Global Isocyanates Market to Register Revenue CAGR of 6.3% Over Next 10 Years – MarketResearch.biz
MarketResearch.biz announces publication of its most recently generated research report titled, “Global Isocyanates Market by Product Type (MDI, TDI & ADI), Application (Rigid/ Flexible foam, Paints & coatings, Adhesives & sealants & Others), and Region – Global Forecast to 2028.”, which offers a holistic view of the global isocyanates market through systematic segmentation that covers every aspect of the target market. The first five-year cumulative revenue (2019–2023) is projected to be over US$ 238 Bn, which is estimated to increase moderately over the latter part of the five-year forecast period.
Isocyanates are highly reactive chemical substances with low molecular weight and contain functional isocyanates. Based on the number of isocyanate groups, isocyanates are classified into diisocyanates and polyisocyanates. As the name implies, diisocyanate is a compound having two isocyanate groups, and is further classified into methylene diphenyl diisocyanate (MDI), toluene diisocyanate (TDI), and others. On the other hand, polyisocyanates contain multiple isocyanate groups and are derived from diisocyanates. HDI isocyanurate and HDI biuret are the main types of polyisocyanates. Isocyanates are used as raw materials for the production of polyurethane (PU), which has been widely used in multiple end-use industries.
Global Isocyanates Market: Market Dynamics
Rigid and flexible foams produced from isocyanates are widely used in the construction and automotive industries. Due to the growing demand in the construction and automotive industries, the global isocyanate market is expected to grow rapidly. TDI is used in the production of polyurethane, which is widely used in furniture, electronics, automobiles, adhesives, construction and other fields, and is expected to promote the global isocyanate market growth. The increase in demand from emerging economies such as China and India, due to robust growth in the manufacturing of various products such as electronics and automobiles, has augmented growth of the global isocyanate market.
Isocyanates are highly toxic and dangerous, and flammable. Strict government regulations on products are expected to put high pressure on the production of isocyanates, thereby limiting growth of the global isocyanate market.
Robust growth in end-use industries including electronics, automotive, and construction will offer potential growth opportunities for manufacturers and suppliers operating in the target market.
Global Isocyanates Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global isocyanates market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global isocyanates market is estimated to expand at a moderate CAGR of 6.3% during the forecast period.
Global Isocyanates Market: Segmental Snapshot
The market report has been segmented on the basis of product type, application, and region. The product type segment includes MDI, TDI, and ADI. The application segment includes rigid/ flexible foam, paints & coatings, adhesives & sealants, and others. The region covered in the analysis are North America, Europe, Asia Pacific, South America, and Middle East & Africa.
By product type: The MDI segment is expected to register a CAGR of over 7.1%, thereby accounting for highest revenue share among the product type segments.
By application: The rigid/ flexible foam segment is expected to register a CAGR of over 6.5% over the forecast period, thereby accounting for highest revenue share among the application segments.
By region: The market in Asia-Pacific accounted for highest revenue share in the global isocyanates market in 2020, and is estimated to register a CAGR of over 7.0% between 2019 and 2028.
Global Isocyanates Market: Competitive Analysis
The research report on the global isocyanates market includes profiles of major companies such as BASF SE, China National Chemical Corporation Limited (Cangzhou Dahua TDI Co. Ltd.), Asahi Kasei Corporation, Covestro AG, PTT Global Chemical Public Company Limited ABB Ltd. (Vencorex Holding SAS), Mitsui Chemicals, Inc, Huntsman Corporation, Wanhua Chemical Group Co., Ltd. (BorsodChem Zrt), Tosoh Corporation, OCI Company Ltd, Gujarat Narmada Valley Fertilizers & Chemicals Limited, Yantai Juli Fine Chemical Co., Ltd, KPX Chemical Co., Ltd, Fujian Southeast Electrochemical Co., Ltd.
The Global Isocyanates Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2019–2028 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global Isocyanates Market for 2019–2028.
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