The isocyanate market is expected to grow with a healthy pace over the next five years to reach $38,729 million, by 2019. Asia-Pacific dominates the market due to high usage of isocyanate-based applications in its various end-user industries. Although the European economy has still not recovered from the Euro crisis, it will continue to be the second best market, followed by North America, and Middle East & Africa.
Consumer markets, including equipment and electronics, automotive and construction, in the emerging economies will present enormous opportunities for manufacturers and suppliers in the future especially the ones involved in infrastructure applications, so the boom in these sectors in emerging econmoies will increase the demand for the market and the products based on it. The factors that drive growth in the market include high demand from current & emerging applications, demand from emerging econmoies, and advancement in technology. Construction and automotive industry, a major end-user industry of isocyanate is on a boom globally. This will increase the demand for isocyanate and isocyanate-based derivatives such as rigid foams, coatings, adhesives and sealants. Since, so any growth in these industries will directly impact the demand of these products.
The factors that are providing hindrance in the growth of this market are the high raw material cost and huge investments required in R&D and technology. As the major feedstock for isocyanate is derived from crude oil, the recent volatility in crude oil price has been reflected in the price of raw materials. Owing to the rising feedstock costs the major producers are increasing prices of isocyanate.
The market is analyzed in terms of revenue ($million) and consumption (KT) for all regions, and its respective major countries. The revenues from each region have been broken down by the major applications, namely, rigid foam, flexible foam, paints & coatings, adhesives & sealents, elastomers & binders, and other applications. Also, the types of isocyanate that are identified and included are TDI, MDI, aliphatic isocyanate, and other isocyanate.
For this report, various secondary sources such as encyclopedia, directories, technical handbooks, company annual reports, industry association publications,world economic outlook, trade websites, and databases have been referred to identify and collect information useful for this extensive commercial study of the market. The primary sources experts from related industries and suppliers—have been interviewed to obtain and verify critical information as well as to assess the future prospects and market estimations.
This report analyzes various marketing trends and establishes the most effective growth strategy in the market. It identifies market dynamics such as the drivers, restraints, opportunities, burning issues, and winning imperatives. Major companies such as Ashai Kasei (Japan), BASF SE (Germany), Bayer MaterialScience (Germany), Chemtura Corporation (U.S.), Dow Chemical Company ( U.S.), Evonik Industries (Germany), Hebei Cangzhou Dahua Group Co. Ltd (China), Huntsman Corporation (U.S.), Kumho Mitsui Chemicals Inc ( South Korea), Mitsui Chemicals Inc ( Japan), Vencorex (France), and Yantai Wanhua Polyurethanes Co. Ltd. (China) have also been profiled in this report.