Isocyanates Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Isocyanates Market Analysis
The isocyanates market is expected to grow at a CAGR of over 6% during the forecast period.
COVID-19 impacted the isocyanates industry negatively due to the temporary shutdown of the production facilities and the supply chain disruption. However, the demand for isocyanates in the paints and coatings market propelled the consumption post-pandemic.
- One of the major factors driving the market study is the huge growth in the polyurethane foam application.
- However, shortages and increased prices of raw materials are likely to restrain the market's growth.
- High-efficiency of bio-based isocyanates is likely to act as an opportunity for market growth in the future.
- Asia-Pacific dominated the isocyanates market due to increased industrialization and is likely to witness a high growth rate during the forecast period.
Isocyanates Market Trends
This section covers the major market trends shaping the Isocyanates Market according to our research experts:
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 isocyanates is using rigid PU foam as wall and roof insulation, insulated panels, and gap fillers for the space around doors and windows.
- Promoting zero-energy buildings continues to be the major driver for the PU market, thereby driving the isocyanates 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.
- The government in China is investing heavily in infrastructure development. From January to March 2022, the national investment in real estate development was CNY 2,776.5 billion (USD 432 billion), a year-on-year increase of 0.7%. Among them, the residential investment was CNY 2,076.1 billion (USD 323 billion), an increase of 0.7%.
- The government of India gave a massive push to the infrastructure sector by allocating INR 10 lakh crore (USD 130.57 billion) to enhance the infrastructure sector. In November 2021, the Asian Development Bank (ADB) approved a USD 250 million loan to support the National Industrial Corridor Development Programme (NICDP) development. It is a part of the USD 500-million loan to build 11 industrial corridors bridging 17 states.
- In 2021, the floor space of newly constructed residential real estate in Chongqing amounted to almost 27.24 million sq m. In the same year, the total expanse of new residential real estate in China exceeded 238 million sq m.
- 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, for the reasons above, the building and construction sector will likely 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 is widely used in rigid and flexible foam manufacturing.
- Polyurethane is also used in the automotive, furniture and interior, and footwear industries. With these industry growths, the MDI market is expected to grow 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, polyurethane production is on the rise. This increased polyurethane production and increasing demand from the construction, automotive, and furniture industries will likely augment the market growth for isocyanates.
- Sales of new cars in Japan dropped to 4.2 million in 2022, the lowest level since 1977, as the global semiconductor shortage continued. Additionally, as per Japan Automobile Dealers Association and Japan Light Motor Vehicle and Motorcycle Association, 4,201,321 new cars were sold in the country in 2022.
- The Indian automobile industry had its highest-ever annual domestic passenger vehicle sales last year. A total of 3.793 million or 37.93 lakh units were sold in the country in 2022, 23.1% higher than the preceding year.
- Moreover, India could lead in shared mobility by 2030, providing electric and autonomous vehicle opportunities. The Government of India expects the automobile sector to attract USD 8-10 billion in local and foreign investments by 2023.
- Hence, Asia-Pacific is likely to dominate the market during the forecast period.
Isocyanates Industry Overview
The isocyanate market is partly consolidated as the global market share is divided among a few companies. Some of the key players in the market include Dow, BASF SE, Evonik Industries, Tosoh Corporation, and Mitsui Chemicals, Inc., among others (not in any particular order).
Isocyanates Market Leaders
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Dow
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BASF SE
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Evonik Industries
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Mitsui Chemicals, Inc.
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Tosoh Corporation
*Disclaimer: Major Players sorted in no particular order
Isocyanates Market News
- July 2022: BASF is moving forward with the final phase of the expansion project for the methylene diphenyl diisocyanate (MDI) plant at its Verbund site in Geismar, Louisiana. The company started the expansion project in 2018 with a staggered approach consisting of three investment phases. The investment in the final expansion phase from 2022 to 2025 amounts to USD 780 million.
- February 2022: BASF expanded the methylene diphenyl diisocyanate (MDI) portfolio and introduced Lupranat ZERO (Zero Emission, Renewable Origin), the first greenhouse gas-neutral aromatic isocyanate.
