Market Analysis: Global Isocyanate Market
The global isocyanate market is expected to reach USD 42.21 million by 2025, from USD 37.64 million in 2017 growing at a CAGR of 7.6% during the forecast period of 2018 to 2025. The upcoming market report contains data for historic years 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
Market Definition: Global Isocyanate Market
This market report defines the market trends and forecast the upcoming opportunities and threats of the isocyanate market in the next 8 years. Isocyanate is a chemical compound containing isocyanate group N=C=O. Isocyanates are manufactured by treating amines with phosgene, which gives isocyanate salt or ester of isocyanic acid. Isocyanate is extensively used in painting, manufacturing of many poly ethane products, such as surface coatings, car seats, furniture, chemicals, packaging materials, shoes, polyurethane foam, insulation materials, foam mattresses, under-carpet padding, laminated fabrics, polyurethane rubber, and adhesives, and during the thermal degradation of polyurethane products. Isocyanate is a potential human carcinogens compound known to cause cancer and various health issue such as chest tightness, asthma, irritation in nose, throat, eyes, skin, mucous membrane, and lung problems.
In April, 2015 Mitsui chemicals, Inc. and SKC Co. Ltd. made a joint venture agreement. Mitsui chemicals, Inc. is the isocyanate maker and SKC Co. Ltd. Deals in polyurethane material. From this joint venture, SKC Co. Ltd. will manufacture polyurethane with the help of Mitsui chemicals Inc. making it profitable for both the companies.
In 2016 Vencronex started expansion of its aliphatic isocyanate plant in Thailand.
Major Market Drivers and Restraints:
- Increase in demand of construction industry
- Growth in emerging economies and technological innovations.
- Rising demand from furniture industry as carpet cushion and mattress padding
- Consumption of polyurethane in various consumer and industrial applications
- Increasing toluene costs and highly volatile crude oil pricing.
- Highly toxic and hazardous nature coupled with heavy polyurethane affecting growth of isocyanate
- Use of certain polyurethanes coatings, adhesives and foams lead to occupational asthma
Market Segmentation: Global Isocyanate Market
- The global Isocyanate market is segmented based on type, application, and geographical segments.
- Based on type, the global isocyanate market is segmented into MDI, TDI, aliphatic isocyanate and others.
- On the basis of application, the global isocyanate market is classified in rigid foam, flexible foam, paints & coatings, adhesive & sealants, and elastomers & binders, and others.
- Based on geography the global isocyanate market report covers data points for 28 countries across multiple geographies namely North America & South America, Europe, Asia-Pacific and, Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa and, Brazil among others.
Competitive Analysis: Global Isocyanate Market
The global isocyanate market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of isocyanate market for global, Europe, North America, Asia Pacific and South America.
Major Market Competitors/Players: Global Isocyanate Market
Some of the major players operating in the global isocyanate market are BASF SE, The Dow Chemical Company, Asahi Kasei Corporation, Wanhua Chemical Group Co.,Ltd., Vencorex, Mitsui Chemicals, Inc., KUMHO MITSUI CHEMICALS CORP., Huntsman International LLC., LANXESS , Covestro AG, Evonik Industries AG, and others.
Research Methodology: Global Isocyanate Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others