Isocyanates are part of various industries that use chemicals like two pack spray paints, adhesives, foams, coatings and lacquers. Many industries that rigorously use Isocyanates are motor vehicle repair, printing, furniture maintenance and boat maintenance. Furniture industry is witnessing increase in demand for various products like carpet cushioning and is expected to boost the global isocyanate market exponentially. Futuristic materials are highly demanded which encourages manufacturers to launch new products and expand their product portfolio in order to acquire huge customer base and gain competitive edge.
Latest Fact.MR report forecasts that global isocyanate market will undergo expansion at 6% rate in near future owing to the enhanced demand in construction industry. Isocyanates offer reactive chemical property which is extensively used in production of different items like adhesives, elastomers and foams. Growth in vehicle production in different regions like Mexico, China, US, Japan and Germany is largely responsible for sale of isocyanates. Isocyanate industry stays in demand because of its potential to produce various intermediate chemicals. Isocyanates application in quality long-lasting coatings also contributes in market growth.
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Energy efficient buildings use isocyanates
MDI resin segment dominates the global isocyanate market with two-third market share of the global sale. Fact.MR report indicates that MDI’s demand may further increase owing to its applications in elastomers, sealants and adhesives which in turn will surge the demand for Isocyanates. Emerging economies are facing shortage in sufficing the growing energy demand and energy efficient buildings are being preferred to fulfill the energy needs.
Government initiatives and laws are created to support such energy-efficient construction. These construction activities fuel the growth of global isocyanate market. Futuristic applications and R&Ds in end-user industries like construction and automotive amp up the isocyanate landscape with use of isocyanate derivatives like adhesives and coatings.
Isocyanate market growth is facing challenges because of the occupational health hazards that occur due to isocyanate industry. Health administrations have put forward permissible exposure limits of MDI along with many other technicalities associated with exposure. Isocyanate manufacturing utilizes Phosgene that arises health risks.
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Developing nations increase isocyanates demand
The report highlights the substantial development in East Asia within global isocyanate market which is the result of isocyanate demand in emerging economies like China and India. End-use sectors like building& construction, automotive and consumer electronics are flourishing in these emerging economies which is anticipated to fasten the market growth of Asia Pacific in the forecast period. North America is expected to experience moderate demand in the forecast period owing to stringent regulations on the use of MDI and TDI which have negative impact on health and environment.
Global isocyanate market comprises of few major chemical industries who own a major share of the market. The frontrunner in isocyanate market is Vencronex which is expanding its market presence with a new isocyanate plant in Thailand. BASF expanded its hardeners production capacity with its site in Germany. Dow Chemicals collaborated with many companies like Univar Solutions to penetrate the markets of North America and Europe.
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