Global Isocyanate Market 2018-2022
Isocyanates are compounds that contain the isocyanate group. These compounds react with the alcohol group compounds to produce polyurethanes.
Technavio’s analysts forecast the global isocyanate market to grow at a CAGR of 6.56% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global isocyanate market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Isocyanate Market 2018-2022
Technavio recognizes the following companies as the key players in the global isocyanate market: Asahi Kasei, BASF, Covestro, DowDuPont, Evonik Industries, and Wanhua Chemical Group.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is production of high-efficiency bio-based isocyanate. Types of isocyanate 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. TDI is considered to be a carcinogen by the National Institute for Occupational Safety and Health (NIOSH). The workforce engaged in the production of PU polymers and exposed to the liquid resin and isocyanate ingredients regularly and for longer durations need to use the engineering controls, personal protective equipment, and good hygiene practices.”
According to the report, one driver in the market is rising demand for PU from the automotive industry. The demand for isocyanate is primarily growing due to the increased consumption of PU as a material in automotive seating. TDI and MDI are the primarily used raw materials in the production of PU. It has been noticed that the applications of PUs have increased in the past few years. PUs are used in various applications such as coatings and bed liners, boat floors and tire covers, and body parts and instrumental panels. In automobiles, PU solutions are helpful for the formation of lighter-weight parts, shorter production duration, lower cost, higher quality, and fewer volatile organic compounds (VOC) due to the use of water-based PU and reduced emissions.
Further, the report states that one challenge in the market is fluctuations in the price of raw material. The global isocyanate market is influenced by the fluctuation in the price of crude oil or natural gas. Chemical compounds, such as propylene and benzene, are used in the production of TDI (key product type of isocyanate). Any fluctuation in the price of these essential raw materials directly influences the price of isocyanate, which poses a challenge to manufacturers to set prices for the products manufactured by them. A continuous fluctuations in the price of crude oil has been observed since 2000.
Asahi Kasei, BASF, Covestro, DowDuPont, Evonik Industries, and Wanhua Chemical Group.