The report "Isocyanate Market by Type (MDI, TDI, Aliphatic, Others) & Application (Rigid Foam, Flexible Foam, Paints & Coatings, Adhesive & Sealants, and Elastomers & Binders) - Global Trends & Forecast to 2019" defines and segments the isocyanate market with an analysis and forecast of the market value. The isocyanate material market value will grow to $38,729 million by 2019, at a significant CAGR from 2014 to 2019.The advantages offered by isocyanate in industrial operations, coupled with its rising demand in various applications of end-user industries, it will continue to drive the isocyanate market. Isocyanate is extensively used in the construction, automotive, and electronics industry. The construction industry is the major user of isocyanate-based products including rigid foams, coatings, sealants and adhesives. It is one of the most effective insulation materials available, thereby increasing its usage in electronic industry especially in refrigerators and freezers.
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The isocyanate market is growing steadily in Europe, but will continue to grow at a rapid pace in Asia-Pacific. One of the key factors contributing to this market is the increased usage of isocyanate in emerging Asia-Pacific economies, due to increase in industrialization activities in major developing economies such as China, Japan, and India. The North American markets for isocyanate will also continue to grow at a healthy rate. The Middle East, African and Latin American markets have still not realized their full potential but their growth rates would be considerably higher
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The isocyanate market is highly competitive and most companies dont offer all types of isocyanate. BASF (Germany), Bayer Material Science (Germany), and Yantai Wanhua (China) are the most active companies in the isocyanate market. BASF (Germany) is a major player which has dominated the MDI market, accounting for around one-fourth of the total MDI market in 2013; whereas, Bayer MaterialScience (Germany) is the leading player in TDI market with around one-fourth of the market. Bayer MaterialScience is also the largest HDI producer, occupying about half of the HDI market in 2013.
The shortage and increased price of raw material used for the production of isocyanate along with the toxicity issues related to the isocyanate production process could pose a challenge for the growth of this market. However, in order to ensure that the products and processes encompass all the stringent various regulations implemented by the government globally, the isocyanate manufacturers are investing heavily into R&D activities. Most players are trying to develop an efficient and effective way to produce bio-based isocyanate.
The report covers the isocyanate market and its trends that concern five regions, namely, Europe, North America, Asia-Pacific, The Middle East & Africa, and Latin America; and the major countries in each region such as U.S., Canada, Germany, Belgium, China, Japan, India, and others.
Isocyanate market by types, which are, Methylene diphenyl diisocyanate (MDI), toluene di-isocyanate (TDI), and aliphatic isocyanate along with others have also been studied. Isocyanate production processes are also covered.
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