According to IMARC Group’s latest report, titled “Isocyanates Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, the global isocyanates market size reached US$ 28.6 Billion in 2022. Looking forward, IMARC Group 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 generated through the reaction of phosgene and amines with water. It is produced from raw materials such as aniline, crude oil, propylene, toluene, and benzene. Some commonly used isocyanates include methylene diphenyl diisocyanate (MDI), toluene diisocyanate (TDI), and aliphatic isocyanate. They highly react to polyurethane polymers and are mainly used to produce polyurethane (PUR)-based foams, paints, coatings, binders, sealants, laminated fabrics, surface laminating products, cabinets, and polyurethane rubbers. At present, isocyanate is widely adopted in the automotive, furniture, construction, healthcare, and aerospace industries across the globe.
Isocyanates Market Trends:
The market is primarily driven by increasing building and construction activities. In addition, the surging demand for rigid polyurethane (PU) foam as insulated panels, roof and wall insulation, and gap fillers for windows and doors due to their exceptional insulation properties is contributing to the isocyanates market growth. Moreover, various product innovations, such as the development of bio-based variants and the rising environmental awareness among individuals, resulted in an inclination toward green polyurethanes and renewable isocyanates, which represents another major growth-inducing factor. Besides this, the widespread product adoption in the automotive industry for producing exterior components of automobiles to lower vehicle weight, save energy, enhance fuel efficiency, and reduce emissions which is providing a positive thrust to the market growth. Furthermore, extensive research and development (R&D) activities conducted by the leading market players and the implementation of favorable policies to encourage the construction of energy-efficient structures are also propelling the global market outlook.
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Competitive Landscape With Key Players:
The competitive landscape of the isocyanates market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- 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.
Key Market Segmentation:
The report has segmented the global isocyanates market based on type, manufacturing process, application, end-use industry and region.
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
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
Explore Full Report With TOC & List of Figures: https://bit.ly/41YGjfP
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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