Fact.MR has published a new research report on global isocyanates market sizes, upcoming industry trends and growth opportunity through 2019-2027 to its online database that tries to unveil the various scenarios prevailing in the global isocyanates market growth. This assessment delivers a smart compilation of primary and secondary data which provides a clear insight about the future plans expected to impact the isocyanates market. This study comprises of prominent data which makes it a beneficial source for investors, analysts and industry experts to acquire necessary knowledge associated to the fundamental market trends, opportunities and growth drivers.
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Global Isocyanates Market – A Multi-Billion Dollar Industry Proving to Be a Boon and a Bane
A recent study by Fact.MR foretells the global isocyanate market to record an expansion rate of around 6.0%. The global isocyanates market is witnessing consistent demand in the construction industry due to its reactive chemical properties and its usage in the production of adhesives, foams, and elastomers. Rise in vehicle production in countries like China, Mexico, Japan, US, and Germany, along with vehicle aging is one of the critical drivers for sales of isocyanates. The industry produces a range of intermediate chemicals which are being used in a wide variety of applications. A considerable portion of the structured and manufactured goods available are coated, and isocyanates are present in most of the high quality, long-lasting coatings.
The present scenario of excessive demand for this futuristic material is encouraging manufacturers to invest more and enlarge their product portfolio to acquire a large customer base and gain high market share within the isocyanates market. The potential applications for these products in end-use industries is expected to be a crucial factor in the growth of the global isocyanates market over the foreseeable future. Presently, isocyanates are significantly being used in paints, varnishes and additionally, the increased demand from the furniture industry such as carpet cushioning is anticipated to exponentially boost the global isocyanate market.
However, volatile raw material prices and accessibility, and isocyanate compounds being extremely toxic and hazardous in nature as compared to standard mineral oils is proving to be an important constraint on the worldwide market for isocyanates.
Methylene Diphenyl Di-isocyanate Gains Traction Within the Global Isocyanates Market
MDI resin holds more than 2/3rd market share of overall sales in global isocyanates market. Demand for MDI is anticipated to increase over the years due to the increased application in sealants, adhesives and elastomers. Growing end use industries are expected to fuel the market over the forecast period. Energy crisis in emerging economies has increased the demand for energy-efficient buildings combined with incentives and public laws to support energy-efficient structures which are the main drivers of demand for isocyanates. Moreover, burgeoning isocyanate demand in end-use segments is expected to boost the global market growth for isocyanates.
The Isocyanates Market Benefits from the Myriad Applications in the Construction and Electronics Sectors
Isocyanate market growth factors include elevated demand from present and emerging applications. Continuous demand from developing markets is driving R&D activities among competitors. Construction and automotive industry, a significant end-user of isocyanate industry, is thriving, with demand for isocyanate and its derivatives such as adhesives and coatings anticipated to boost the market. Consumer markets in the emerging economies, including machinery and electronics, automotive and construction, are anticipated to provide huge possibilities in the future for producers and distributors.
Stringent, Government Imposed Regulations to Slow Down Growth Statistics
The usage of isocyanates in industries is known to pose several occupational health hazards, including skin irritation, breathlessness, with prolonged exposure to leading to asthma. The Occupation Safety and Health Administration (OSHA) puts forward permissible exposure limit of 20 ppb for MDI (Methylene diphenyl di-isocyanate) and other technical guidelines on dealing with exposure. Phosgene utilized in isocyanate manufacturing is proving to be detrimental to the ecosystem and carries serious health risks to human health. In addition, isocyanates pose serious occupational health risks, including irritation of the skin, wheezing, cough, and extended isocyanate exposure may also contribute to asthma. The environmental and health risks associated with isocyanates are one of the main variables that restrict the market growth for isocyanates.
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Development of bio-based isocyanates is expected to further drive market growth since crude oil is typically used to generate isocyanates and its pricing on the worldwide market changes the amount in the context of manufacturing. This has resulted in the current market growth of the bio-based isocyanates. Suppliers and suppliers engaged in infrastructure apps are anticipated to benefit greatly from consumer markets as the boom in developing economies in these industries will boost the demand for products based on it.
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