Contact Us

The global isocyanates market size is expected to witness potential gains in the future, and register a significant CAGR of 5.8% over the forecast period (2019 - 2027).

Market Overview

Organic compounds that contain an isocyanate group are referred to as isocyanates. Isocyanates are highly reactive and low molecular weight chemicals. An isocyanate that has two isocyanate groups is known as a diisocyanate. It is produced by reacting a primary aliphatic or aromatic amine dissolved in a solvent such as xylene or monochlorobenzene with phosgene dissolved in the same solution to produce polyurethane polymers. Isocyanate compounds are found in a diverse range of industries using chemicals such as two pack spray paints, lacquers, adhesives, certain coatings/ linings and in foam production such as insulation or fillers.

Market Dynamics

Significant growth of the paints and coatings industry is expected to boost growth of the global isocyanates market. Isocyanates are widely used in the manufacture of coatings such as paints and varnishes, and elastomers. In the automobile industry, paints usually contain hexamethylene diisocyanate (HDI) and/or isophorone diisocyanate. Therefore, increasing production of vehicles is also expected to contribute to the market growth. Isocyanates are also used as primers or adhesives and in the manufacture of flexible and rigid foams, fibers. The weather resistant properties of methylene diphenyl diisocyanate (MDI) and toluene diisocyanate (TDI) promote their use as adhesives and sealants. Methyl isocyanate (MIC) is used in the manufacture of pesticides, which increases its application in the agricultural sector.  

However, there are several potential health effects associated with exposure to isocyanates. The Bhopal disaster resulted in the death of nearly 4000 people due to the release of MIC, according to the government of India. Inhalation of isocyanates can cause respiratory irritation/sensitization in people or lead to occupational asthma. Dermatitis, irritation to the mucous membranes, eyes, nose and throat, and gastrointestinal irritation are some other complications caused due to isocyanates. Moreover, several regulatory authorities worldwide have imposed various restrictions on the use of isocyanates. These factors are expected to hinder the market growth.   

Market Outlook

Increasing use of polyurethane is expected to boost growth of the global market over the forecast period. Among regions, Asia Pacific is expected to hold dominant position in the market, with China and India being the major growth engines. This is attributed to growing end-use industries such as construction, electronics, and automotive in China and India. The market share of Europe is expected to be impacted by stringent EU regulations.

Key Players

Major players operating in the global isocyanates market include, Bayer Material Science, The Dow Chemical Company, Yantai Sanjiang Chemical Industry Material Co., Ltd., Anderson Development Co., and Huntsman Corporation

Key Development

Several key players are focused on developing organic and inorganic growth strategies such as capacity expansion, new product launch and partnership with other companies, in order to enhance their presence. For instance,

  • In February 2011, Wanhua Industrial, the chemical company based in China, merged with BorsodChem, producer of TDI, MDI, PVC resins and other specialty chemicals based in Europe, to form isocyanate manufacturing. According to Wanhua, through this merger, they expands their isocyanate production at Kazincbarcinka and aimed to become the leading isocyanate producer in Europe.
  • In June 2012, a Swedish chemical company Perstorp form a joint venture with PTT Global Chemical and form VENCOREX Holding, which is dedicated in sales and manufacturing of products for the polyurethane (PU) industry such as aliphatic isocyanates and toluene diisocyanate (TDI).
  • In December 2015, Showa Denko K.K. launched grade of isocyanate monomer, Karenz AOI, (2- acryloyloxyethylisocyanate), used as different type of resists applicable to production processes of electronics.   

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users