Isocyanates are known for their highly reactive chemical properties, which make them highly versatile in industrial applications. TDI plays a significant role in the production of soft polyurethane foams, such as those used in furniture and mattress padding. MDI is commonly used in the production of rigid polyurethane foams, which have excellent insulation properties and are essential for building insulation materials, refrigeration layers, and automotive interiors. HDI, as a consequence of its lower volatility and good chemical resistance, is used to manufacture high-end coatings, particularly in automotive and industrial protective coatings.
The publisher analyzes that the upstream industries for isocyanates mainly include petrochemical raw materials such as benzene and toluene, which are transformed through complex chemical reactions to produce isocyanate monomers. The downstream industries include polyurethane manufacturing, which covers a wide range of products such as foams, coatings, adhesives, elastomers, and fibers. Isocyanates are extensively used across these sectors, encompassing nearly all products related to polyurethane.
The global isocyanate industry is highly concentrated, with major producers including BASF, Covestro, Dow Chemical, Huntsman, Mitsui Chemicals, and Tosoh Corporation.
With the development and industrialization of Vietnam, downstream industries for isocyanates, such as chemicals and plastics, are growing rapidly, leading to an increasing market size for isocyanates in Vietnam.
Benefiting from government support, chemical industry capacity transfers, and lower production costs, Vietnam's chemical industry has seen rapid growth and has become a significant part of the country's industrialization process. According to the publisher, Vietnam exports a large number of plastic products annually, which has driven the demand for isocyanates.
Additionally, the construction and automotive industries in Vietnam are driving demand for polyurethane products, especially in building insulation materials and furniture manufacturing. The analysis by the publisher indicates that due to continued economic and population growth, improved industrial infrastructure, and ongoing foreign investment, the chemical, plastics, and construction industries in Vietnam are expected to maintain robust growth. Therefore, the demand for isocyanates in Vietnam is continually increasing.
However, due to limited local production capacity and a lack of chemical industry basis, technology, and equipment, large-scale production of isocyanates is not cost-effective in Vietnam, leading to a reliance on imports.
According to the publisher data, in 2023, the total value of isocyanate imports into Vietnam exceeded USD 200 million. From January to June 2024, the cumulative import value of isocyanates reached approximately USD 120 million, a year-on-year increase of about 13%.
The publisher reports that from 2021 to 2024, major sources of isocyanate imports into Vietnam include China, Japan, and South Korea. Key exporters to Vietnam are WANHUA CHEMICAL (SINGAPORE) PTE LTD, BASF COMPANY LTD, and MITSUI CHEMICALS INC.
The main importers of isocyanates in Vietnam are companies in the chemical industry and distributors, with a predominance of foreign-invested enterprises such as HYOSUNG VIETNAM CO, LTD, BASF VIETNAM CO, LTD, and SAN FANG (VIETNAM) CO, LTD.
Overall, with Vietnam's economic development, rising income levels, expanding consumer market, and progress in manufacturing, the import of isocyanates is expected to continue growing in the coming years.
Topics covered:
- The Import and Export of Isocyanates in Vietnam (2021-2024)
- Total Import Volume and Percentage Change of Isocyanates in Vietnam (2021-2024)
- Total Import Value and Percentage Change of Isocyanates in Vietnam (2021-2024)
- Total Import Volume and Percentage Change of Isocyanates in Vietnam (January-June 2024)
- Total Import Value and Percentage Change of Isocyanates in Vietnam (January-June 2024)
- Average Import Price of Isocyanates in Vietnam (2021-2024)
- Top 10 Sources of Isocyanates Imports in Vietnam and Their Supply Volume
- Top 10 Suppliers in the Import Market of Isocyanates in Vietnam and Their Supply Volume
- Top 10 Importers of Isocyanates in Vietnam and Their Import Volume
- How to Find Distributors and End Users of Isocyanates in Vietnam
- How Foreign Enterprises Enter the Isocyanates Market of Vietnam
Table of Contents
Companies Mentioned
- Wanhua Chemical (Singapore) Pte Ltd.
- Basf Company Ltd.
- Mitsui Chemicals Inc.
- Hyosung Vietnam Co Ltd.
- Basf Vietnam Co Ltd.
- San Fang (Vietnam) Co Ltd
Methodology
Background research defines the range of products and industries, which proposes the key points of the research. Proper classification will help clients understand the industry and products in the report.
Secondhand material research is a necessary way to push the project into fast progress. The analyst always chooses the data source carefully. Most secondhand data they quote is sourced from an authority in a specific industry or public data source from governments, industrial associations, etc. For some new or niche fields, they also "double-check" data sources and logics before they show them to clients.
Primary research is the key to solve questions, which largely influence the research outputs. The analyst may use methods like mathematics, logical reasoning, scenario thinking, to confirm key data and make the data credible.
The data model is an important analysis method. Calculating through data models with different factors weights can guarantee the outputs objective.
The analyst optimizes the following methods and steps in executing research projects and also forms many special information gathering and processing methods.
1. Analyze the life cycle of the industry to understand the development phase and space.
2. Grasp the key indexes evaluating the market to position clients in the market and formulate development plans
3. Economic, political, social and cultural factors
4. Competitors like a mirror that reflects the overall market and also market differences.
5. Inside and outside the industry, upstream and downstream of the industry chain, show inner competitions
6. Proper estimation of the future is good guidance for strategic planning.
LOADING...
