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Global Isocyanates Market: Overview

Isocyanates are highly reactive chemicals containing functional group isocyanate.  On the basis of number of isocyanate group, isocyanates are classified as diisocyanate and polyisocyanate. Diisocyanate are chemical compounds with two isocyanate group such as methylene diphenyl diisocyanate, toluene diisocyanate and naphthalene diisocyanate. Polyisocyanate contain multiple isocyanate groups and are derived from diisocyanates. HDI isocyanurate and HDI biuret are among major types of polyisocyanate.
 
Isocyanates are manufactured by reaction of amines and phosgene. On the basis of types, isocyanates can be bifurcated into four major segments namely methylene diphenyl diisocyanate, toluene diisocyanate, aliphatic isocyanate and other segments including HDI isocyanurate, HDI biuret, etc. Methylene diphenyl isocyanate and toluene diisocyanate are among dominant types of isocyanate. On the basis of application, isocyanates can be segregated into five major segments including rigid foam, flexible foam, insulation, paints & coating, adhesives and others including elastomers, binders, etc. Polyurethanes dominate the global demand for isocyanates and the trend is anticipated to continue during the forecast period.
 
Major end user industries for isocyanates include building & construction, automotives, health care and aerospace among others. Isocyanates are used in the production of insulating materials and paints in the building & construction and automotive industry. Building & construction followed by automotives dominate the global demand for isocyanate. Increasing awareness of energy crisis leading to increasing demand for energy efficient structures coupled with government regulations and incentives to promote energy efficient structures are among major factors driving demand for isocyanate. Increasing demand for spray polyurethane foam is anticipated to drive demand for methylene diphenyl isocyanate and toluene diisocyanate. 
 
Phosgene used in the production of isocyanates is hazardous to the eco system and pose severe health hazards to human health. Moreover, isocyanates pose severe occupational health hazards including skin irritation, wheezing, cough and prolonged exposure to isocyanates can also lead to asthma. The environmental and health hazards associated with isocyanates are among major factors restraining isocyanates market growth. 
 
Moreover crude oil is employed in the production of certain isocyanates such as toluene diisocyanate. Therefore the market is characterized by volatility in raw material pricing which also has been restraining market growth for isocyanates. Significant researches have been done to produce isocyanate from bio based sources. High efficiency bio based isocyanates are anticipated to offer huge growth opportunity in the Isocyanates market.
 
Asia Pacific dominates the global isocyanates market and the trend is anticipated to continue for a foreseeable future. Demand for isocyanates is profoundly dependent on macro economic factors such as GDP growth and purchase power parity of a region. 
 
Therefore, owing to high GDP growth in the emerging economies of India and China, Asia Pacific is anticipated to be the fastest growing region for isocyanates market. Demand for isocyanate in North America and Europe is expected to grow at sluggish rate primarily owing to increasing number of stringent environmental regulations. Spray polyurethane foam is expected to be among the fastest growing end user segment in North America and Europe. 
 
Isocyanates market is consolidated and dominated by few major players. The industry is characterized by high degree of competition and raw material procurement is among critical success factor for the industry. Major players in the isocyanates market include Bayer MaterialScience, The Dow Chemical Company, Yantai Sanjiang Chemical Industry Material Co., Ltd., Anderson Development Co. and Huntsman Corporation among others.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Isocyanates Market

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