Isocyanates Market Size (2024 - 2029)

The isocyanates market is anticipated to experience significant expansion, driven by the increasing application of polyurethane foam and the rising demand in the paints and coatings sector. Despite challenges such as raw material shortages and price hikes, the market's growth trajectory remains positive, with bio-based isocyanates presenting future opportunities. The Asia-Pacific region leads in market dominance due to heightened industrialization, and it is expected to maintain a robust growth rate throughout the forecast period.

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Market Size of Isocyanates Industry

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Isocyanates Market Summary
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

Isocyanates Market Major Players

*Disclaimer: Major Players sorted in no particular order

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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 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
North America
United States
Canada
Mexico
Europe
Germany
France
United Kingdom
Italy
Rest of the Europe
South America
Brazil
Argentina
Rest of South America
Middle-East & Africa
Saudi Arabia
South Africa
Rest of Middle-East & Africa
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Isocyanates Market Size Summary

The isocyanates market is poised for significant growth, driven by the expanding application of polyurethane foams, particularly in the building and construction sector. This sector remains the largest end-user, utilizing isocyanates for various applications such as insulation, insulated panels, and gap fillers. The push towards zero-energy buildings is a major factor propelling the demand for polyurethane, and consequently, isocyanates. Despite challenges like raw material shortages and price increases, the market is expected to benefit from the high efficiency of bio-based isocyanates. The Asia-Pacific region, led by China, is a dominant force in the market due to rapid industrialization and substantial infrastructure investments, with countries like India and Japan also contributing to the growth through increased demand in construction, automotive, and furniture industries.

The market landscape is partly consolidated, with key players such as Dow, BASF SE, Evonik Industries, Tosoh Corporation, and Mitsui Chemicals, Inc. holding significant shares. Recent developments include BASF's expansion of its methylene diphenyl diisocyanate (MDI) plant in Louisiana and the introduction of environmentally friendly products like Lupranat ZERO. The market's growth trajectory is supported by ongoing infrastructure projects and the rising demand for polyurethane products across various industries, ensuring a robust outlook for isocyanates in the coming years.

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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 Increase in Industrialization Activities in Asia-Pacific

      3. 1.1.3 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 Hazardous in Nature

    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 Consumers

      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

    5. 1.5 Price Trend

    6. 1.6 Regulatory Policy Analysis

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

    1. 2.1 Type

      1. 2.1.1 MDI

      2. 2.1.2 TDI

      3. 2.1.3 Aliphatic

      4. 2.1.4 Others

    2. 2.2 Application

      1. 2.2.1 Rigid Foam

      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-use Industries (Aerospace, Electronics, Water Vessels, etc.)

    4. 2.4 Geography

      1. 2.4.1 Asia-Pacific

        1. 2.4.1.1 China

        2. 2.4.1.2 India

        3. 2.4.1.3 Japan

        4. 2.4.1.4 South Korea

        5. 2.4.1.5 Rest of Asia-Pacific

      2. 2.4.2 North America

        1. 2.4.2.1 United States

        2. 2.4.2.2 Canada

        3. 2.4.2.3 Mexico

      3. 2.4.3 Europe

        1. 2.4.3.1 Germany

        2. 2.4.3.2 France

        3. 2.4.3.3 United Kingdom

        4. 2.4.3.4 Italy

        5. 2.4.3.5 Rest of the Europe

      4. 2.4.4 South America

        1. 2.4.4.1 Brazil

        2. 2.4.4.2 Argentina

        3. 2.4.4.3 Rest of South America

      5. 2.4.5 Middle-East & Africa

        1. 2.4.5.1 Saudi Arabia

        2. 2.4.5.2 South Africa

        3. 2.4.5.3 Rest of Middle-East & Africa

Isocyanates Market Size FAQs

The Isocyanates Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)

Dow, BASF SE, Evonik Industries, Mitsui Chemicals, Inc. and Tosoh Corporation are the major companies operating in the Isocyanates Market.

Isocyanates Market Report Snapshots

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