and Electronics
• Building & Construction
• Others
Regions Covered:
• North America (U.S and Canada and rest of North America)
• Europe (Germany, France, Italy and Rest of Europe)
• Asia-Pacific (China, Japan, India, South Korea and Rest of Asia-Pacific)
• LAMEA (Brazil, Turkey, Saudi Arabia, South Africa and Rest of LAMEA)
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