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Isocyanates Market Size, Share, Growth | Covid -19 Impact Analysis, Demand And Forecast 2023
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.
Isocyanates Market to Fortify its Growth with Revenues Touching USD 37,906.6 Million by 2023
Isocyanates Market Size 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.
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.
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