Isocyanates Market Overview
Isocyanates Market is expected to CAGR of 7.03% during the forecast period (2021 - 2030). Isocyanate is produced by treating amines with phosgene. Growing demand in the construction industry getting to its highly reactive chemical property is anticipated to be a key factor driving the market growth. These are utilized in rigid foams, adhesives, and coating. These are used in the electronic industry as insulators and as vehicle exteriors to reduce vehicle weights in the automotive industry. Polyurethane consumption is increasing day by day, and consumer and industrial applications are expected to increase the global market over the foreseeable future.
Increasing demand from the furniture industry, like carpet cushions and mattress padding, is exponentially boosting the isocyanates market. Crude oil pricing is a major thinkable factor in the global oil industry since crude oil is used to produce MDI and TDI. Highly volatile crude oil pricing helps in increasing the isocyanate market all over the world. The global market of isocyanates will depend on the bio-based isocyanates development and bio-based isocyanates will be the new driver of this market.
This MRFR report offers an all-round analysis on the global isocyanates market along with a revenue forecast, which ends in 2023. Forecast on various key sub-markets is available in the report. It also includes impact analysis of all the pertinent market factors. A section of the report offers a detailed analysis of aromatic diisocyanate and aliphatic form a market point of view. Analysis based on scope of application covers rigid foam, flexible foam, paints and coatings, adhesives and sealants, elastomers, binders and others.
Historical market trends, market dynamics, forecast, market value by region as well as by segmentation, country-level analysis for each market segment, key player’s market share analysis and market factor analysis which covers supply chain and Porter’s five forces analysis of the isocyanates market.
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, and Anderson Development.
Market Research Future implements a range of cautiously chosen methods to create a robust research model. Focusing on veracity, the expert analysts use primary methods such as first-hand interviews with industry decision makers to get an inside look at the industry. After this, the findings from primary methods are affirmed by secondary research methods such as annual reports, SEC filings, and others. To ensure transparency in order to provide reliable market reports, the experts integrate top-down and bottom-up approaches into the research model. This allows data analysts to provide confirmation of many vital market figures to the clients. These figures are then used to provide logical analysis accompanied with apposite industry insights.
For the scope of the research, MRFR’s report offers a comprehensive segmental analysis of the global isocyanates market;
|Market Size||2030: Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||application, end use and region|
|Geographies Covered||Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa|
|Key Vendors||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|
|Key Market Opportunities||The construction sector is playing an important role in boosting the global sales|
|Key Market Drivers||Rising consciousness about environment and increased focus on innovation paving the way|
The global isocyanate market has the opportunity to score a CAGR of 7.03% between 2021-2030 (the forecast period).
The isocyanate market would surpass a valuation of USD 37,906.6 million by 2023.
The aromatic diisocyanate would dominate the global isocyanate market.
The rigid foam segment would get a chance to dominate the global isocyanate market.
The building and construction segment would dominate the global isocyanate market.
Global Isocyanates Market: Competitive Landscape
The major players operating in the global isocyanates are DowDuPont, Inc., Asahi Kasei Corporation, Huntsman International LLC, Evonik Industries AG, Vencorex, China National Bluestar (Group) Co., Ltd, Mitsui Chemicals America, Inc., Tosoh Corporation, LANXESS, BASF SE, Covestro AG, Wanhua Chemical Group Co. Ltd, Cangzhou Dahua Group Co. Ltd, Anderson Development, and Kumho Mitsui Chemicals Corp.
The manufacturing companies which collectively account for the majority share of the isocyanates market are Asahi Kasei Corporation, Evonik Industries AG, Mitsui Chemicals America, Inc., Tosoh Corporation, and LANXESS. The market is fragmented and comprises of players which are operational in the Japan, Germany, France, the US, and China. Various strategies such as investment, R&D, expansion, joint venture, and acquisition are adopted by various market players to gain maximum revenue. There is a growing demand from various end-use applications such as rigid and flexible foams, paints and coating, elastomers, binders, and adhesives and sealant among others. There is a strong competition between companies as there are large number of companies manufacturing isocyanates.
Asahi Kasei Corporation under its strategy, Cs for Tomorrow 2018, focuses on creating new businesses through combinations among multifaceted business models, core technologies, and diverse human resources. In addition, it analyses strengths and core technologies for the transformation of its business portfolio.
Evonik Industries AG aims at increasing the value of the company by focusing on three areas—product portfolio, innovation, and corporate culture. Under its portfolio strategy, the company strives to continuously expand its growth in business areas, including specialty additives, healthcare, smart materials, and animal nutrition. It has a presence in more than 100 countries, with production facilities in 28 countries.
Mitsui Chemicals America, Inc. is focusing on market development of specialty products and strives to offer competitive products and technologies. The company is developing new technologies and ground-breaking innovations for developing their product portfolio. Its products are marketed using the global distribution network of its parent company, Mitsui Chemicals, Inc.
Tosoh focuses on a medium-term business plan to continuously generate value for customers, investors, and other stakeholders. It aims at market growth through R&D and acquisitions to cater to the increase in demand in developing economies. Tosoh comprises over 100 companies in Asia-Pacific, Europe, and North America.
In May 2018, LANXESS revealed plans to build a new prepolymers production facility at its site in Porto Feliz, Brazil. This facility is expected to become operational in the first half of 2019. This new investment will enable it to sustainably offer excellent product quality and fast and reliable product supply to the Brazilian and South American markets. The portfolio will include the production of conventional and low free isocyanate prepolymers.