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Isocyanate market: An industry growing steadily
The isocyanate market is directly influenced by the growth in its end-user industries, such as construction, automotive, electronics, and others. These are used in these industries in various applications such as: rigid foam, flexible foam, paints & coatings, adhesives & sealants, elastomers & binders, and other applications. Owing to the increasing demand for rigid foam from both mature and emerging economies, the market promises better growth in the coming years.
Asia-Pacific to be the largest market
Asia-Pacific is the leading consumer of isocyanate globally. The demand for isocyanate in the region is strong due to high usage of isocyanate in the growing end-user industries such as construction, electronic, and automotive. These factors would have the biggest impact on the European material market. Isocyanate-based rigid foam is an efficient insulation material that helps in considerable energy savings and is being increasingly used as an insulation material in buildings and construction. The growing awareness of consumers and surging demand for the green-based chemicals such as zero volatile organic component coatings is expected to drive the substitution of solvent-based products with water-based products. As the governments and organizations look forward to create a culture of environment sustainability the isocyanate market is expected to witness significant growth in the years to come.
High demand from end-user industry
Isocyanates owing to their superior and unique properties are used in different end-user industries. Their applications are constantly evolving and vary as per the changes in their base material. The different applications of various types of isocyanate offer different properties, thereby expanding its application market. Rigid foam, flexible foam, paints & coatings, adhesives & sealants, and elastomers & binders are some of the few examples of the many applications of isocyanate used in end-user industries. Isocyanate usage in rigid foam is in high demand and it will surely continue to drive this market in the future.
MDI demand will remain strong
Methylene diphenyl diisocyanate (MDI) technology is estimated to dominate the isocyanate market in terms of market size and growth rate due to it usage in various applications. MDI is an aromatic diisocyanate. MDI is predominantly used to manufacture rigid polyurethane foams and it is also used in non-foam applications such as paints and coatings, adhesives and sealants, and elastomers, etc. There are a number of commercial processes to manufacture MDI, which are based on phosegenation.
Isocyanate Market by Type (MDI, TDI, Aliphatic, Others) & Application (Rigid Foam, Flexible Foam, Paints & Coatings, Adhesive & Sealants, and Elastomers & Binders) - Global Trends & Forecast to 2019
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