Home > Speciality Chemicals > Isocyanate Market Forecast by Type, Application, End-User, and Region
Straits Research

Isocyanate Market

Isocyanate Market: Information by Type (Toluene Diisocyanate, Methylene Diphenyl Diisocyanate), Application (Polyurethanes, Polymers), End-User, and Region — Forecast till 2029

Table of Content Download Sample

Market Overview

The isocyanate market is anticipated to grow at an exponential rate on account of its increasing demand from end-user industries. Isocyanate chemical is a crucial element in the manufacturing of polyurethanes and other polymers, which are further used in numerous industries. It is a synthesized chemical that is formed by treating amines by phosgene. The global production of polyurethanes is growing at a rapid pace, further driving the demand for isocyanates during the forecast period.

Isocyanates polymers are available in the rigid and flexible forms that can be used directly in the end-products. They are extensively used in the automotive and furniture industry for bedding purposes. Changing consumer lifestyles and increasing purchasing power are driving the demand for cars and aesthetic furniture, which is further surging the demand for isocyanate.  

Growing Residential Construction and Rising Sending Power

As the construction industry is witnessing tremendous growth, there is a surge in demand for various products across the globe. Isocyanate is extensively used in several construction products due to its unique properties. The ever-growing population, rising standard of living, and increasing consumer spending power drive the market growth. Flexible polyurethane foam is a popular material used for cushioning of furniture and beds.

Isocyanates are a critical raw material in the building and construction industry as they are used in the manufacturing of flexible and strong polyurethane foams. The key players prefer polyurethane over other materials due to the high-performance and versatility of the product. The U.S. Environmental Protection Agency (EPA) has approved the use of cured polyurethane, i.e., non-toxic, further fostering the market growth. The below-mentioned info-graph depicts the value of the U.S. residential construction work done in the period 2015–2020. (in USD million)

As per the above statistics, in the U.S., the value spent on residential construction in 2019 accounted for USD 5,28,328 million and reached USD 5,89,103 in January 2020. Increasing construction activities is expected to influence the demand for isocyanate for the production of various materials. Additionally, isocyanate is used in the manufacturing of polyurethane binders and elastomers that have a wide variety of properties, which is expected to fuel market growth. 

Market Snapshot

market snapshot
Base Year
: 2022
Study Period
: 2017–2029
: 5.8 %
Fastest Growing Market
: Asia Pacific
Largest Market
: Asia Pacific
Market Size
: 4500
Get more information on this report Download Sample Report

Market Dynamics

Use of Isocyanate in the Manufacturing of Electronics

In the past few years, the demand for consumer electronics witnessed a significant surge across the globe. Rising consumer income and increasing adoption of the latest technology are strengthening the global electronics sector. The market’s most prominent driver is the continuous innovation and development of new products by key market players. Isocyanate is a crucial component used in the manufacturing of several electronic appliances. The most common use of rigid polyurethane is in the thermal insulation systems of refrigerators and freezers.

As per the U.S. Department of Energy, heating and cooling appliances account for almost 56% of the U.S. home energy use, making it the largest expense for households. To maintain the energy ratings, the manufacturers are adopting rigid polyurethane for greater insulations in home and commercial appliances. The use of polyurethane helps saving energy costs while making the residential and commercial properties attractive and efficient.  

Health Hazards Associated with Isocyanate to Hamper the Market Growth

Prolonged exposure to isocyanate during various occupational activities can lead to several health complications. Thus, it is paramount to protect the health of the workforce and maintain safety standards while working with such toxic chemicals. The workforce involved in spray painting and coatings is potentially at a higher risk of developing respiratory issues. Isocyanates are volatile and are known to cause various lung problems, further hampering the market growth.  

Segmental Analysis

Rising Use of MDI in the Manufacturing of Sports and Recreational Products Drives the Segment Growth

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. MDI is used to manufacture rigid polymers that are extensively used in industries as adhesives, elastomers, sealants, insulations, glues, and footwear.

MDI is a key component used in the manufacturing of sports and recreational products, such as skis, snowboard surfaces, skateboards, ski google frames, ski boots and bindings, and archery targets. In the U.S., the number of snow sport visits witnessed a sudden hike in 2018 of about 59.5 million, from the previous year’s record, i.e., 53.2 million, as per the data published by the National Ski Areas Association. Thus, increasing tourism and ski activities provide an impetus to the segment growth. The below-mentioned info-graph depicts the estimated share of isocyanate in various applications for the forecast year 2020–2029.

