MRFR press release/- Market Research Future Published a Half-Cooked Research Report on Global Isocyanate Market Research Report.

According to MRFR analysis, the global isocyanates market was valued at USD 31.4 billion in 2023 and is projected to reach USD 54.0 billion by 2032, growing at a compound annual growth rate (CAGR) of 6.11% from 2024 to 2032.

Isocyanate Market – Overview

Isocyanates belong to a class of highly reactive chemicals, which are extensively used in the production of a wide range of products. Market reports linked to the chemicals and materials sector made available by Market Research Future along with published reports on other sectors have been recently published along with a report on this industry. The market is anticipated to expand with an incremental CAGR rate which touching record breaking figures in terms of revenue.

Its applications in chemicals, polyurethane foams, insulating materials, mattresses, car seats, packaging materials, and adhesives are driving the growth of the market in the forecast period. The global growth rate of urbanization and industrialization is driving the development of the market considerably. The mounting use of flexible foams, rigid foams, paints and coatings amongst others makes it perfect for use in the automobile and building & construction industry, which is a chief factor motivating the market optimistically. The developed construction and automobile segment joined with the rising adoption rate are the main factors motivating the market development.

Segmental Analysis

The isocyanate market is segmented into segments such as application, product type, and end-user industry. The segmentation on basis of the product type segments the market into toluene diisocyanate, methylene diphenyl diisocyanate, aliphatic isocyanate, and another isocyanate. On the basis of the application, the isocyanate market globally is segmented into flexible foams, rigid foams, adhesives & sealants, paints & coatings, elastomers & binders, and others. Lastly, on the basis of the end use industry, the market is segmented into building & construction, automotive, electrical and electronics, and others.

Regional Analysis 

The isocyanate market globally comprises of regions such as North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. Among these regions, the Asia Pacific region is the principal region in the market and is projected to develop at a motivating CAGR for the duration of the forecast period. The swift growth in the industries and urbanization is fuelling the expansion of the isocyanate in the emergent countries of the Asia Pacific region. Furthermore, the encouraging government regulations such as tax benefits and incentives in the region have attracted various industry competitors to enter the market of the Asia Pacific region, which, in turn, is boosting the market’s expansion. Moreover, the existence of the most populated economies such as China and India have pushed the construction and automobile sector, which is contributing to the market’s expansion. India, China and Japan are the major consumers of isocyanate in this region. The North American region is another leading region in the worldwide isocyanate market. The developed end user industries such as transportation construction and electronics among others are extensively leading to the expansion of the market. Furthermore, mounting investment in the construction sector and remodeling of infrastructure primarily in the U.S. and Canada will boost the market demand further. The European market is a profitable market mostly motivated by the developed automobile and electrical sector. The rising use of isocyanate in additives and sealants, paints & coatings, and flexible & rigid foams has boosted the demand for the automotive and electrical & electronics sector.  

Competitive Analysis

The product offering of the market has diversified tremendously as compared to the past few years, thereby making the market more lucrative for current and new contenders. The market is very well defined in terms of segments relating to the products as well as the end users that are a part of the market. The enhanced financial liquidity of the competitors in the market has increased thereby proving new opportunities for growth of the market. The market attractiveness and competitors’ dynamics are greatly enhanced by the strategies that are being employed by market players. The market shows a great deal of potential for developing at an expedited pace. The long term sustainability of the market is however greatly dependent on the tactics and the strategic roadmaps that are employed by market players.

The key competitors in the market are Huntsman Corporation (U.S.), BASF SE (Germany), Bayer MaterialScience (Germany), Ashai Kasei (Japan), Chemtura Corporation (U.S.), Evonik Industries (Germany), Hebei Cangzhou Dahua Group Co. Ltd (China), Vencorex (France), Kumho Mitsui Chemicals Inc (South Korea), Dow Chemical Company (U.S.), Mitsui Chemicals Inc (Japan), and Yantai Wanhua Polyurethanes Co. Ltd. (China).

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