Market Overview

The market for isocyanates is expected to grow at a CAGR of over 6% during the forecast period. One of the major factors driving the market studied is the huge growth in the polyurethane foam application. However, shortage and increased price of raw materials is likely to restrain the growth of the market.

  • Increase in industrialization activities in Asia-Pacific is also likely to boost the demand for isocyanates during the forecast period.
  • High-efficiency of bio-based isocyanates is likely to act as an opportunity for the market growth in future.
  • Asia-Pacific dominated the isocyanates market across the globe and is likely to witness a high growth rate during the forecast period.



Key Market Trends

Building and Construction to Dominate the Market

  • Building & construction is the largest end-user industry for the isocyanates market, where it is used in various household, commercial, and industrial applications.
  • One of the largest applications of isocyantes is in the usage of rigid PU foam as wall and roof insulation, insulated panels, and gap fillers for the space around doors and windows.
  • Promotion of zero energy buildings continue to be the major drivers for the PU market, thereby, driving the Isocyantes market. Numerous buildings are poorly insulated in Asia, especially in the developing markets of Southeast Asia, China, and India, thus, depicting immense growth potential for thermal insulation materials in buildings.
  • Longer-term demand is expected to grow across all regions, with particular strength in South America and Asia, where major construction and infrastructure improvement projects are planned.
  • Hence, owing to the aforementioned reasons building and construction sector is likely to dominate the market during the forecast period.



Asia-Pacific to Dominate the Market

  • In Asia-Pacific, China is the world’s largest producer and consumer of polyurethane products. MDI is primarily used for polyurethanes and their products, in China which are widely used in rigid and flexible foam manufacturing.
  • Other than these, polyurethane is used in automotive, furniture and interior, and footwear industries. With the growth of these industries, the MDI market is expected to record growth over the forecast period.
  • Polyurethane, MDI’s primary application in India, is witnessing a boom in opportunities, with the expanding middle class, increasing disposable incomes, and rising urbanization, supplemented strongly by investments in infrastructure.
  • In Japan, the production of polyurethane is on the rise. This increased production of polyurethane and increasing demand from construction, automotive, and furniture industies is likely to augment the market growth for isocynates.
  • Hence, Asia-Pacific is likely to dominate the market during the forecast period.



Competitive Landscape

The market for isocyanates is partly consolidated as the global market share is divided among a few companies. Some of the key players of the market include Dow, BASF SE, Evonik Industries, Tosoh Corporation, and Mitsui Chemicals, Inc.

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