Aromatic Isocyanates Market to Register Substantial Expansion by 2026
Global Aromatic Isocyanates Market Dynamics:
The demand for aromatic isocyanates stems from the increasing demand for polyurethane foam, especially in the construction industry. Second to that, the demand for adhesives and protective coatings, and their growing applications are expected to, in turn, drive the growth in demand for aromatic isocyanates over the forecast period. Both these factors are expected to propel the growth of aromatic isocyanates market. Prices of raw materials used in the production of aromatic isocyanates depend highly on crude oil prices. This leads to a relatively high margin of fluctuation in prices, which is a key restraint in the aromatic isocyanate market. Various stringent regulations from government associations such as OSHA, REACH, among others, on the production of aromatic isocyanates restrict the growth of this market. Increasing demand for bio based chemicals and the initiative taken by developed countries such as U.S., EU-5 countries, among others, which are expected to impact the demand for the aromatic isocyanates. Also, aromatic isocyanates are produced through a complex process which requires a controlled environment for safety of personnel and process operation. Aromatic isocyanates are generally available in small quantities; if bulk production is made possible it will create a new opportunity for growth of the market.
Global Aromatic Isocyanates Market: Regional outlook
North America is expected to dominate the global aromatic isocyanates market over the forecast period, owing to a rise in demand from the construction industry and adhesives market. Europe is anticipated to be the second largest market in terms of consumption owing to strong presence of key end users. Europe is anticipated to register relatively sluggish growth. In the Asia Pacific region, presence of emerging economics such as China and India, and rising demand from industries for aromatic isocyanates is expected to boost demand over the forecast period. Asia Pacific is expected to register healthy CAGR over the forecast period. China is expected to be the main consumer and hence will hold the major market share. Japan, Middles East and Africa are expected to register relatively slow growth over the forecast period.
Global Aromatic Isocyanates Market Players:
Examples of some market participants in the global aromatic isocyanates market, identified across the value chain include Vencorex, The Dow Chemical Company, BASF SE, Wanhua Chemical Co., Ltd, Covestro AG, Huntsman Corporation, Cangzhou Dahua Group Co., Ltd., Mitsui Chemicals Inc., Chemtura Corporation, and Gujarat Narmada Valley Fertilizers & Chemicals Limited, among others.
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