Isocyanate Market
Isocyanate market is segmented into product type, application, and end-user industry. On the basis of the product type, the market is segmented into methylene diphenyl diisocyanate, toluene diisocyanate, an aliphatic isocyanate, and another isocyanate. On the basis of the application, the global isocyanate market is segmented into rigid foams, flexible foams, paints & coatings, elastomers & binders, adhesives & sealants, and others. On the basis of the end-use industry, the market is further segmented into automotive, building & construction, electrical and electronics, and others.
Global Top 10 Key Players
Some of the prominent players operating in the Global isocyanate market are Ashai Kasei (Japan), BASF SE (Germany), Bayer MaterialScience (Germany), Chemtura Corporation (U.S.), Dow Chemical Company ( U.S.), Evonik Industries (Germany), Hebei Cangzhou Dahua Group Co. Ltd (China), Huntsman Corporation (U.S.), Kumho Mitsui Chemicals Inc ( South Korea), Mitsui Chemicals Inc ( Japan), Vencorex (France), and Yantai Wanhua Polyurethanes Co. Ltd. (China).
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Geographical Analysis
The report covers brief analysis of the major geographic regions namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Intended Audience
- Isocyanate market manufacturers
- Traders and Distributors of Isocyanate market
- Production Process Industries
- Potential Investors
- Raw Material Suppliers
- Nationalized Laboratory
Among the various application type in isocyanate market, rigid foam is anticipated to grow at an expanding CAGR followed by the flexible foam segment. Among the type segment, methylene diphenyl diisocyanate is mainly used in the production of rigid polyurethane foams and is also used in other applications such as paints & coatings, sealants and adhesives, and elastomers. Toluene diisocyanate product type segment is mainly used in the manufacturing of flexible polyurethane foams. The automotive, building & construction and electronic industry are the major end-use industries driving the growth of the global market.
Segmental Analysis
Isocyanate is a functional group having the formula R-N=C=O. It is a class of highly reactive chemicals. The global isocyanate market is expected to register a significant growth during the forecast period. The isocyanate is extensively used in the production of a wide range of products such as insulating materials, chemicals, polyurethane foams, car seats, mattresses, packaging materials, and adhesives among others. The growing urbanization and industrialization in the developing regions across the globe are expected to boost the market during the forecast years. The global isocyanate market is anticipated to grow at a CAGR of over 6% during the forecast period. The growing use of rigid foams, flexible foams, paints and coatings among others makes it ideal for the automobile and building & construction industry, which is a major factor driving the market positively.
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Regional Analysis
The isocyanate market is spanned across five regions: Europe, Latin America, Asia Pacific, North America, and the Middle East & Africa. Among these, Asia Pacific is the leading region in the market and is expected to grow at an encouraging CAGR during the forecast period. The rapid growth of the industries and urbanization is fuelling the growth of the isocyanate in the developing countries of Asia Pacific. Moreover, the favorable government regulations such as tax benefits and incentives in the region have attracted many industry players to enter the market of Asia Pacific, which, in turn, is fuelling the market growth.
Furthermore, the presence of most populated economies such as China and India has surged 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 another dominant region in the global isocyanate market. The developed end-user industries such as construction, transportation and electronics among others are significantly contributing to the growth of the market. Moreover, growing investment in the construction and remodeling of infrastructure mainly in the U.S. and Canada boost the demand further.
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