According to International trade center, the world wooden furniture industry was valued at $27 billion in 2018.
Isocyanates Market Overview:
According to International trade center, the world wooden furniture industry was valued at $27 billion in 2018. Moreover, the valuation of the furniture industry is poised to grow at CAGR of 6% during 2017 – 2018. The demand for mattress padding and carpet cushioning is on a rise owing to increase in global wooden furniture, which is ensuring the prosperity of the isocyanates market. Furthermore, the growing demand for isocyanates in the automotive and construction industries are further fueling the market growth. The global isocyanates market attained a value of $34.4 billion in 2018, and also the demand is poised to exhibit a CAGR of 6.9% during the forecast period 2019 - 2025.
APAC is the global leader in isocyanates market with a regional share of 36% in 2018. Isocyanates are extensively used in the production of rigid foams, flexible foams, paints, coatings, adhesives, sealants, elastomers and binders, and flooring materials. Additionally, the increased demand for isocyanates in automotive, building and construction, packaging, electronics, polyurethane and housing industries, which in turn, led the growth of this market in APAC region.
The demand for usage of isocyanates in the furniture market is anticipated to grow at a CAGR of 7.20% during the forecast period. Widespread usage of isocyanates in the foam as beddings, seats, and cushions in the furniture industry is thereby increasing the demand for isocyanates industry.
Isocyanates Market Growth Drivers:
Increasing demand of the isocyanates in end-use segments of the polyurethanes industry which leads to isocyanates market growth globally. For instance, spray polyurethane foam is used as an insulator and specialty packing material which has a high demand in both packaging and building applications across the world has further fuel the growth of the isocyanates market.
Usage of isocyanates as vehicle exterior can reduce weight of the automobile which has global demand in the automobile manufacturing industry. Reduced weight in the automobiles can save energy efficiently and also reduces emissions from vehicles.
Isocyanates Market Companies
The key players’ global presence and penetration across various end-user applications are the essential metrics augmenting their position in the global isocyanates market. The major players that are prominent in the isocyanates market are Ashai Kasei, BASF SE, Chemtura Corporation, Covestro, DowDuPont, Evonik Industries, Hebei Cangzhou Dahua Group Co. Ltd, Huntsman Corporation, Kumho Mitsui Chemicals Inc, Mitsui Chemicals Inc, Vencorex, and Yantai, Wanhua Polyurethanes Co. Ltd.
Isocyanates Market Trends –
Biobased isocyanates development is anticipated to further drive global isocyanates market growth. Since crude oil is used to produce isocyanates typically but it’s pricing in the global market altering the quantity in the production scenario. This led the bio-based isocyanates expansion in the present market.
Isocyanates Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Isocyanates market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The Isocyanates market research report also analyses the applications of the isocyanates such as rigid foam, flexible foam, paints & coatings, adhesive & sealants, and elastomers & binders.
Isocyanates Market Report: Industry Coverage
This report also documents the Isocyanates market based on product type that includes Methylene Diphenyl Diisocyanate, Toluene Diphenyl Diisocyanate, and Aliphatic Isocyanates.
The Isocyanates market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
- Americas: North America, Brazil, Argentina
- Europe: The U.K., Germany, France, Italy, Spain, Russia
- APAC: China, Japan, India, South Korea
