Global Isocyanate Market - Trends, Drivers, Challenges, and Vendor Analysis - Technavio

Technavio has published a new market research report on the global isocyanate market 2018-2022 under their chemicals and materials library. (Photo: Business Wire)

LONDON--()--The global isocyanate market is expected to grow at a CAGR of close to 7% during the period 2018-2022, according to a new market research study by Technavio.

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.

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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.”

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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.

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Some of the major contributors in the global isocyanate market are:

  • Asahi Kasei Corporation
  • BASF
  • Covestro
  • DowDuPont
  • Evonik
  • 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.

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Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200

Release Summary

The global isocyanate market is expected to grow at a CAGR of close to 7% during 2018-2022, according to a new market research study by Technavio.


Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200