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Isocyanates Market

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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).
Isocyanates Market ​Industry Analysis by Type, Stage,
End-User till 2027
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.
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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.
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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
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