Isocyanates Market

The global isocyanates market is forecasted to see a gradual increase in consumption over the period from 2022 to 2030, with a CAGR of +0.8% expected. The market volume is projected to reach 13M tons, valued at $44.9B by the end of 2030. While consumption decreased slightly in 2022, the market is expected to show overall growth. China, the United States, and India were the top consumers and producers of isocyanates in 2022, with noticeable growth rates in production and import prices. The United States ranked high in both import and export prices, while China showed significant growth in export volume. Overall, the global isocyanates market is anticipated to expand, driven by rising demand in key consuming countries and regions.

Market Forecast

Driven by rising demand for isocyanates worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.8% for the period from 2022 to 2030, which is projected to bring the market volume to 13M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.6% for the period from 2022 to 2030, which is projected to bring the market value to $44.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Isocyanates

After three years of growth, consumption of isocyanates decreased by -3% to 12M tons in 2022. Over the period under review, consumption continues to indicate a mild slump. The growth pace was the most rapid in 2020 when the consumption volume increased by 5.7%. Global consumption peaked at 15M tons in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

The global isocyanates market size fell to $36.5B in 2022, reducing by -5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed a noticeable descent. Global consumption peaked at $50.1B in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (2.5M tons), the United States (1.4M tons) and India (946K tons), together comprising 39% of global consumption. Pakistan, Japan, Indonesia, Brazil, Nigeria, Bangladesh, Germany, Mexico, France and Turkey lagged somewhat behind, together comprising a further 27%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Pakistan (with a CAGR of +1.9%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($5.9B), the United States ($3.7B) and India ($2.9B) were the countries with the highest levels of market value in 2022, with a combined 34% share of the global market. Indonesia, Brazil, Japan, Pakistan, Nigeria, Mexico, France, Bangladesh, Germany and Turkey lagged somewhat behind, together comprising a further 28%.

In terms of the main consuming countries, Germany, with a CAGR of +2.9%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced mixed trends in the market figures.

The countries with the highest levels of isocyanates per capita consumption in 2022 were the United States (4.1 kg per person), Japan (3.7 kg per person) and Germany (3.4 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Germany (with a CAGR of +0.9%), while consumption for the other global leaders experienced mixed trends in the per capita consumption figures.

Production

World Production of Isocyanates

In 2022, after three years of growth, there was decline in production of isocyanates, when its volume decreased by -2.5% to 12M tons. Over the period under review, production recorded a mild reduction. The most prominent rate of growth was recorded in 2020 when the production volume increased by 6.2%. Global production peaked at 15M tons in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

In value terms, isocyanates production contracted to $35.3B in 2022 estimated in export price. In general, production continues to indicate a noticeable descent. The most prominent rate of growth was recorded in 2017 when the production volume increased by 21%. Global production peaked at $49.6B in 2013; however, from 2014 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (2.8M tons), the United States (1.5M tons) and India (840K tons), with a combined 42% share of global production. Japan, Pakistan, South Korea, Germany, Nigeria, Bangladesh, Indonesia, Saudi Arabia, Brazil and Hungary lagged somewhat behind, together comprising a further 29%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Pakistan (with a CAGR of +1.4%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Isocyanates

In 2022, global isocyanates imports dropped to 2.1M tons, falling by -7.3% compared with the previous year. In general, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when imports increased by 7.9%. As a result, imports reached the peak of 2.3M tons. From 2019 to 2022, the growth of global imports failed to regain momentum.

In value terms, isocyanates imports totaled $6.6B in 2022. Overall, total imports indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +48.1% against 2020 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 50%. Global imports peaked at $7.6B in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports By Country

The purchases of the twelve major importers of isocyanates, namely Turkey, Belgium, Italy, India, China, Brazil, Germany, Poland, Vietnam, Indonesia, Taiwan (Chinese) and the United States, represented more than half of total import. Russia (48K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +12.8%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest isocyanates importing markets worldwide were Belgium ($442M), Italy ($405M) and Turkey ($401M), together comprising 19% of global imports. China, India, Germany, Brazil, the United States, Poland, Vietnam, Indonesia, Taiwan (Chinese) and Russia lagged somewhat behind, together comprising a further 39%.

Among the main importing countries, Vietnam, with a CAGR of +13.3%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average isocyanates import price amounted to $3,197 per ton, with an increase of 11% against the previous year. In general, import price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, isocyanates import price increased by +51.9% against 2020 indices. The growth pace was the most rapid in 2017 an increase of 44% against the previous year. Global import price peaked at $3,317 per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($4,938 per ton), while Indonesia ($2,508 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+3.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Isocyanates

In 2022, the amount of isocyanates exported worldwide shrank to 2.1M tons, waning by -4.4% on the year before. Overall, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by 5.8% against the previous year. As a result, the exports reached the peak of 2.2M tons, and then dropped modestly in the following year.

In value terms, isocyanates exports rose slightly to $6.5B in 2022. In general, total exports indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +49.9% against 2020 indices. The growth pace was the most rapid in 2021 when exports increased by 43% against the previous year. The global exports peaked at $6.9B in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

China (501K tons) and South Korea (347K tons) were the largest exporters of isocyanates in 2022, resulting at near 24% and 17% of total exports, respectively. Hungary (230K tons) ranks next in terms of the total exports with an 11% share, followed by Belgium (9.6%), Germany (9.5%), the United States (7.3%), Japan (7.2%) and Saudi Arabia (6.4%).

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by China (with a CAGR of +13.3%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest isocyanates supplying countries worldwide were China ($1.4B), South Korea ($875M) and Germany ($786M), together accounting for 48% of global exports.

China, with a CAGR of +13.8%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average isocyanates export price amounted to $3,089 per ton, surging by 9.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.0%. The pace of growth was the most pronounced in 2017 when the average export price increased by 39% against the previous year. Over the period under review, the average export prices attained the peak figure at $3,195 per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($3,941 per ton), while Saudi Arabia ($2,459 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+3.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform