Isocyanates Market type Phenomenal Growth, Booming Share, Key Players Review, Industry Segments and Business Development by 2027
The isocyanates market is exhibiting an increasing
level of demand due to the escalating use of isocyanates that are commonly used
as a raw material in the production of polyurethane. The market for isocyanates
is projected to achieve revenue levels worth USD 37,906.6 million while
expanding with a CAGR of 7.03% in the duration of the forecast period from 2018
to 2023. The expansion of the application base of the isocyanates market is
projected to boost the progress of the market in the coming years. The prominent
use of diisocyanates in methylene toluene diisocyanate (TDI) and diphenyl
diisocyanate (MDI) is expected to alter the progress of the isocyanates market
in the coming years.
The growth in demand for major end-use industries such
as automotive, furniture, building and construction, electrical and
electronics, and apparels are key drivers projected to spur the progress of the
isocyanates market in the forecast period. Furthermore, the demand for
lightweight and energy efficient construction materials is rising in the
construction industry, and the mounting environmental regulations against
emissions are likely to promote the need for rigid polyurethane foams globally.
The flourishing building and construction industry powered by the intensifying
requirement for contemporary residential architecture and escalating level of
spending on construction activities by the government is propelling the demand
for polyurethane foam. In the Asia Pacific region, the improving
electromobility in developing economies, such as India, China, and South-East
Asian nations coupled with the rising production and sale of electric vehicles
is driving the evolution of the isocyanates market in the region. Thus, the
advances in the electric and electronic industry are expected to motivate the
isocyanates market in the coming years further.
The market is projected to further benefit from the
development of high-efficiency bio-based isocyanates and continual spending on
research and development. Moreover, the expansion of the manufacturing
facilities of industry players to meet the escalating demand levels is
projected to motivate the market for isocyanate in the forecast period further.
Access Full Report Details
Here @
https://www.marketresearchfuture.com/reports/isocyanate-market-964
Segmental Analysis
The segmentation of the isocyanates market is carried
out on the basis of types, application, end use, and region. The segmentation
of the isocyanates market is carried out on the basis of aromatic diisocynates,
aliphatic and others. The aromatic diisocynates segment is further segmented
into MDI and TDI. On the basis of application, the isocyanates market is
segmented into rigid foam, flexible foam, paints & coatings, adhesive &
sealants, elastomers, binders, and others. The end user segment of the
isocyanates market comprises of building & construction, furniture,
automotive, packaging, electronics, footwear, and others. The regions covered
in the isocyanates market globally are Europe, Asia Pacific, North America,
Latin America, Middle East, and Africa.
Detailed Regional Analysis
The regional analysis of isocyanates market encompasses
regions such as Europe, Asia Pacific, North America, Latin America, Middle
East, and Africa. The Asia Pacific region controlled the isocyanates market
with a market share of47.80% in 2017. The market in the region is likely to
expand at the highest CAGR of 7.68% to reach USD18,800.4 million by the
conclusion of the forecast period in 2023. The rapid industrialization and
urbanization in developing economies such as India, China, and South Korea are
primary drivers motivating the isocyanates market in this region. The
accelerated growth pace expected in the automotive industry in China and India
is expected to stimulate the product demand in the Asia Pacific region.
Furthermore, due to the intensifying per capita disposable income, there has
been an upsurge in the consumer spending on items such as bedding, furniture,
and upholstery, which is projected to lift the demand for the isocyanates in
the furnishing industry in the region. The European region was the next
principal market in 2017 and was valued at USD 5,788.0 million. The European
region is anticipated to display a CAGR of 5.97% in the forecast period. The
market in the North American region is expected progress at a CAGR of 6.57% in
the forecast period.
Competitive Analysis
The noteworthy contenders in the isocyanates market
globally are LANXESS, Evonik Industries AG, Kumho Mitsui Chemicals Corp.,
Huntsman International LLC, Asahi Kasei Corporation, Wanhua Chemical Group Co.
Ltd, Tosoh Corporation, BASF SE, DowDuPont Inc., Covestro AG, Vencorex, Mitsui
Chemicals America, Inc., China National Bluestar (Group) Co., Ltd, Anderson
Development, and Cangzhou Dahua Group Co. Ltd. The contenders in the market are
creating large volumes of isocyanates and also have established several
manufacturing facilities across the globe. They are implementing business
strategies that can ensure large market share gain and make substantial
revenues through the forecast period. The isocyanates market in the Asia
Pacific, Europe, and the North American regions have a huge revenue base. This
is primarily due to the incidence of key isocyanates customers and rising
building & construction and automotive industries in these regions.
Request For Sample
Report Here @
https://www.marketresearchfuture.com/sample_request/964
About
Market Research Future:
At Market Research Future (MRFR), we
enable our customers to unravel the complexity of various industries through
our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), &
Consulting Services.
MRFR team have supreme objective to
provide the optimum quality market research and intelligence services to our
clients. Our market research studies by products, services, technologies,
applications, end users, and market players for global, regional, and country
level market segments, enable our clients to see more, know more, and do more,
which help to answer all their most important questions.
In order to stay updated with
technology and work process of the industry, MRFR often plans & conducts
meet with the industry experts and industrial visits for its research analyst
members.
Contact:
Market Research Future
Phone: +16468459312
Comments
Post a Comment