Diisocyanates and Polyisocyanates Market to Grow by USD 13.01 Billion (2024-2028) with AI-Powered Insights, Construction Boom to Drive Revenue – Technavio

NEW YORK, Sept. 13, 2024 /PRNewswire/ — Report on how AI is driving market transformation- The global diisocyanates and polyisocyanates market size is estimated to grow by USD 13.01 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.64% during the forecast period. Exponential growth in construction sector is driving market growth, with a trend towards technological advancements in production of diisocyanates and polyisocyanates. However, fluctuations in prices of crude oils poses a challenge. Key market players include Anhui Sinograce Chemical Co. Ltd., Asahi Kasei Corp., BASF SE, Bogao Synthetic Material Co. Ltd., BorsodChem, Cosmos Plastics and Chemicals, Covestro AG, DIC Corp., Dow Inc., Evonik Industries AG, Huntsman Corp., Jiahua Chemical Co. Ltd., Merck KGaA, Mitsui Chemicals Inc., N Shashikant and Co., Prakash Chemicals International Pvt. Ltd., Parsol chemicals Ltd., Shandong INOV Polyurethane Co. Ltd., Super Urecoat Industries, and Tosoh Corp..

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Key Market Trends Fueling Growth

The global diisocyanates and polyisocyanates market is witnessing significant advancements in production technologies, leading to increased efficiency and safety. Vendors are investing in research and development to create safer and sustainable alternatives, such as bio-based isocyanates. Digital technologies and Industry 4.0 principles are transforming the market, with the adoption of data analytics, artificial intelligence, and automation to optimize production processes and enhance supply chain efficiency. For instance, BASF SE uses digital technologies like supercomputer Quriosity, quantum computing, and artificial intelligence to improve safety, quality, productivity, and cost efficiency. Manufacturers are also developing specialized diisocyanates and polyisocyanates with unique properties to meet specific application demands. Innovations in formulation and application are expanding the use of diisocyanates and polyisocyanates in various industries, such as insulation and coatings and adhesives. Technological advancements in diisocyanates and polyisocyanates production are driving market growth, with the development of high-performance diisocyanates and polyisocyanates offering improved thermal stability, chemical resistance, or adhesion properties. 

The Diisocyanates and Polyisocyanates market is witnessing significant growth in various industries. Key applications include Polyurethane foam for Building and Construction sectors, insulation in Electronics, and coatings, paints, adhesives, and sealants. Sustainability is a major trend, with the development of bio-based isocyanates. Amines and Phosgene are essential raw materials, while MDI and TDI are common types of Diisocyanates. Rigid foams are used in Electrical and Consumer applications, such as insulation and upholstered furniture. Flexible foams are found in Furniture, Flooring, Decorations, and Metered-dose inhalers. Isocyanates are also used in Epoxy coatings, Elastomers, Binders, Footwear, and various specialty chemicals. Crude oil prices impact the market, and alternatives like Bio-based isocyanates are being explored. Other applications include Solvents, Surfactants, Fuel additives, Electronic chemicals, Food additives, Fungicides, and Herbicides. Aromatic Diisocyanates like Methylene diphenyl diisocyanate are widely used in Plastics and Specialty chemicals. 

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Market Challenges

• The diisocyanates and polyisocyanates market is heavily influenced by the volatility of crude oil prices. Fluctuations in crude oil prices result in uncertainty in pricing and profitability for manufacturers due to the impact on raw material costs. Crude oil prices can be affected by various factors, including political instability in oil-producing regions, weak global economic activity, and steady production and exports. For instance, geopolitical tensions with Russia and the invasion of Ukraine in 2022 led to a significant increase in crude oil prices, averaging around USD100/b in 2022. This volatility poses a substantial challenge to the diisocyanates and polyisocyanates market. As crude oil prices rise, the affordability of isocyanates-based products may be negatively impacted, potentially hindering market growth. Therefore, the unpredictable nature of crude oil prices is expected to hamper the growth of the global diisocyanates and polyisocyanates market during the forecast period.
• The Diisocyanates and Polyisocyanates market faces several challenges in various industries. Crude oil price volatility impacts the production cost of MDI and TDI, two major types of Diisocyanates. In the furniture sector, there’s a growing demand for bio-based isocyanates as consumers seek eco-friendly alternatives to traditional upholstered furniture, varnishes, flooring, and decorations. In the healthcare industry, the semiconductor shortage affects the production of metered-dose inhalers, which use MDI as a propellant. In construction, the market for rigid foam and flexible foam in insulation applications, particularly in zero-energy buildings, is expanding. Real estate development and interior design also utilize isocyanates in epoxy coatings, adhesives, sealants, elastomers, binders, and plastics. The automotive industry uses isocyanates in the production of rigid PU foam for wall and roof insulation in vehicles, contributing to the thermal insulation materials market. Additionally, the market faces challenges from the increasing demand for electric, autonomous vehicles, and shared mobility, which may impact the demand for traditional fuel additives and solvents. In specialty chemicals, isocyanates are used in electronic chemicals, food additives, fungicides, herbicides, and additives for 3D printing. The market for isocyanates in paints and coatings, adhesives, and sealants is also growing, driven by increasing construction activity and infrastructure development. However, the market faces challenges from the rising cost of raw materials and the availability of alternatives.

