The global isocyanates market size reached US$ 28.6 Billion in 2022. Looking forward, the analyst expects the market to reach US$ 41.2 Billion by 2028, exhibiting a growth rate (CAGR) of 6.39% during 2023-2028.
Isocyanate is an organic compound that includes molecules of the isocyanate group (-NCO) and is manufactured by the reaction of phosgene and amines with water. It is a highly reactive chemical and is produced from raw materials, such as crude oil, propylene, toluene, aniline and benzene. Some of the most common types of isocyanates include aliphatic isocyanate, methylene diphenyl diisocyanate (MDI) and toluene diisocyanate (TDI). They are primarily used for the production of polyurethane (PUR)-based foams, paints, coatings, sealants, binders and sealants and find extensive applications across various industries, including construction, automotive, healthcare, furniture and aerospace.
Significant growth in the automotive industry, along with rapid industrialization across the globe, especially in the emerging economies, is one of the key factors driving the growth of the market. Furthermore, widespread adoption of isocyanate-based products in the construction industry is also providing a boost to the market growth. Isocyanates exhibit excellent insulation properties, owing to which they are used in the form of rigid PU foams for insulating panels and gap fillers in the spaces around doors and windows. They are also used on the exterior components of the automobiles to minimize the overall vehicular weight and improve the fuel-efficiency. Various advancements, such as the development of bio-based variants, are acting as another growth-inducing factor. With the rising environmental consciousness among the masses, there is an increasing preference for green polyurethanes and renewable isocyanates in place of crude oil-based products. This, along with the implementation of favorable government policies promoting the construction of energy-efficient structures, is projected to drive the market further.
Isocyanate is an organic compound that includes molecules of the isocyanate group (-NCO) and is manufactured by the reaction of phosgene and amines with water. It is a highly reactive chemical and is produced from raw materials, such as crude oil, propylene, toluene, aniline and benzene. Some of the most common types of isocyanates include aliphatic isocyanate, methylene diphenyl diisocyanate (MDI) and toluene diisocyanate (TDI). They are primarily used for the production of polyurethane (PUR)-based foams, paints, coatings, sealants, binders and sealants and find extensive applications across various industries, including construction, automotive, healthcare, furniture and aerospace.
Significant growth in the automotive industry, along with rapid industrialization across the globe, especially in the emerging economies, is one of the key factors driving the growth of the market. Furthermore, widespread adoption of isocyanate-based products in the construction industry is also providing a boost to the market growth. Isocyanates exhibit excellent insulation properties, owing to which they are used in the form of rigid PU foams for insulating panels and gap fillers in the spaces around doors and windows. They are also used on the exterior components of the automobiles to minimize the overall vehicular weight and improve the fuel-efficiency. Various advancements, such as the development of bio-based variants, are acting as another growth-inducing factor. With the rising environmental consciousness among the masses, there is an increasing preference for green polyurethanes and renewable isocyanates in place of crude oil-based products. This, along with the implementation of favorable government policies promoting the construction of energy-efficient structures, is projected to drive the market further.
Key Market Segmentation
The report provides an analysis of the key trends in each sub-segment of the global isocyanates market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, manufacturing process, application and end-use industry.Breakup by Type:
- Methylene Diphenyl Diisocyanate (MDI)
- Toluene Diphenyl Diisocyanate (TDI)
- Aliphatic Isocyanates
- Others
Breakup by Manufacturing Process:
- Phosgenation Process
- Nonphosgenation Process
Breakup by Application:
- Rigid Foam
- Flexible Foam
- Paints and Coatings
- Adhesives and Sealants
- Elastomers
- Binders
- Others
Breakup by End-Use Industry:
- Building and Construction
- Automotive
- Healthcare
- Furniture
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape
The report has also analysed the competitive landscape of the market with some of the key players being Anderson Development Company, Asahi Kasei Corporation, BASF SE, Bayer AG, Cangzhou Dahua Group Co. Ltd. (China National Agrochemical Corporation), Covestro AG, Evonik Industries AG, Huntsman Corporation, Mitsui Chemicals, The Dow Chemical Company, Wanhua Chemical Group Co. Ltd., etc.Key Questions Answered in This Report:
- How has the global isocyanates market performed so far and how will it perform in the coming years?
- What are the key regional markets?
- What has been the impact of COVID-19 on the global isocyanates market?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the manufacturing process?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the end-use industry?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global isocyanates market and who are the key players?
- What is the degree of competition in the industry?
Table of Contents
1 Preface3 Executive Summary12 Value Chain Analysis14 Price Indicators
2 Scope and Methodology
4 Introduction
5 Global Isocyanates Market
6 Market Breakup by Type
7 Market Breakup by Manufacturing Process
8 Market Breakup by Application
9 Market Breakup by End-Use Industry
10 Market Breakup by Region
11 SWOT Analysis
13 Porters Five Forces Analysis
15 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Anderson Development Company
- Asahi Kasei Corporation
- BASF SE
- Bayer AG
- Cangzhou Dahua Group Co. Ltd. (China National Agrochemical Corporation)
- Covestro AG
- Evonik Industries AG
- Huntsman Corporation
- Mitsui Chemicals
- The Dow Chemical Company
- Wanhua Chemical Group Co. Ltd.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 141 |
| Published | October 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 28.6 Billion |
| Forecasted Market Value ( USD | $ 41.2 Billion |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
