Dublin, Jan. 5, 2015 (GLOBE NEWSWIRE) -- Research and Markets (http://www.researchandmarkets.com/research/clc47p/isocyanate_market) has announced the addition of the "Isocyanate Market by Type & Application - Global Trends & Forecast to 2019" report to their offering.
The isocyanate market is witnessing high growth on account of rising demand from existing and new applications that would become significant in the future, especially in the Asia-Pacific region. Europe holds the second largest market share followed by North America and the Middle East & Africa. In terms of individual countries, the market is dominated by China due to the increased usage of isocyanate in various end-user industries.
The market is anticipated to increase at a healthy rate annually, to reach $38,729 million, by 2019. Isocyanates are primarily used to produce rigid foam, flexible foam, paints & coatings, adhesives & sealants, elastomers & binders, and other applications. The rigid foam application is growing at a high rate, followed by the flexible foam application. The report covers the isocyanate market and its trends that concerns five regions, namely, Europe, North America, Asia-Pacific, The Middle East & Africa, and Latin America; and the major countries in each region such as China, Japan, India, North America, U.S., Canada, Germany, Italy, Belgium, U.K., Russia, and others.
The research and development cost involved in the isocyanate market in terms of man hours, material, and technology are significant. There is a lot of R&D required to develop new technologies that will help in reducing the cost of production. The growth in the market requires constant innovation and the introduction of new and improved products and technologies that meet the requirements of the customers. This has contributed largely to an enhanced focus on R&D by the players to bring new products as well as to decrease the cost of production by implementation of new technologies.
The raw materials used for the production of isocyanate include several products such as crude oil, benzene, propylene, toluene, and aniline. Different types of isocyanate require their own set of raw materials and ingredients, as MDI requires benzene and TDI requires toluene. Any change in the demand and supply of these raw materials canhave an impact on the industry. The volatility in crude oil price affects the raw material supply to the manufacturers, who in turn are forced to increase the prices of their isocyanate products to stem the losses. Isocyanate manufacturing process is highly toxic and hazardous, so the companies have to face many government regulations for isocyanate production.
Asia-Pacific is the largest isocyanate market, almost all the developing economies will rise at the global level with China leading the world's top ten economies by GDP measured in PPP terms. Consumer markets, including equipment and electronics, automotive and construction, in the emerging economies will present enormous opportunities for manufacturers and suppliers in the future especially the ones involved in infrastructure applications.
Key Topics Covered:
2 Executive Summary
3 Premium Insights
4 Isocynate Market Overview
5 Isocyanate Market, By Type
6 Isocyanate Market, By Application
7 Isocyanate Market, By Geography
8 Competitive Landscape
9 Company Profiles
- Asahi Kasei Chemicals Corp.
- Bayer Materialscience Ag
- BASF SE
- Chemtura Corporation
- Dow Chemical Company
- Evonik Industries
- Hebei Cangzhou Dahua Group Co. Ltd.
- Huntsman International Llc
- Kumho Mitsui Chemicals Inc.
- Mitsui Chemicals Inc.
- Yantai Wanhua Polyurethanes Co. Ltd.
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Source:Research and Markets