Global Isocyanates Market Key Insights Based Upcoming Trends and Shares

Posted by Arslan on October 9th, 2019

A recent study by Fact.MR foretells the global isocyanate market to record an expansion rate of around 6.0%. The global isocyanates market is witnessing consistent demand in the construction industry due to its reactive chemical properties and its usage in the production of adhesives, foams, and elastomers. Rise in vehicle production in countries like China, Mexico, Japan, US, and Germany, along with vehicle aging is one of the critical drivers for sales of isocyanates. The industry produces a range of intermediate chemicals which are being used in a wide variety of applications. The present scenario of excessive demand for this futuristic material is encouraging manufacturers to invest more and enlarge their product portfolio to acquire a large customer base and gain high isocyanates market shares. The potential applications for these products in end-use industries is expected to be a crucial factor in the growth of the global isocyanates market over the foreseeable future. Presently, isocyanates are significantly being used in paints, varnishes and additionally, the increased demand from the furniture industry such as carpet cushioning is anticipated to exponentially boost the global isocyanate market.

Methylene Diphenyl Di-isocyanate Gains Traction within the Global Isocyanates Market

MDI resin holds more than 2/3^rd market share of overall sales in global isocyanates market. Demand for MDI is anticipated to increase over the years due to the increased application in sealants, adhesives and elastomers. Growing end use industries are expected to fuel the market over the forecast period. Energy crisis in emerging economies has increased the demand for energy-efficient buildings combined with incentives and public laws to support energy-efficient structures which are the main drivers of demand for isocyanates. Moreover, burgeoning isocyanate demand in end-use segments is expected to boost the global market growth for isocyanates.

The Isocyanates Market Benefits from the Myriad Applications in the Construction and Electronics Sectors

Isocyanate market growth factors include elevated demand from present and emerging applications. Continuous demand from developing markets is driving R&D activities among competitors. Construction and automotive industry, a significant end-user of isocyanate industry, is thriving, with demand for isocyanate and its derivatives such as adhesives and coatings anticipated to boost the market. Consumer markets in the emerging economies, including machinery and electronics, automotive and construction, are anticipated to provide huge possibilities in the future for producers and distributors.

Stringent, Government Imposed Regulations to Slow Down Growth Statistics

The usage of isocyanates in industries is known to pose several occupational health hazards, including skin irritation, breathlessness, with prolonged exposure to leading to asthma. The Occupation Safety and Health Administration (OSHA) puts forward permissible exposure limit of 20 ppb for MDI (Methylene diphenyl di-isocyanate) and other technical guidelines on dealing with exposure. Phosgene utilized in isocyanate manufacturing is proving to be detrimental to the ecosystem and carries serious health risks to human health. In addition, isocyanates pose serious occupational health risks, including irritation of the skin, wheezing, cough, and extended isocyanate exposure may also contribute to asthma. The environmental and health risks associated with isocyanates are one of the main variables that restrict the market growth for isocyanates.

East Asia Leads with More Than 1/3^rd of the Market Share in the Global Isocyanates Market

East Asia is anticipated to see substantial development within the global isocyanates market over the forecast period, with developing economies such as China and India driving the bulk of demand. Flourishing end-use sectors such as building & construction, consumer electronics, and automotive in China and India's emerging markets are anticipated to complement market growth in the Asia Pacific over the forecast period. North America is anticipated to record moderate demand over the forecast period mainly as a result of increased regulatory involvement by organizations such as EPA (the United States Environmental Protection Agency) on MDI and TDI (Toluene di-isocyanate)-related environmental and health impacts. Due to several strict environmental regulations and low development in end-use sectors, Europe is expected to develop at a reduced pace.

Ask Industry Professional about Concerned Report from here – https://www.factmr.com/connectus/sample?flag=AE&rep_id=4174

Global Isocyanates Market – Enhanced Production Capacity to Act as a Growth Lever  

Supply and demand commerce within the global isocyanates market is generally balanced for some raw materials except for MDI which requires more production capacity by 2020. The global isocyanates market is moderately consolidated with a few chemical industry giants capturing a large part of the market share. Proprietary technology is a barrier to entry and several other small and medium scale competitors are contending for the top spot through capacity expansion. In 2017, Vencronex, a frontrunner within the isocyanates market, expanded its aliphatic isocyanate plant in Thailand. German chemical giant BASF expanded its capacity for the production of hardeners at its Ludwigshafen site in Germany. Dow Chemical partnered with several companies including Univar Solutions, to channel its isocyanates offerings throughout North America and Europe. New competitors are working on developing new isocyanate free alternatives from renewable isocyanates and bio-based white dextrins.