The advantages offered by MDI such as functional versatility are impelling industries to employ them in consumer electronics, packaging, industrial and other applications.
MDI Market Size – USD 28.7 billion in 2018, Growth - CAGR of 3.9%, Trends – Increase in demand for MDI in end-use industries is likely to drive the market growth
The global MDI market is expected to reach USD 38.6 billion by 2026, according to a new report by Reports and Data. MDI’s functional versatility and unique features are likely to stimulate the market demand. Growing demand owing to the availability of cheap labor and land, mainly in the Asia Pacific region is also a key factor influencing market growth.
Over the years, there has been a rapid increase in the use of MDI in the construction industry. MDI is being increasingly adopted for making polyurethane foams. They are extensively used in the construction industry as polymeric concrete components, insulating materials, and sealants, among others. MDI is widely used in the production of particle board (bonding of wood) and mold cores for the foundry industry. According to the U.S. Department of Energy (DOE), heating and cooling account for approximately 56% of the energy use in a typical U.S. home, making it the most significant energy expense for most homes. With rising energy costs, there is a growing interest in making homes and buildings more energy efficient.
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Further key findings from the report suggest:
Top Companies: Wanhua Chemical Group Co., BASF SE, Covestro, DowDuPont, Huntsman Corp, Everchem Specialty Chemicals, Kumho Mitsui Chemicals, Lanxess, Sadara Chemical Company, and Tosoh Corporation among others. Wanhua Chemicals is a key player in the MDI market. With a global presence in the domestic (China) and overseas market, the company offers HMDI, Monomeric MDI, Modified MDI, and Polymeric MDI. As of 2017, the company’s polyurethane series accounted for USD 4.49 billion.
MDI is used in the production of Flexible Foam. Applications/Products manufactured from flexible foams are widely used in numerous industries due to its versatility, range of potential utilities and its steadily excellent qualities. MDI based Flexible Foam is used as cushioning for a wide variety of consumer and commercial products including furniture, carpet cushion, transportation, bedding, packaging, textiles and fibers.
Asia Pacific market is forecasted to have a significant growth rate in the coming years due to major companies expanding and consolidating their production capacities in the region. For instance, Mitsui Chemicals and SKC co. ltd. formed a joint venture that is targeting for a global sale of about USD 20 billion per year by 2020 and is going to operate in Thailand, Indonesia, Malaysia, the US, and Poland.
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Market Segmentation:
Type (Volume, Kilo Tons; 2019-2026 and Revenue, USD Million; 2019-2026)
- Polymeric MDI
- Pure MDI
Raw Material (Volume, Kilo Tons; 2019-2026 and Revenue, USD Million; 2019-2026)
- Crude Oil
- Propylene
- Aniline
- Benzene
- Others
Application (Volume, Kilo Tons; 2019-2026 and Revenue, USD Million; 2019-2026)
- Rigid Foam
- Flexible Foam
- Coatings
- Elastomer
- Adhesive Sealant
- Others
End Use (Volume, Kilo Tons; 2019-2026 and Revenue, USD Million; 2019-2026)
- Construction
- Furniture Interiors
- Electronics Appliances
- Automotive
- Footwear
- Others
Regional Outlook:
Key Regional Markets Covered in the Report:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Key questions covered in the global MDI Market report:
- What is the expected market size of the global MDI Market during the forecast period?
- What factors are expected to hamper global MDI Market growth over the forecast period?
- What key factors are expected to drive global revenue growth between 2021 and 2028?
- Which application segment is expected to dominate other application segments over the forecast period?
- Which region is expected to dominate in terms of revenue during the forecast period?
- What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
- Which leading players are operating in the global MDI Market?
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