Isocyanates are used widely in the production of rigid and flexible foams, fibers, and coatings such as paints and varnishes. Moreover, isocyanates are found in spray-on polyurethane products that have a wide range of commercial and industrial as well as retail use to protect wood, boats, truck beds, decks, steel, fiberglass, and others. A recently published market research report by IndustryARC shows that isocyanates market has attained a global valuation of $34.4 billion as of 2018. The report further forecasts that during the period of 2019-2025, the isocyanates market size will witness an increment at a profitable CAGR of 7.2%.

According to the International Trade Centre (ITC), the trade value of paints and varnishes was evaluated at $6.49 billion in 2018. In 2017-2018 the market value has seen a growth of 7%. This created a healthy isocyanates marketplace in 2018, as isocyanates find a major application in coatings.

The isocyanates market research report titled, “Isocyanates Market: Type (Methylene Diphenyl Diisocyanate, Toluene Diphenyl Diisocyanate, Aliphatic Isocyanates), Application (Rigid Foam, Flexible Foam, Paints & Coatings, Adhesive & Sealants, Elastomers & Binders) & By Region – Forecast (2018 - 2023)” provides an insight into the detailed assessment of brand builders and market forces who are contributing to the growth of the isocyanates market, which is acting upon the enrichment of the vendors. Furthermore, it gives an analysis about the market based on its type such as Methylene Diphenyl Diisocyanate (MDI), Toluene Diphenyl Diisocyanate (TDI), and Aliphatic Isocyanates. The report also gives an insight into the isocyanates market by application in the form of rigid foam, flexible foam, paints and coatings, adhesive & sealants, and elastomers & binders. This will give an idea about the most cost-effective segments along with its ease of business amidst all the regions across the world.

Isocyanates Market: Geographical Analysis & Leading Segments

APAC held 36% share in the worldwide isocyanates market valuation as of 2018. A report of IndustryARC suggests that APAC had the maximum paints and coatings market share of 44% in 2018. APAC is currently observing an impressive growth in its economy due to the flourishing industrial sector and construction industry. The humongous production of steel in various parts of APAC is leading to the increasing production of paints and coatings used for protection that widely indulge the usage of isocyanates as a curing agent. With the increasing trade of iron and steel, the paints and coatings industry is also expected to see a surge, resulting in the growth of the isocyanates market.

The key application segment of the isocyanates market is the furniture industry, projected to grow at a CAGR of 7.2% through to 2025. According to International Trade Centre (ITC), the trade value of furniture industry across the globe was evaluated at $90.689 billion as of 2018, which experienced a year on year rise of 7%.This created lucrative opportunities in the isocyanates market, because they are extensively used in paints and coatings which are applied on furniture products.

Isocyanates Market: Trends and Growth Drivers

•    Application of Isocyanate in the Automobile Industry –

Automotive industry is one of the world's largest economic sectors by revenue. While the automotive industry is reaching its peak, the use of isocyanates is also increasing. It is used in paint hardener, which are commonly applied in motor vehicle repair (MVR). Isocyanates are also implemented in the painting of large commercial vehicles. According the International Association of Motor Vehicles Manufacturers (OICA), there were 95,634,593 vehicles manufactured in 2018, which created a substantial isocyanates marketplace for vendors to leverage the demand. Moreover, the automotive industry is poised to witness more growth prospects due to the advent of electric vehicles, semi-autonomous and autonomous vehicles, and self-driving trucks. Thus, isocyanates market will see a surge in the upcoming years.

•    Implementation of Isocyanate in building insulation materials –

With the growing concern of global warming and continually increasing energy demand, the insulation materials industry is seeing growth. Moreover, new residential constructions are constantly underway as urbanization engulfs emerging economies, which is giving the insulation material industry an additional push. And as isocyanates are used in building insulation materials, the isocyanates market is going to grow by leaps and bounds in the upcoming years.

Isocyanates Market: Competitive Landscape

The companies that are expanding geographically to gain ground over their competitors are Ashai Kasei, BASF SE, Covestro, Chemtura Corporation, DowDuPont, Evonik Industries, Hebei Cangzhou Dahua Group Co. Ltd, Huntsman Corporation, Kumho Mitsui Chemicals Inc, Mitsui Chemicals Inc, Vencorex, and Yantai, Wanhua Polyurethanes Co. Ltd. They are becoming brand names in the isocyanates market. From bringing innovation to survive in the market place to creating a supply chain by collaborating with local players, these various companies are investing on R&D activities to carve a niche for themselves.

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Related Reports:

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https://www.industryarc.com/Report/17666/culinary-oils-market.html

B. Elastic Bonding Adhesive & Sealant Market
https://www.industryarc.com/Report/16566/elastic-bonding-adhesive-sealant-market.html

C. Polyurethane Elastomers Market
https://www.industryarc.com/Report/1304/polyurethane-elastomers-market-analysis.html

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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.