LONDON--(BUSINESS WIRE)--The isocyanate market size is expected to grow by 4.60 million tonnes during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
The construction industry has shown remarkable growth in APAC in the last few years and is expected to grow during the forecast period. The transition of China into a consumer and services-driven economy has opened doors to new types of construction in the healthcare, education, and social infrastructure, as well as retail and other consumer end-markets. It is also expected that the construction market in India will grow at a rate almost twice that of China during the forecast period. Isocyanates are used extensively in the construction industry in the form of paints, coatings, foams, and glues. The growth of the construction industry in the region is expected to drive the demand for isocyanates in the region, thereby driving the market growth.
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As per Technavio, the rising demand for PU from the automotive industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Isocyanate Market: Rising Demand for PU from the Automotive Industry
The increased consumption of PU as a material in automotive seating is one of the major factors driving the growth of the market. PU is used in various applications such as coatings and bed liners, boat floors and tire cover, and body parts and instrumental panels. Moreover, the demand for PU foams in modern vehicles is increasing due to its enhanced properties, which include sustainable cushioning, shock-absorbing, and insulating properties. Furthermore, it can be customized to achieve the required size of automotive seating, thereby reducing the cost and waste; this helps minimize the environmental impact. Isocyanate forms an indispensable part of PU when it comes to automotive seating. Therefore, the increasing demand for PU is expected to result in an increase in the consumption of isocyanate, thereby driving the growth of the market.
“Increasing demand for isocyanate from emerging economies and growing automotive industry will have a significant impact on the growth of the isocyanate market value during the forecast period,” says a senior analyst at Technavio.
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Isocyanate Market: Segmentation Analysis
This market research report segments the isocyanate market by end-user (construction, automotive, electronics, and others) and geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the isocyanate market share in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the rapid industrialization, growing construction industry, and the burgeoning automotive industry, especially in countries such as China, Malaysia, Indonesia, Vietnam, Japan, South Korea, and India.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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