Albany, NY -- (SBWIRE) -- 08/06/2018 -- IPDI is an organic compound produced in relatively low quantities as compared to other diisocyanate compounds. It accounted for 3.4% to 5.4% of the global diisocyanate market in 2016. IPDI is widely used in paints and coatings application, as it is highly resistant to abrasion and also provides resistance against ultraviolet radiation. IPDI offers exceptional weathering resistance; therefore, it is used in the manufacture of aliphatic polyisocyanates and polyurethanes such as aqueous dispersible polyurethane polymers (PUD). IPDI also used in the synthesis of polyurethane plastics and enamel coatings. It is used as coating in various applications such as automotive, marine, flooring, roofing, and paints applied to aircraft.
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Based on application, the IPDI market can be segmented into coatings, adhesives & sealants, and lining materials. Demand for IPDI in coatings and adhesives & sealants segments is expected to rise significantly during the forecast period, as it acts as building blocks to form color-stable and durable polyurethane coatings, sealants, adhesives, and elastomers. These coatings and elastomers can significantly enhance a product's appearance; lengthen its lifespan; and offer high abrasion, chemical, and UV radiation resistance. IPDI based coatings can protect military, commercial, and passenger vehicles from UV damage. They are often used in military vehicles and infrastructure such as bridges to fight against harsh conditions. IPDI based coatings are also employed to make urethane-based polymers, which are further formulated into heat-activated or contact adhesives. These adhesives provide improved heat and moisture resistance, and greater adhesion on oily substrates.
Growth in the construction industry across the globe, typically in ASEAN, South Asia, GCC, and Africa, is the primary driver of the IPDI market. Rapid development in the polyurea industry in Japan, China, Germany, and the U.S. is also anticipated to boost the demand for IPDI during the forecast period. For instance, in 2017, Bayer Material Science announced plans to expand its PUD capacities by 2018 and build a new production facility for IPDI. Rise in demand for IPDI in coatings due to its superior weather resistance characteristics, including gloss retention, and resistance to yellowing and chalking is estimated to boost the IPDI market in the near future. Fluctuation in prices of raw materials and high production cost are some of the factors projected to restrain the market during the forecast period. However, rise in research activities and capacity expansion by leading players in Russia, China, India, etc. are likely to provide lucrative opportunities to market players in the near future.
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Geographically, the global market for IPDI can be segregated into Europe, Asia Pacific, North America, Latin America, and Middle East & Africa. Asia Pacific and Latin America are expected to dominate the IPDI market during the forecast period. This is primarily due to the increase in demand for IPDI in coatings and sealants applications in developing economies of Asia Pacific such as India, China, Vietnam, and Mexico. North America and Europe are comparatively mature markets and expected to record lower growth rate during the forecast period. Companies in the U.S. and Germany are expanding their production capacity of IPDI in developing economies such as India and China in order to increase their market share in these regions.