Global Isocyanate Market: Industry Analysis and Forecast (2021-2027)
Global Isocyanate Market is expected to reach US $39.80 billion, thanks to growth in the Type, Application, and End-use Industry segment. The report analyzes market dynamics by region and end-user industries.
Global Isocyanate Market Overview:
The global Isocyanate market was valued at US $28.54 Bn. in 2019, and it is expected to reach US $39.80 Bn. by 2027 with a CAGR of 5.7% during the forecast period.
Isocyanate is an organic compound made by reacting phosgene and amines with water to form molecules containing the isocyanate group (-NCO). It's a highly reactive chemical made from crude oil, propylene, toluene, aniline, and benzene as raw components. Aliphatic isocyanate, methylene diphenyl diisocyanate (MDI), and toluene diisocyanate (TDI) are some of the most common isocyanates. They're mostly used to make polyurethane (PU)-based foams, paints & coatings, sealants & adhesives, binders & elastomers, and they're used in a variety of industries like construction, automotive, healthcare, furniture, and aerospace.
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The report has covered the market trends from 2015 to forecast the market through 2027. 2019 is considered a base year however 2020's numbers are on the real output of the companies in the market. Special attention is given to 2020 and the effect of lockdown on the demand and supply, and also the impact of lockdown for the next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.
Global Isocyanate Market Dynamics:
Rising demand for isocyanates in the polyurethanes industries and construction end-use segments, resulting in worldwide isocyanates market growth. For example, spray polyurethane foam is used as an insulator and specialized packing material, and its high demand in both packaging and construction applications around the world has driven the isocyanates market's growth. Isocyanates can be used to lower the weight of a vehicle's exterior, which has a global demand in the automobile manufacturing company. Automobiles with less weight can save energy while lowering emissions. Thus, increasing demand for isocyanates from the polyurethane and automobile industry respectively is driving the market growth for isocyanate globally.
Isocyanates are known to cause a variety of occupational health problems, including skin irritation, dyspnoea, and asthma if exposed for long periods. As per the OSHA (The Occupational Safety and Health Administration), a permitted exposure level of 20 ppb for MDI (Methylene diphenyl di-isocyanate) and additional technical guidance for dealing with exposure. Phosgene, which is used in the manufacture of isocyanates, is harmful to the environment and poses major health hazards to humans. Thus, major factors limiting the market growth for isocyanates are the environmental and health issues linked with them.
Since crude oil is commonly used to manufacture isocyanates, and its pricing on the global market varies the amount in the scope of production, the development of bio-based isocyanates is expected to create lucrative growth opportunities for the key players in the market and further drive market growth over the forecast period.
Global Isocyanate Market Segment Analysis:
Based on Type, the global Isocyanate market is segmented into four types as follows, MDI, TDI, Aliphatic, and others. In 2019, the MDI segment was dominant and held xx% of the overall market share. It is expected to continue its dominance in the market by growing with a CAGR of xx% over the forecast period. For the manufacture of diphenylmethane diamine aniline (MDA), formaldehyde is used. MDI is a phosgene treatment product developed by MDA. It is primarily used in the production of rigid foam. MDI is expected to drive growth in the coming years as a result of its use in coolers, freezers, in the electronics sector, and the manufacturing of seat and car interiors in the automobile sector.
Global Isocyanate Market
Based on Application, the global Isocyanate market is segmented into five types as follows, Binders & Elastomers, Paints & Coatings, Sealants & Adhesives, Rigid & Flexible Foams, and Others. In 2019, the Rigid & Flexible Foams segment was dominant and held xx% of the overall market share and it is expected to grow at a CAGR of xx% over the forecast period. In the cushioning, bedding, furniture, and packaging industries, these foams are frequently used to support market growth for isocyanates.
Coatings are used to protect against corrosion and UV radiation. In the construction sector, comprehensive adhesives and screeners are expected to drive global market expansion during the forecast period. Over the forecasted period, Paints & Coatings are expected to maintain their market share.
Based on End-Use Industry, the global Isocyanate market is segmented into five types as follows, Automobile, Building & Construction, Electronics, Furniture, Healthcare, and Others.
In 2019, the Building & Construction segment was dominant and held xx% of the overall market share and it is expected to continue its dominance by growing at a CAGR of xx% over the forecast period. Isocyanates are used in a variety of domestic, commercial, and industrial applications, and it is the largest end-user industry for the isocyanates market. The use of rigid PU foam as wall and roof insulation, insulated panels, and gap fillers for the space between doors and windows is one of the most common uses of isocyanates. The promotion of zero-energy buildings is an important driver for the PU market, driving the Isocyanates market as well.
Many buildings in Asia are improperly insulated, specifically in growing markets such as Southeast Asia, China, and India, indicating huge growth potential for thermal insulation materials in buildings. Longer-term demand is expected to increase in all regions, with particular strength in South America and Asia, where big infrastructure and construction projects are planned. As a result of the factors mentioned, the building and construction industry is expected to dominate the market over the forecast period.
Global Isocyanate Market Regional Insights:
In 2019, Asia Pacific was the dominant region and held the highest share xx% of the global isocyanate market. It is also expected to grow with the highest CAGR of xx% over the forecast period. China is the world's leading manufacturer and user of polyurethane products in Asia-Pacific. MDI is mainly used in China for polyurethanes and related products, which are widely used in the production of rigid and flexible foam. Polyurethane is also used in the automotive, furniture and interior design, and footwear sectors.
The MDI market is expected to grow at a CAGR of xx% during the forecast period, thanks to the development of these industries throughout the forecast period. With the increasing middle class, rising personal incomes, and increased urbanization, polyurethane is seeing growth opportunities, supported by significant infrastructure developments in India. As a result, the Asia-Pacific region is expected to dominate the market over the forecast period.
North America is expected to see low demand throughout the forecast period, owing to growing regulatory involvement by agencies such as the US Environmental Protection Agency (EPA) on MDI and TDI (Toluene di-isocyanate)-related environmental and health concerns.
Europe is expected to develop at a slower pace due to various rigorous environmental restrictions and limited development in end-use sectors.
Global Isocyanate Market
The objective of the report is to present a comprehensive analysis of the global Isocyanate market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the global Isocyanate market dynamics, structure by analyzing the market segments and project the global Isocyanate market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Isocyanate market make the report investor’s guide.
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Global Isocyanate Market Scope: Inquire before buying
Global Isocyanate Market
Global Isocyanate Market, by Region
• North America
• Europe
• Asia Pacific
• The Middle East and Africa
• South America
Global Isocyanate Market Key Players
• Asahi Kasei Corp.
• Mitsui Chemicals Inc.
• Tosoh Corporation
• Bayer Material Science
• BASF SE
• Covestro AG
• Dow Inc.
• Evonik Industries AG
• Gujarat Narmada Valley Fertilizers & Chemicals Ltd.
• Huntsman Corp.
• Lanxess AG
• Vencorex
• Wanhua Chemical Group Co. Ltd.
• Chemtura Corporation
• Kumho Mitsui Chemicals Inc.
• Others
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