Isocyanates Market Growth Opportunities to Reach CAGR of 6.3%, Key Offerings for Chemical and Materials Sector in APAC, EMEA and Americas 2028
Pune, Maharashtra, November 13, 2019 (Wired Release) Prudour Pvt. Ltd. The global Isocyanates market was valued at US$ 40,122.2 Mn in 2018 and is expected to reach US$ 73,650.2 Mn by 2028 at a CAGR of 6.3%.
Isocyanates are highly reactive chemicals with low molecular weight containing functional group isocyanate. On the basis of the number of isocyanate group, isocyanates are classed as diisocyanate and polyisocyanate. Diisocyanate as per name suggests are chemical compounds with two isocyanate group and are further classified as methylene diphenyl diisocyanate (MDI), toluene diisocyanate (TDI) and others. On the other hand, polyisocyanate contains multiple isocyanate groups and are derived from diisocyanates. HDI isocyanurate and HDI biuret are among major types of polyisocyanate. Isocyanates are used as a raw material in the production of polyurethane (PU), which is widely used in several end-use industries.
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The rigid and flexible foam produced from isocyanates is extensively used in the construction and automotive industries. Global isocyanates market is anticipated to grow swiftly, owing to increasing demand from construction and automotive sector.
However, Isocyanates (TDI and MDI) are produced from raw materials such as crude oil and volatility in the prices of crude oil is expected to affect the market negatively. Nonetheless, Abundant market opportunities have emerged as a result of rapid industrialization and urbanization along with high GDP growth in emerging economies such as China and India. Technological advancement in emerging economies is expected to provide lucrative opportunities to key players in the market.
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Global Isocyanates market is segmented on the basis of product type, application and region. On the basis of product type, the market is segmented into MDI, TDI and ADI. The MDI segment accounts for the majority share and is expected to register the highest growth over the forecast period, followed by ADI segment. On the basis of application, the market is segmented into Rigid/ Flexible Foam, Paints and Coatings, Adhesives and sealants and Others. The Rigid/ Flexible foam segment accounts for a majority share in the global Isocyanates market.
On the basis of region, the market is segmented into North America, Europe, APAC, South America and Middle East Africa. The APAC accounts for the majority share in the global Isocyanates market. APAC is expected to register the highest growth rate over the forecast period.
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The research report on the global Isocyanates market includes profiles of some of the major companies such as BASF SE, DowDuPont, Inc. (Dow Chemical Company), China National Chemical Corporation Limited (Cangzhou Dahua TDI Co. Ltd.), Asahi Kasei Corporation and Covestro AG.