Published on: May 2022
Rise in the market share of Aliphatic isocyanates
During the projected period, the market for isocyanates is expected to rise at a CAGR of over 6%. The enormous expansion inside the polyurethane application is one of the most important aspects driving demand in the market. However, a scarcity of raw materials and an increase in their price will most likely limit the market's growth. During the projected period, a growth in industrialization operations in Asia-Pacific is also expected to boost demand for isocyanates.
The improved performance of bio-based isocyanates will most likely operate as a market growth opportunity in the future. Asia-Pacific dominated the global isocyanates market and is expected to grow at a rapid pace throughout the forecast period.
Derivation to be the Market Leader in Building and Construction with Aliphatic Isocyanates
Isocyanates are used in a variety of home, commercial, and industrial applications, with building and construction being the major end-user industry.
The use of fairly rigid PU foam as wall and roof insulation, insulated panels, and gap fillers for the space around doors and windows is one of the most common applications of isocyanates. The development of zero-energy buildings remains the most important driver for the PU market, and thus the demand for isocyanates. Many buildings in Asia are inadequately insulated, particularly in rising countries such as China and India, indicating enormous growth potential for thermal insulation materials in buildings.
More the demand of Aliphatic Isocyanates, higher the success rate
Longer-term demand is expected to rise in all regions, with particular strength in South America and Asia, where major infrastructure and construction projects are planned.
As a result of the aforementioned factors, the building and construction industry is expected to dominate the market over the forecast period.
Aliphatic Isocyanates - giving birth to a competitive environment
Because the global market share for isocyanates is distributed among a few players, the market is somewhat consolidated. Dow, BASF SE, Evonik Industries, Tosoh Corporation, and Mitsui Chemicals, Inc. are among the market's major participants.
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