Isocyanates market in Spain

Earlier Report Observations

The isocyanates market in Spain exhibited a clear cyclical pattern between 2018 and 2024. Volume grew consistently from 158 thousand tons in 2018 to a peak of 213 thousand tons in 2021, before contracting over the next two years to 156 thousand tons in 2023. A strong rebound followed in 2024, with market volume recovering to 188 thousand tons. This recovery was primarily fueled by heightened demand from key consuming industries, particularly construction and automotive, where isocyanates are essential for polyurethane foams and coatings.

Concurrently, the market landscape was reshaped by significant regulatory developments from the European Union. Regulation (EU) 2020/1149, imposing mandatory training for safe handling of diisocyanates, became fully applicable in August 2023. This was followed in 2024 by Directive 2024/869, which established a binding occupational exposure limit for isocyanate groups. These regulatory pressures, alongside new Spanish packaging labeling rules, accelerated industry investment in research and development for safer, more sustainable aliphatic and bio-based isocyanate variants.

Production isocyanates in Spain

In value, 2017-2020, M $ US

In 2020, Spain's isocyanates production was valued at 260.1 million US dollars, marking a slight decrease of 2.6% compared to 2019. Over the period from 2017 to 2020, production declined by 7.1%, with an average annual growth rate of -2.4%. The lowest value was recorded in 2018 at 217.3 million US dollars, which saw the largest decline of 22.4%. In contrast, 2019 experienced the largest increase of 22.9%.

Annual dynamics of production in Spain in value, 2017-2020, M $ US

In kind, 2017-2020, K t

Spain's isocyanates production volume increased for the second consecutive year. In 2020, the country produced 160.6 thousand tonnes, representing a year-over-year uptick of 2.9%. Between 2017 and 2020, overall production decreased by 5.8%, equating to an annualized rate of -2.0%. The minimum volume was recorded in 2018 at 115.2 thousand tonnes, which saw the largest decline of 32.4%. The largest increase occurred in 2019 with a 35.5% rise.

Annual dynamics of production in Spain in kind, 2017-2020, K t

Exports isocyanates from Spain

Exports in kind, t

In 2020, Spain exported 15 251 tonnes of isocyanates, showing a gradual decline of 8.7% compared to 2019. Over the period from 2017 to 2020, exports increased by 2.5%, with an average annual growth rate of 0.8%. The minimum value was recorded in 2018 at 12 294 tonnes, which experienced the largest decline of 17.4%. The maximum value was in 2019 at 16 698 tonnes, marking the largest increase of 35.8%.

Annual dynamics of product's exports from Spain in kind, 2017-2020, t

From 2017 to 2020, Germany, Portugal, and Belgium were the main destinations for Spain's isocyanates exports in kind. Germany accounted for 44.9% of exports, Portugal for 21.2%, and Belgium for 5.8%, together representing 71.9% of total exports.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Spain in kind, 2017-2020

Exports in value, M $ US

Spain's isocyanates exports declined for the second consecutive year. In 2020, exports totaled 36.6 million US dollars, showing a gradual fall of 7.6% compared to 2019. Between 2017 and 2020, exports decreased by 6.6%, equating to an annualized rate of -2.2%. The maximum value was recorded in 2018 at 39.9 million US dollars, which saw the largest increase of 2.0%.

Annual dynamics of product's exports from Spain in value, 2017-2020, M $ US

From 2017 to 2020, Germany, Portugal, and Belgium were the principal destinations for Spain's isocyanates exports in value terms. Germany accounted for 30.1% of exports, Portugal for 19.4%, and Belgium for 9.3%, jointly representing 58.8% of total flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Spain in value, 2017-2020

Imports isocyanates to Spain

Imports in kind, t

After a two-year increase, Spain's isocyanates imports from abroad declined. In 2020, imports totaled 49 954 tonnes, down by 9.3% compared to 2019. Between 2017 and 2020, imports decreased by 3.6%, equating to an annualized rate of -1.2%. The maximum value was recorded in 2019 at 55 056 tonnes, while the largest increase occurred in 2018 with a 6.0% rise.

Annual dynamics of product's imports to Spain in kind, 2017-2020, t

Over the period from 2017 to 2020, Germany, Hungary, and Belgium stood out as the main markets for Spain's isocyanates imports in kind. Germany accounted for 43.7% of imports, Hungary for 18.0%, and Belgium for 16.4%, together representing 78.1% of total flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Spain in kind, 2017-2020

Imports in value, M $ US

Spain's imported isocyanates volumes declined for the second consecutive year. In 2020, imports tallied 101.6 million US dollars, showing a decline of 16.1% versus the previous year. Between 2017 and 2020, imports decreased by 33.7%, equating to an annualized rate of -12.8%. The maximum value was recorded in 2018 at 177.9 million US dollars, which saw the largest increase of 16.1%. The largest decline occurred in 2019 with a 31.9% drop.

Annual dynamics of product's imports to Spain in value, 2017-2020, M $ US

Throughout 2017 to 2020, Germany, Hungary, and Belgium remained the key directions for Spain's isocyanates imports in value terms. Germany accounted for 41.9% of imports, Hungary for 19.6%, and Belgium for 16.9%, together taking 78.3% of total flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Spain in value, 2017-2020