The U.S. to Spearhead North America’s Isocyanate Market

North America’s isocyanate market is backed by increasing construction activities and surging investments for new constructions and remodeling of the residential and commercial structures in the region. Increasing consumer awareness regarding energy crises have surged the demand for energy-efficient products. Isocyanates are extensively used in creating insulating materials for residential and commercial infrastructure.

Favorable government regulations, coupled with incentives to promote the construction of energy-efficient structures in the U.S., drive the market growth. Additionally, it is used in the production of paints and coatings that account for a larger market in the U.S. The polyisocyanate used in coatings helps in improving weather ability and adhesion.

Impact of COVID-19

The COVID-19 pandemic has resulted in recession due to the lockdown imposed by the government, which has bought the production facilities at a standstill. It has also severely impacted the chemical industry, further hampering the market growth. The economy witnessed a migration of workforce to their home towns in large numbers, further creating labor shortages. The halt in operations has caused severe disruptions in the global supply chain.

Key Highlights

The isocyanate market is expected to grow with a CAGR of xx% owing to its extensive use in the manufacturing of polyurethanes and other polymers
The methylene diphenyl diisocyanate (MDI) segment is projected to witness the fastest growth in the isocyanate market as it is the most commonly used chemical for the production of rigid polyurethane foams
Asia-Pacific is anticipated to witness the fastest growth in the isocyanate market on account of rapid industrialization, particularly in China and India.