Global Isocyanates Market to Reach US$ 49.8 Billion by 2032, Propelled by the Significant Increasing Building and Construction Activities

April 21, 2023 | Chemical & Materials

The latest report by IMARC Group, titled “Isocyanates Market Report by Type (Methylene Diphenyl Diisocyanate (MDI), Toluene Diphenyl Diisocyanate (TDI), Aliphatic Isocyanates, and Others), Manufacturing Process (Phosgenation Process, Nonphosgenation Process), Application (Rigid Foam, Flexible Foam, Paints and Coatings, Adhesives and Sealants, Elastomers, Binders, and Others), End-Use Industry (Building and Construction, Automotive, Healthcare, Furniture, and Others), and Region 2024-2032,” finds that the global Isocyanates market size reached US$ 30.4 Billion in 2023. Isocyanate is an organic compound generated through the reaction of phosgene and amines with water. It is produced from raw materials such as aniline, crude oil, propylene, toluene, and benzene. Some commonly used isocyanates include methylene diphenyl diisocyanate (MDI), toluene diisocyanate (TDI), and aliphatic isocyanate. They highly react to polyurethane polymers and are mainly used to produce polyurethane (PUR)-based foams, paints, coatings, binders, sealants, laminated fabrics, surface laminating products, cabinets, and polyurethane rubbers. At present, isocyanate is widely adopted in the automotive, furniture, construction, healthcare, and aerospace industries across the globe.

Global Isocyanates Market Trends:

The market is primarily driven by increasing building and construction activities. In addition, the surging demand for rigid polyurethane (PU) foam as insulated panels, roof and wall insulation, and gap fillers for windows and doors due to their exceptional insulation properties is contributing to the market growth. Moreover, various product innovations, such as the development of bio-based variants and the rising environmental awareness among individuals, resulted in an inclination toward green polyurethanes and renewable isocyanates, which represents another major growth-inducing factor. Besides this, the widespread product adoption in the automotive industry for producing exterior components of automobiles to lower vehicle weight, save energy, enhance fuel efficiency, and reduce emissions which is providing a positive thrust to the market growth. Furthermore, extensive research and development (R&D) activities conducted by the leading market players and the implementation of favorable policies to encourage the construction of energy-efficient structures are also propelling the global market outlook. Looking forward, IMARC Group expects the market value to reach US$ 49.8 Billion by 2032, exhibiting a CAGR of 5.5% during the forecast period (2024-2032).

Market Summary:

  • Based on the type, the market has been classified into methylene diphenyl diisocyanate (MDI), toluene diphenyl diisocyanate (TDI), aliphatic isocyanates and others.
  • On the basis of the manufacturing process, the market has been bifurcated into the phosgenation and nonphosgenation processes.
  • Based on the application, the market has been segregated into rigid foam, flexible foam, paints and coatings, adhesives and sealants, elastomers, binders, and others.
  • On the basis of the end use industry, the market has been categorized into building and construction, automotive, healthcare, furniture, and others.
  • Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The report has also analyzed the competitive landscape of the market, with some of the key players being Anderson Development Company, Asahi Kasei Corporation, BASF SE, Bayer AG, Cangzhou Dahua Group Co. Ltd. (China National Agrochemical Corporation), Covestro AG, Evonik Industries AG, Huntsman Corporation, Mitsui Chemicals, The Dow Chemical Company, Wanhua Chemical Group Co. Ltd., etc.
     

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, Manufacturing Process, Application, End-Use Industry, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Anderson Development Company, Asahi Kasei Corporation, BASF SE, Bayer AG, Cangzhou Dahua Group Co. Ltd. (China National Agrochemical Corporation), Covestro AG, Evonik Industries AG, Huntsman Corporation, Mitsui Chemicals, The Dow Chemical Company and Wanhua Chemical Group Co. Ltd.
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Global Isocyanates Market to Reach US$ 49.8 Billion by 2032, Propelled by the Significant Increasing Building and Construction Activities
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