Isocyanates Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Huge Growth in the Polyurethane Foam Application
- 4.1.2 Increase in Industrialization Activities in Asia-Pacific
- 4.1.3 Increasing Demand from the Construction Industry
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4.2 Restraints
- 4.2.1 Shortage and Increased Price of Raw Material
- 4.2.2 Hazardous in Nature
- 4.3 Industry Value-Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
- 4.5 Price Trend
- 4.6 Regulatory Policy Analysis
5. MARKET SEGMENTATION (Market Size in Volume)
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5.1 Type
- 5.1.1 MDI
- 5.1.2 TDI
- 5.1.3 Aliphatic
- 5.1.4 Others
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5.2 Application
- 5.2.1 Rigid Foam
- 5.2.2 Flexible Foam
- 5.2.3 Paints & Coatings
- 5.2.4 Adhesives & Sealants
- 5.2.5 Elastomers
- 5.2.6 Binders
- 5.2.7 Other Applications
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5.3 End-user Industry
- 5.3.1 Building & Construction
- 5.3.2 Automotive
- 5.3.3 Healthcare
- 5.3.4 Furniture
- 5.3.5 Other End-use Industries (Aerospace, Electronics, Water Vessels, etc.)
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5.4 Geography
- 5.4.1 Asia-Pacific
- 5.4.1.1 China
- 5.4.1.2 India
- 5.4.1.3 Japan
- 5.4.1.4 South Korea
- 5.4.1.5 Rest of Asia-Pacific
- 5.4.2 North America
- 5.4.2.1 United States
- 5.4.2.2 Canada
- 5.4.2.3 Mexico
- 5.4.3 Europe
- 5.4.3.1 Germany
- 5.4.3.2 France
- 5.4.3.3 United Kingdom
- 5.4.3.4 Italy
- 5.4.3.5 Rest of the Europe
- 5.4.4 South America
- 5.4.4.1 Brazil
- 5.4.4.2 Argentina
- 5.4.4.3 Rest of South America
- 5.4.5 Middle-East & Africa
- 5.4.5.1 Saudi Arabia
- 5.4.5.2 South Africa
- 5.4.5.3 Rest of Middle-East & Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Anderson Development Company
- 6.4.2 Asahi Kasei Chemicals
- 6.4.3 BASF SE
- 6.4.4 BorsodChem
- 6.4.5 China National Bluestar (Group) Co. Ltd
- 6.4.6 Chemtura Corp.
- 6.4.7 Covestro
- 6.4.8 DowDuPont Inc.
- 6.4.9 Evonik Industries
- 6.4.10 Hebei Cangzhou Dahua Group
- 6.4.11 Kemipex
- 6.4.12 Korea Fine Chemical Co., Ltd
- 6.4.13 Kumho
- 6.4.14 MITSUI CHEMICALS AMERICA, INC.
- 6.4.15 Perstorp
- 6.4.16 Tosoh Corporation
- 6.4.17 Vencorex
- 6.4.18 Yantai Sanjiang Chemical Industry Material Co. Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Increasing Investments by the Manufactures in R&D Activities
- 7.2 High-Efficiency Bio-based Isocyanates
Isocyanates Industry Segmentation
A family of compounds with low molecular weight and high reactivity is known as isocyanates. They are widely used to manufacture flexible and rigid foams, fibers, coatings such as paints and varnishes, and elastomers and are increasingly used in the automobile industry, autobody repair, and building insulation materials. The isocyanates market is segmented into form type, application, end-user industries, and geography. By type, the market is segmented into MDI, TDI, aliphatic, and other 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 also covers the market size and forecasts for the isocyanates market in 15 countries across major regions. The market sizing and forecasts for each segment have been done based on volume (kilotons).
| Type | MDI | |
| TDI | ||
| Aliphatic | ||
| Others | ||
| Application | Rigid Foam | |
| Flexible Foam | ||
| Paints & Coatings | ||
| Adhesives & Sealants | ||
| Elastomers | ||
| Binders | ||
| Other Applications | ||
| End-user Industry | Building & Construction | |
| Automotive | ||
| Healthcare | ||
| Furniture | ||
| Other End-use Industries (Aerospace, Electronics, Water Vessels, etc.) | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| France | ||
| United Kingdom | ||
| Italy | ||
| Rest of the Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East & Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East & Africa |
Isocyanates Market Research FAQs
What is the current Isocyanates Market size?
The Isocyanates Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Isocyanates Market?
Dow, BASF SE, Evonik Industries, Mitsui Chemicals, Inc. and Tosoh Corporation are the major companies operating in the Isocyanates Market.
Which is the fastest growing region in Isocyanates Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Isocyanates Market?
In 2024, the Asia Pacific accounts for the largest market share in Isocyanates Market.
What years does this Isocyanates Market cover?
The report covers the Isocyanates Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Isocyanates Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Isocyanates Industry Report
Statistics for the 2024 Isocyanates market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Isocyanates analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
