HOME Research Insight Players in the isocyanate market are moving forward with a focused approach to remain competitive

Players in the isocyanate market are moving forward with a focused approach to remain competitive

The isocyanate industry has a relatively mild threat from substitutes as there is no substitute for isocyanate for insulation applications. Isocyanate have specific applications such as rigid foam, flexible foam, paints & coatings, adhesives & sealants, elastomers & binders, and other applications, these products canít be manufactured without isocyanate. Companies are trying to find bio-based isocyanate production technologies, but these technologies are not commercialized yet. A lot of R&D activities are required to find a bio-based substitute, and that will take time. So, there is no threat of substitute for isocyanate in the near future.

The global isocyanate industry is expected to go up with the global economy, driven by the renewed demand. The majority of this growth is expected to come from Asia-Pacific and Middle East, mainly from the two fastest growing economies, China and India. The demand from China and India is expected to increase driven by increasing per capita income, rising population, improved spending in infrastructure projects and lower impact of the global economic downturn on these countries.

Capacity and geographic expansion is a popular growth strategy among the players in the isocyanate market. The isocyanate manufacturers are focusing on expansion activities to cater to the increasing demand for isocyanate in various end-user industries in emerging economies. Companies are also increasing their R&D activities, in order to develop new products such as bio-based isocyanate, and to improve their production technologies. Some of the isocyanate manufacturers are acquiring other companies to increase their market share and strengthen their market condition. At the same time, companies are forced to increase the price of their isocyanate-based products, due to increase in price of raw materials and energy costs.

There are many global players that operate in this market. The major players in the isocyanate market include global companies such as, Ashai Kasei (Japan), BASF SE (Germany), Bayer MaterialScience (Germany), Chemtura Corporation (U.S.), Dow Chemical Company ( U.S.), Evonik Industries (Germany), Hebei Cangzhou Dahua Group Co. Ltd (China), Huntsman Corporation (U.S.), Kumho Mitsui Chemicals Inc ( South Korea), Mitsui Chemicals Inc ( Japan), Vencorex (France), and Yantai Wanhua Polyurethanes Co. Ltd. (China) which have also been profiled in this report.

Related Reports:

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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