Global Isocyanate Market Share is Likely to Grow at a CAGR Value of 6.90% By 2028

02-Sep-2022 | Facts and Factors

According to Facts and Factors, the isocyanate market size was worth USD 12,942.10 million in 2021 and is estimated to grow to USD 19,313.94 million by 2028, with a compound annual growth rate (CAGR) of approximately 6.90% over the forecast period. The report analyzes the isocyanate market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the isocyanate market.

When water combines with the isocyanate group of phosgene and amines, an organic molecule is created. It is created when phosgene and amines interact. Benzene, crude oil, propylene, toluene, aniline, and aniline are the main ingredients of this extremely reactive compound. Aliphatic isocyanates, toluene diisocyanate (TDI), and methylene diphenyl diisocyanate (MDI) are a few isocyanates that are commonly used. A few industries that use them are furniture, aerospace, automotive, healthcare, and construction. They are generally employed in producing paints, varnishes, sealants, and binders containing polyurethane (PUR).

Browse the full “Isocyanate Market Size, Share, Growth Analysis Report By Type (Aromatic Diisocyanate, Aliphatic), By Application (Rigid Foam, Flexible Foam, Adhesives & Sealants, Paints And Coatings, Elastomers, Binders, Others), By End-Users (Building & Construction, Automotive, Furniture, Footwear, Electronics, Packaging, Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/isocyanate-market

The current and upcoming markets have a strong demand for isocyanate, and technological advancement adds to the market's quick expansion. In particular, it is anticipated that construction and automotive isocyanate-using industries will grow over the next few years, driving up demand for various isocyanate-based products. As a result, isocyanate-based stiff foams, coatings, adhesives, and sealants will be more popular. High prices for raw materials and significant outlays for R&D are a few factors limiting this market's expansion. One important basic ingredient made from crude oil is isocyanate. As a result, the volatility of crude oil prices has affected the cost of raw materials. Major producers are hiking the price of isocyanate in reaction to the growing costs of feedstock.

The isocyanate market is segregated based on type, application, and end-use. Based on type, the market is divided into aromatic diisocyanate and aliphatic. Among these, the aromatic diisocyanate segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. Based on application, the market is classified into rigid foam, flexible foam, adhesives & sealants, paints and coatings, elastomers, binders, and others. In 2021, the rigid foam category dominated the global market. Based on the end-users, the market is classified into building & construction, automotive, furniture, footwear, electronics, packaging, and others. The building & construction segment dominated the market in 2021.

The isocyanate market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The Asia Pacific is anticipated to have a dominating position in the worldwide market for Isocyanate in 2021. China dominates the region as one of the world's top producers and consumers of polyurethane. Most methylene diphenyl diisocyanate (MDI) is used in China to manufacture polyurethanes and their products, including rigid and flexible foam. The expansion of the middle class, rising disposable incomes, and increasing urbanization, alongside strong infrastructure investments, make polyurethane one of MDI's primary applications in India. There is an increase in polyurethane production in Japan. As the market for isocyanates grows, it is likely to be driven by increased production of polyurethane and demand from the construction and automotive industries. Asia-Pacific is therefore likely to dominate the market over the forecast period.

Report Scope

Key players in the isocyanate market include Asahi Kasei Corporation, Metsui Chemicals America Inc., Evonik Industries AG, LANXESS, DowDuPont Inc., Tosoh Corporation, Covestro AG, BASF SE, Wanhua Chemical Group Co. Ltd, Huntsman International LLC, Vencorex, Cangzhua Dahua Group Co. Ltd, Komho Mitsui Chemicals Corp, China National Bluestar (Group) Co.Ltd.

Recent Development:

November 2019: In the field of additive manufacturing (additive manufacturing), Lanxess offers low-free (LF) isocyanate-urethane prepolymers suitable for 3D printing.

Global Isocyanate Market is segmented as follows:

By Type

• Aromatic Diisocyanate
• Aliphatic

By Application

• Rigid Foam
• Flexible Foam
• Adhesives & Sealants
• Paints And Coatings
• Elastomers
• Binders
• Others

By End Use

• Building & Construction
• Automotive
• Furniture
• Footwear
• Electronics
• Packaging
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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