Regional Analysis

Establishment of Several Isocyanate Industries Due to Favorable Government Regulations Drives Asia-Pacific’s Market Growth

Asia-Pacific is anticipated to witness the fastest growth in the isocyanate market on account of rapid industrialization, particularly in China and India. Rapidly expanding end-user industries, such as construction, electronics, and automotive, in emerging countries such as Taiwan, Vietnam, Thailand, China, Indonesia, and India are boosting the demand for isocyanate in the region.

Against the backdrop of favorable government regulations, several multinational companies have established their facilities in the region. Additionally, the large presence of key participants in the region drives the market growth. The below-mentioned info-graph depicts the estimated market potential for the regions during the forecast period, 2020–2029. 

Isocyanate Market Regional Analysis
Regional Growth Insights Download Free Sample

Top Key Players of Isocyanate Market

  1. Asahi Kasei Group
  2. Stahl Holdings B.V.
  3. BASF SE
  4. Hebei Cangzhou Dahua Group Co. Ltd
  5. Bayer MaterialScience
  6. Chemtura Corporation
  7. Yantai Wanhua Polyurethanes Co. Ltd.
  8. Mitsui Chemicals Inc
  9. Dow Chemical Company
  10. Vencorex Chemicals
  11. Evonik Industries
  12. Huntsman Corporation
  13. Kumho Mitsui Chemicals Inc 

Report Scope

Report Metric Details
CAGR 5.8%
Forecast Period 2023-2031
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Segments Covered
  1. By Type
    1. Toluene Diisocyanate (TDI)
    2. Methylene Diphenyl Diisocyanate (MDI)
    3. Monomeric MDI
    4. Polymeric MDI
  2. By Application
    1. Polyurethanes/ Polymers
      1. Foams
      2. Paints and Coatings
      3. Adhesives and Sealants
      4. Elastomers
      5. Electrical Insulation
  3. By End-User
    1. Electronics
    2. Automobile
    3. Building and Construction
    4. Aviation
    5. Bedding and Furniture
Geographies Covered
  • North America
  • Europe
  • APAC
  • Middle East and Africa

Recent Developments

  • In June 2015, Asahi Kasei Chemicals launched a new production line for Duranate™-hexamethylene diisocyanate (HDI)-based polyisocyanate in China
  • In November 2015, Vencorex Chemicals expanded its global presence and production capacity in Thailand, with a new facility of 12,000 tpy annual capacity.

Isocyanate Market Segmentation

By Type

  • Toluene Diisocyanate (TDI)
  • Methylene Diphenyl Diisocyanate (MDI)
  • Monomeric MDI
  • Polymeric MDI

By Application

  • Polyurethanes/ Polymers
    • Foams
    • Paints and Coatings
    • Adhesives and Sealants
    • Elastomers
    • Electrical Insulation

By End-User

  • Electronics
  • Automobile
  • Building and Construction
  • Aviation
  • Bedding and Furniture

By Region

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • The Middle East and Africa

Frequently Asked Questions (FAQs)

What is the growth rate for the Isocyanate Market?
Isocyanate Market size will grow at approx. CAGR of 5.8% during the forecast period.
Some of the top industry players in Isocyanate Market are, Asahi Kasei Group, Stahl Holdings B.V., BASF SE, Hebei Cangzhou Dahua Group Co. Ltd, Bayer MaterialScience, Chemtura Corporation, Yantai Wanhua Polyurethanes Co. Ltd., Mitsui Chemicals Inc, Dow Chemical Company, Vencorex Chemicals, Evonik Industries, Huntsman Corporation, Kumho Mitsui Chemicals Inc , etc.
In the Isocyanate Market, Asia Pacific has established itself as the market leader with a significant market share.
The Isocyanate Market has seen the most substantial growth rate in Asia Pacific.
The global Isocyanate Market report is segmented as follows: By Type, By Application, By End-User
Price Starts From
USD 995

Purchase Benefits

  • Eligible for a free updated report next year
  • Completely customizable scope
  • 30% discount on your next purchase
  • Dedicated account manager
  • Query resolution within 24 hours
  • Permission to print the report
Want to learn more about recent trends and data ?
They Already Trust Us :
LG Chemicals
LCY chemical group
Lubrizol Corporation
HB Fuller
Need Assistance?
+1 646 905 0080 (U.S.)
+44 203 695 0070 (U.K.)

Report Benefits

  • Develop business strategies by understanding the trends shaping and driving the Market.
  • Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the Market in the future.
  • Formulate effective sales and marketing strategies by understanding the competitive landscape and by analysing the company share of market leaders.
  • Identify emerging players with potentially strong product portfolios and create effective counter-strategies to gain a competitive advantage.
  • Track sales in the global and country-specific Market.
  • Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments and strategic partnerships.
Report Snapshot
Looking For Custom Report ?
Check Our License Options :

As featured on :

Trusted by Fortune 500
Over 30000+ subscribers