The Isocyanates Market to Witness Robust Growth in North America and Asia Pacific

 

Isocyanates

Organic compounds that contain an isocyanate group are referred to as isocyanates. They are a family of highly reactive, low molecular weight chemicals. Isocyanates are extensively used in the automobile, electronics, and construction industry. Moreover, they are used in a variety of industries using chemicals such as certain coatings/linings, adhesives, lacquers, two pack spray paints, and in foam production such as fillers or insulation. Isocyanates are also used in the production of rigid foams, coatings, elastomers, and adhesives. Increasing demand form the construction industry due to its highly reactive chemical property is expected to be a key factor driving the Isocyanates market growth.

Among regions, the Isocyanates Market is witnessing robust growth in North America and Asia Pacific due to the rapid growth of various end-use industries such as automotive, electronics, and construction, with India, China, and the U.S. being the major growth engines. According to the India Brand Equity Foundation (IBEF), India is expected to become the third largest construction market in the world by 2025. In fact, China, India and the U.S. are expected to account for almost 60% of all global growth in the sector by 2025. Moreover, according to the same source, Indian automotive industry (including component manufacturing) is expected to reach US$ 251.4-282.8 billion by 2026.

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