Isocyanate Market SWOT Analysis, Growth Driving Factors, and Industry Share
The factors that propel the growth of the market include increasing demand for spray polyurethane foam, rising demand for energy effective structures coupled with government guidelines, and endorsements to help energy efficient structures.
(firmenpresse) - Global Isocyanate Market is anticipated to grow at a CAGR of 6.56% in the upcoming period as the scope, product types, and its applications are increasing across the globe. The factors that propel the growth of the market include increasing demand for spray polyurethane foam, rising demand for energy effective structures coupled with government guidelines, and endorsements to help energy efficient structures. On the other hand, there are factors that may hamper the growth of the market including huge investments required in R&D and technology and high cost of raw material.
The market may be explored by type, application, reaction type, end users and geography. The market may be explored by type as aliphatic isocyanates, toluene diphenyl diisocyanate (TDI), and methylene diphenyl diisocyanate (MDI). The “Methylene diphenyl diisocyanate (MDI)” segment led the Isocyanate Market in 2016 and is anticipated to maintain its dominance by 2022 owing to its use in freezers, refrigerators, and for manufacturing vehicle & seats interiors.
The key applications that could be explored in the Isocyanate Market include flexible foam, rigid foam, insulation, adhesives, paints & coating, and others may include binders, and elastomers. The market could be explored based on reaction type as phosgene and amines. The “Phosgene” segment led the Isocyanate Market in 2016 and is anticipated to maintain its dominance by 2022.
The market could be explored based on end users as building & construction, automotive, health care, and aerospace among others. The “Building & construction” segment led the Isocyanate Market in 2016 and is anticipated to maintain its dominance by 2022. Building & construction is followed by automotive vertical.
Asia-Pacific accounted for the major share of the Isocyanate Market Size in 2016 and will continue to lead in the forecast period. The factors that could be attributed to the growth include high usage of isocyanate-based applications in several end-user industries. Although the European economy has still not improved from the Euro crisis, it will continue to be the second largest market, followed by Middle East, Africa, and North America.
Some of the key players that fuel the growth of the Isocyanate Market comprise Huntsman Corporation, The Dow Chemical Company, Bayer Material Science, Yantai Sanjiang Chemical Industry Material Co., Ltd., Anderson Development Company, and BASF SE. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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