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Isocynates Market: Asia Pacific Currently Dominates the Market; Rising Construction Activities to Aid Growth
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Isocyanates are highly reactive chemical materials that are used in the manufacturing of flexible and rigid foam. These products are a low molecular weight material that suits the structure and nature of foam. Besides foam, the product is used in manufacturing of coatings such as paints and varnishes and other products such as elastomers. The wide application scope of isocyanates is primarily accountable to the growth of the overall isocyanates market in the coming years. The products are used in a wide range of commercial and industrial applications for protection of material such as wood, cement, steel, fiberglass, and aluminium. The applications of these products across diverse industry verticals will open up a huge potential for the growth of the overall market in the coming years. The largest application of isocyanates is the foam industry and the growing applications of foam will have a direct impact on the overall isocyanates market.
Increasing Number of Company Mergers Will Emerge in Favor of Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of company mergers and acquisitions has made the highest impact on market growth. Accounting to the increasing applications of isocyanates, particularly in manufacturing of foam, major companies are looking to merge. A few large scale companies are also looking to acquire SMEs, with the aim of establishing a wider consumer base. In August 2019, Wanhua Chemical Group Co. Ltd. announced that it has completed the acquisition of a major stake in Connell Polyurethane, a China-based manufacturer of MDI. Wanhua's acquisition will not just benefit the company but will have a direct impact on the growth of the overall market in the coming years. The report highlights a few of the other company mergers, similar to this, that have also made a considerable impact on market growth.
Asia Pacific Currently Dominates the Market; Rising Construction Activities to Aid Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Asia Pacific currently dominates the market. The rising building and construction activities in several countries across this region, including China, India, and Japan will emerge in favor of market growth. The massive construction industry in Asia Pacific will create several growth opportunities for the companies operating in this region. The market in North America holds a massive potential for growth on account of increasing efforts put in for development of existing infrastructures will aid the growth of the isocyanates market in this region.
List of companies profiled in the report:
The Dow Chemical Company
Hanwha Chemical, Huntsman Corporation
Anderson Development Company
BASF SE
Mitsui Chemicals, Inc.
Wanhua Chemical Group Co., Ltd.
Tosoh Corporation
Asahi Kasei Advance Corporation
Kumho Mitsui Chemicals
Industry Developments:
November, 2019: BASF announced the launch of its phase 2 of the MDI production facility in Louisiana. The company is planning to double its production capacity from 300 kilotons to 600 kilotons through multiphase expansions. It started the expansion project in January, 2018.
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