Market Overview
Organic compounds that contain an isocyanate group are referred to as isocyanates. Isocyanates are highly reactive and low molecular weight chemicals. An isocyanate that has two isocyanate groups is known as a diisocyanate. It is produced by reacting a primary aliphatic or aromatic amine dissolved in a solvent such as xylene or monochlorobenzene with phosgene dissolved in the same solution to produce polyurethane polymers. Isocyanate compounds are found in a diverse range of industries using chemicals such as two pack spray paints, lacquers, adhesives, certain coatings/ linings and in foam production such as insulation or fillers.

Market Dynamics
Significant growth of the paints and coatings industry is expected to boost growth of the global isocyanates market. Isocyanates are widely used in the manufacture of coatings such as paints and varnishes, and elastomers. In the automobile industry, paints usually contain hexamethylene diisocyanate (HDI) and/or isophorone diisocyanate. Therefore, increasing production of vehicles is also expected to contribute to the market growth. Isocyanates are also used as primers or adhesives and in the manufacture of flexible and rigid foams, fibers.

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Market Outlook
Increasing use of polyurethane is expected to boost growth of the global market over the forecast period. Among regions, Asia Pacific is expected to hold dominant position in the market, with China and India being the major growth engines. This is attributed to growing end-use industries such as construction, electronics, and automotive in China and India. The market share of Europe is expected to be impacted by stringent EU regulations.

Major Keyplayers: Bayer Material Science, The Dow Chemical Company, Yantai Sanjiang Chemical Industry Material Co., Ltd., Anderson Development Co., and Huntsman Corporation.

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