Isocyanates Market Size By Type (Aliphatic, MDI, TDI, and Others), By Application (Flexible Foam, Adhesives & Sealants, Rigid Foam, Paints & Coatings, Binders, Elastomers, and Others), By End-User (Healthcare, Building & Construction, Automotive, Furniture, and Others), Regions, Segmentation, and forecast till 2030.

Pune India, Jan. 19, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the isocyanates market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the isocyanates market are present across various countries in the above-mentioned regions.

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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the type, application, end-user, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global isocyanates market Evonik Industries, Mitsui Chemicals Inc., BASF SE, Bayer Material Science, The Dow Chemical Company, Tosoh Corporation, Anderson Development Co., Yantai Sanjiang Chemical Industry Material Co., Ltd., and Huntsman Corporation among others. To achieve a substantial market share in the worldwide isocyanates market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
The manufacturing of isocyanates involves treating amines with phosgene, which in turn is responsible for its high chemical reactivity. It is estimated that the growing demand in the construction industry will drive the global market. In addition to rigid foams, adhesives, elastomers, and coatings, they are used for their production. Raw material costs are high and huge investments are required in R&D and technology, which hinder the growth of isocyanates. As a result of rising feedstock costs, the biggest challenge in the isocyanate market is its increasing prices, because isocyanates are derived from crude oil. Crude oil price volatility has affected the price of raw materials since crude oil is the primary feedstock for isocyanates.The isocyanate market is also anticipated to grow as a result of the agreement with energy regulations. The rise of the automotive and construction industries will also cushion the growth of the isocyanate market, but on the other hand, the rise in feedstock costs will further inhibit the growth of the isocyanate market over the next few years. The market is witnessing immense growth in terms of sales, acceptability and demand but on the other hand there are some factors which are negatively impacting the growth of the market. Factors such as health risks associated with the improper handling of isocyanates and the price of the raw material.

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Scope of Isocyanates Market Report:

Segmentation Analysis

MDI is expected to be the fastest-growing segment in 2022. 

The type segment is aliphatic, MDI, TDI, and others. The MDI segment is expected to witness the highest growth rate during the forecast period. IMDI is developed from MDA , mainly used in rigid foam production, and is projected to expand in the coming years as it is used in coolers, freezers, the electronics industry, and the manufacture of seats and car interiors in the automobile industry.

Flexible foam is expected to be the fastest-growing segment in 2022. 

The application segment is flexible foam, adhesives & sealants, rigid foam, paints & coatings, binders, elastomers, and others. The flexible foam segment is expected to witness the highest growth rate during the forecast period. The cushioning, bedding, furniture, and packaging industries often use flexible foam to support the market expansion of isocyanates. Flexible foam coatings are often used to reduce corrosion and keep out UV rays.

Building & construction are expected to be the fastest-growing segment in 2022. 

The end-user segment is healthcare, building & construction, automotive, furniture, and others. The building & construction segment is expected to witness the highest growth rate during the forecast period. One of the most common uses of isocyanates is in the insulation of walls and roofs, insulated panels, and gap fillers for doors and windows. Zero-energy building is another important factor responsible for the large share of construction & building, which in turn drives the isocyanates market.

Regional Analysis           

The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the furan resins market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.

The Asia Pacific region witnessed a major share. A growing number of end use industries including construction, electronics, and automotive are driving Asia-Pacific's isocyanate market. The presence of major key players will also boost the growth of the region's isocyanate market during the forecast period. Due to increased polyurethane production and rising demand from the furniture, automotive, and construction industries, the market is expected to grow in Japan, which will boost the growth of the regional market.

Country Analysis

• Germany

Germany's isocyanates market size was valued at USD 2.03 billion in 2022 and is expected to reach USD 3.21 billion by 2030, at a CAGR of 5.9% from 2023 to 2030.
Construction and strict environmental regulations are expected to spur the growth of the isocyanate market in the country over the forecasted period.

• China

China’s isocyanates market size was valued at USD 2.83 billion in 2022 and is expected to reach USD 4.57 billion by 2030, at a CAGR of 6.2% from 2023 to 2030. 
Polyurethane is widely used in manufacturing rigid and flexible foams in industries such as automotive, furniture and interior design, and footwear. MDI is mainly used in China for polyurethanes and related products.

• India

India's isocyanates market size was valued at USD 2.1 billion in 2022 and is expected to reach USD 3.37 billion by 2030, at a CAGR of 6.1% from 2023 to 2030.
Growing product demand from a variety of end-use industries, including paints & coatings, foundry goods, adhesives & sealants and automobiles, is contributing to the growth of the market in the country.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of this market is mainly driven owing to the increasing demand from the construction sector, propelling the growth of the market across the countries.

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