HS CODE 292910 ISOCYANATES IMPORTERS
Global Import Data and 2024 Market Analysis Report
1. Top 10 Importer Markets in 2024
The countries dominating the world market in isocyanate imports are listed below by total value (USD thousand) and market share:
| Rank | Importer Country | Value (2024 USD Thousand) | Quantity (Tons) | World Share (%) |
|---|---|---|---|---|
| 1 | Belgium | 363,916 | 165,294 | 6.8% |
| 2 | China | 353,491 | 124,753 | 6.6% |
| 3 | India | 331,889 | 140,361 | 6.2% |
| 4 | Türkiye | 280,546 | 129,170 | 5.3% |
| 5 | Italy | 265,656 | 123,851 | 5.0% |
| 6 | Brazil | 261,376 | 125,708 | 4.9% |
| 7 | Viet Nam | 227,511 | 77,891 | 4.3% |
| 8 | Germany | 182,932 | 62,382 | 3.4% |
| 9 | United States | 181,903 | 57,720 | 3.4% |
| 10 | Poland | 159,770 | 79,093 | 3.0% |
2. 2023-2024 Growth Analysis
Markets with the highest increase in import value during the 2023-2024 period:
- Georgia: +487%
- Yemen: +174%
- Panama: +129%
- Iraq: +37%
Among major markets, India (+11%) and Brazil (+14%) showed positive trends, while Belgium (-24%) and Türkiye (-20%) experienced significant contractions.
Growth in volume offers opportunities for buyers looking for unit price advantages:
- In Middle East/North Africa markets like Iraq and Algeria, volume increases (despite value changes) indicate shifting price fluctuations.
- The Russian Federation maintains stable growth with a 16% increase in value and a 20% increase in quantity.
3. Supplying Countries Concentration & Competition Analysis
Concentration of Supplying Countries: The closer this index is to 1, the more the market is dominated by a few suppliers (monopoly/oligopoly). An index close to 0 indicates high competition and a market that is easier to enter.
These markets have high supplier diversity (Index < 0.25):
- ✅ Germany (0.14): The most competitive market with the lowest supplier concentration.
- ✅ United Kingdom (0.18): Very open to purchasing from different global sources.
- ✅ Morocco & Norway (0.18): Smaller but highly open gateways to competition.
- ✅ Türkiye (0.22): Balanced supplier structure, offering room for new players.
These markets are dominated by specific countries or firms (Index > 0.50):
- ❌ Mexico (0.52) & Romania (0.52): Supply channels are established; gaining market share is challenging.
- ❌ Australia (0.62): Highly dependent on a limited number of suppliers.
- ❌ Guyana (0.98) & Cuba (1.00): Almost entirely reliant on a single source. Entry requires strategic partnerships.
Strategic Assessment
Based on the data, India and Vietnam stand out as "opportunity markets" with the highest volume and growth potential for the Isocyanate (292910) market. European markets such as Germany and Belgium, with their low supplier concentration, provide the most suitable logistics and commercial climate for new suppliers to enter.
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