The report categorizes the global isocyanate market by product type (MDI, TDI, and aliphatic), by application (rigid foams, flexible foams, paints and coatings, and elastomers), and by end-user (construction industry, automotive industry, and electronics industry). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
Save more with Technavio. Buy 2 reports and get the third for free: View Technavio’s latest discounts and promotions
Market driver: rising demand for PU from the automotive industry
The increased consumption of PU as a material in automotive seating is fueling the demand for isocyanate. The primarily used raw materials in the production of PU are TDI and MDI. It has been noticed that the applications of PUs have increased in the past few years. Applications such as coatings and bed liners, boat floors and tire covers, and body parts and instrumental panels use PUs. In automobiles, due to the use of water-based PU and reduced emissions, PU solutions are helpful for the formation of lighter-weight parts, shorter production duration, lower cost, higher quality, and fewer volatile organic compounds (VOC).
According to a senior analyst at Technavio for olefins research, “Due to its enhanced properties, which include sustainable cushioning, shock absorbing, and insulating properties, the demand for PU foams in modern vehicles is also increasing. It can be further customized to achieve the required size of automotive seating, thereby reducing the cost and waste and help minimize the environmental impact. Properties such as high resistance to bleach, aging, alkalis, abrasion, sunlight, and acids are demonstrated by the flexible foams in which isocyanate is used. The consumption of isocyanate is expected to increase due to the increasing demand for PU.”
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Market trend: production of high-efficiency bio-based isocyanate
Isocyanate types such as TDI, MDI, and HDI are used to form polymers such as polyurethane. These polymers are used to make foam padding for mattresses and seat cushions, gaskets and seals, adhesives, paints, and surface coatings and sealants. The National Institute for Occupational Safety and Health (NIOSH) consideres TDI to be a carcinogen. The workforce needs to use the engineering controls, personal protective equipment, and good hygiene practices as they are exposed to the liquid resin and isocyanate ingredients regularly and for longer durations during the production of PU polymers. TDI is highly reactive in nature, similar to HDI. HDI-based coatings are used in the production of automobiles, aircraft, flooring, furniture, and safety equipment.
Market challenge: fluctuation is the price of raw material
The fluctuation in the price of crude oil or natural gas drives the global isocyanate market. TDI (key product type of isocyanate) are produced by using chemical compounds, such as propylene and benzene. Any fluctuation in the price of these essential raw materials poses as a challenge to manufacturers to set prices for the products manufactured by them as it directly influences the price of isocyanate. A continuous fluctuation in the price of crude oil has been observed since 2000.
Is your business on track for a successful future? Learn how Technavio can help
Technavio helps businesses anticipate changes in their marketplace, make proactive adjustments, and develop effective strategies to optimize their market positions.
Some of the major contributors in the global isocyanate market are:
- Asahi Kasei Corporation
- Wanhua Chemical Group
The global isocyanate market is fragmented with new vendors looking to capture the market share. Through innovation, quality, and price, players are trying to compete in the market. The competition is expected to intensify with players investing heavily in R&D activities. The market players are expected to increase their global footprint with mergers and acquisitions and collaboration with various regional or local players in the market.
Get a sample copy of the global isocyanate market report free of cost
Access Technavio’s continuously growing olefins research library and find expert analysis on hundreds of markets.
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at email@example.com.