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Segment Overview

This diisocyanates and polyisocyanates market report extensively covers market segmentation by

1. Type 

• 1.1 Diisocyanates
• 1.2 Polyisocyanates

Application 

• 2.1 Coating
• 2.2 Foam
• 2.3 Adhesive
• 2.4 Others

Geography 

• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Diisocyanates- Diisocyanates are essential chemical building blocks for producing polyurethanes, a versatile class of polymers used in various industries. The most common types include Toluene Diisocyanate (TDI), Methylene Diphenyl Diisocyanate (MDI), Hexamethylene Diisocyanate (HDI), and Naphthalene Diisocyanate (NDI). These diisocyanates are used in creating rigid polyurethane foam for insulation in appliances like refrigerators and freezers, improving their performance and reducing energy usage. In healthcare, medical-grade polyurethanes made from diisocyanates are used in non-allergenic gloves, medical garments, and wound dressings. The construction industry’s demand for insulation and energy-efficient materials and the automotive sector’s focus on lightweight components are expected to drive the growth of the diisocyanates market. The growing healthcare sector and increasing demand for energy-efficient buildings are also significant factors. Diisocyanates are vital for manufacturing various products such as foams, coatings, adhesives, elastomers, and insulation materials. Their unique properties make them indispensable in various industries, ensuring their continued demand in the global market.

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Research Analysis

Diisocyanates and polyisocyanates are essential building blocks in the production of polyurethane, a versatile material used in various industries. In the building sector, rigid polyurethane foam (PU foam) is widely used for wall and roof insulation in residential and commercial buildings, contributing to energy efficiency and the development of zero-energy buildings. The construction industry also utilizes PU foam for thermal insulation materials, enhancing the sustainability of new real estate developments. Beyond construction, diisocyanates and polyisocyanates find applications in the electronics industry for producing insulating materials, in the automotive sector for manufacturing components in electric and autonomous vehicles, and in the consumer goods industry for furniture and appliances. The coatings, paints, adhesives, and sealants industries also use these chemicals for their superior bonding properties and resistance to temperature and moisture. The global market for diisocyanates and polyisocyanates is influenced by factors such as the semiconductor shortage affecting the electronics industry and the growth of shared mobility and electric vehicles. The production of these chemicals involves the use of amines and phosgene, which require careful handling due to their hazardous nature. Despite the challenges, the market continues to expand, driven by the increasing demand for insulation materials and the ongoing development of new applications.

Market Research Overview

Diisocyanates and polyisocyanates are essential building blocks in the production of various industrial and consumer products. These organic compounds, derived from crude oil or bio-based sources, are key ingredients in the manufacture of polyurethane foams, which find extensive applications in construction, insulation, and consumer goods. In construction, rigid foams are used for wall and roof insulation in buildings, contributing to energy efficiency and the development of zero-energy structures. Flexible foams are used in furniture, upholstered seating, and automotive applications. Polyisocyanates also play a significant role in the electronics industry, where they are used in the production of epoxy coatings, adhesives, and sealants. In the coatings market, they are used in paints, varnishes, and flooring, adding durability and resistance to wear and tear. The building sector is a major consumer of these materials, with demand driven by the need for sustainable insulation solutions and the growth of real estate development. Amines and phosgene are used in the production of diisocyanates, with MDI (methylene diphenyl diisocyanate) and TDI (toluene diisocyanate) being the most commonly used types. The market for diisocyanates and polyisocyanates is diverse, with applications ranging from insulation materials and elastomers to binders, solvents, and specialty chemicals. The market is also impacted by trends such as the semiconductor shortage, shared mobility, and the growth of electric and autonomous vehicles.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

• Type
• Diisocyanates
• Polyisocyanates
• Application
• Coating
• Foam
• Adhesive
• Others
• Geography
• APAC
• North America
• Europe
• Middle East And Africa
• South America

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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