Europe Isocyanates Market Size (2024 - 2029)

The isocyanates market in Europe is projected to experience growth over the forecast period, driven by the recovery of the construction industry and the rising demand for insulation materials, coatings, and adhesives. Despite challenges such as fluctuating raw material prices and the hazardous nature of isocyanates, the market is expected to expand due to increased industrialization and manufacturing activities. Additionally, the potential of bio-based isocyanates offers opportunities for further market growth.

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Market Size of Europe Isocyanates Industry

Europe Isocyanates Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 4.00 %
Market Concentration Medium

Major Players

Europe Isocyanates Market Major Players

*Disclaimer: Major Players sorted in no particular order

Europe Isocyanates Market Analysis

The isocyanates market in Europe is expected to register a CAGR of over 4% during the forecast period.

Lockdowns caused by COVID-19 hurt the construction industry, lowering demand for isocyanates. The European construction industry reached pre-COVID levels in 2022, and demand for isocyanates has increased due to the increased demand for insulation materials, coatings, and adhesives.

  • Over the short term, the demand for isocyanates is anticipated to expand throughout the forecast period due to increased industrialization and manufacturing activities.
  • However, it is anticipated that raw material prices, hazardous nature, and unpredictable crude oil prices will hinder the market.
  • Nevertheless, the high efficacy of bio-based isocyanates will probably present a market expansion potential in the future.

Europe Isocyanates Industry Segmentation

Isocyanates are low-molecular-weight compounds with a high degree of reactivity employed in various products, such as polyurethane foams, synthetic rubber, coatings, plastics, and elastomers. The Europe isocyanates market is segmented by product type, application, end-user, and geography. By product type, the market is segmented into MDI, TDI, aliphatic, and other product types. By application, the market is segmented into rigid foam, flexible foam, paints & coatings, adhesives & sealants, elastomers, binders, and other applications. By end-user, the market is segmented into building & construction, automotive, healthcare, furniture, and other end-user industries. The report covers the market size and forecast in four countries. For each segment, the market sizing and forecasts have been done based on volume (kilotons).

Product Type
MDI
TDI
Aliphatic
Other Product Types
Application
Rigid Doam
Flexible Foam
Paints & Coatings
Adhesives & Sealants
Elastomers
Binders
Other Applications
End-user Industry
Building & Construction
Automotive
Healthcare
Furniture
Other End-user Industries
Geography
Germany
United Kingdom
France
Italy
Rest of Europe
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Europe Isocyanates Market Size Summary

The European isocyanates market is poised for growth, driven by the resurgence of the construction industry and increased demand for insulation materials, coatings, and adhesives. The market is expected to benefit from the recovery of the construction sector, which has returned to pre-COVID levels, and the rising demand for new buildings, particularly in countries like the United Kingdom, Germany, France, and Italy. The construction industry's expansion is further fueled by the push for zero-energy buildings, with the European Commission mandating that all publicly owned structures be zero-energy over the next few years. This regulatory environment, coupled with government investments in large-scale construction projects, is anticipated to propel the demand for isocyanates in the region.

Germany stands out as a significant contributor to the European isocyanates market, driven by its robust automotive, building, and aerospace industries. The country's position as a leading automobile producer and exporter, along with its expanding construction sector, underscores the growing need for isocyanates, particularly in polyurethane foam applications for insulation. Additionally, Germany's strategic initiatives to boost housing construction and its role in the defense and aerospace markets further enhance its market dominance. The European isocyanates market is characterized by a partially consolidated landscape, with major players like BASF SE, Covestro, and Evonik Industries AG leading the charge in innovation and sustainability, as evidenced by their recent developments in eco-friendly isocyanate products.

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Europe Isocyanates Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Huge Growth in the Polyurethane Foam Application

      2. 1.1.2 Increasing Demand from the Construction Industry

    2. 1.2 Restraints

      1. 1.2.1 Shortage and Increased Price of Raw Material

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value-Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 Product Type

      1. 2.1.1 MDI

      2. 2.1.2 TDI

      3. 2.1.3 Aliphatic

      4. 2.1.4 Other Product Types

    2. 2.2 Application

      1. 2.2.1 Rigid Doam

      2. 2.2.2 Flexible Foam

      3. 2.2.3 Paints & Coatings

      4. 2.2.4 Adhesives & Sealants

      5. 2.2.5 Elastomers

      6. 2.2.6 Binders

      7. 2.2.7 Other Applications

    3. 2.3 End-user Industry

      1. 2.3.1 Building & Construction

      2. 2.3.2 Automotive

      3. 2.3.3 Healthcare

      4. 2.3.4 Furniture

      5. 2.3.5 Other End-user Industries

    4. 2.4 Geography

      1. 2.4.1 Germany

      2. 2.4.2 United Kingdom

      3. 2.4.3 France

      4. 2.4.4 Italy

      5. 2.4.5 Rest of Europe

Europe Isocyanates Market Size FAQs

The Europe Isocyanates Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

BASF SE , Evonik Industries AG , Tosoh Europe B.V , Covestro and Vencorex are the major companies operating in the Europe Isocyanates Market.

Europe Isocyanates Report Snapshots

Europe Isocyanates Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)